Minda Corporation Ltd.

Shriram Pistons & Rings Lt

S No Ratio 2023 2022 2021 2023

A) Liquidity Ratios
1 Current Ratio 1.07 1.37 1.38 2.50
2 Quick Ratio 0.67 0.92 1.01 1.93
3 Absolute Liquidity Ratio 0.47 0.54 0.44 1.18

B) Profitability Ratios
1 Gross Profit Ratio 28.29% 28.15% 26.57% 36.00%
2 Operating Expense Ratio 7.46% 7.65% 6.59% 23.00%
3 Net Profit Ratio 23.23% 23.89% 24.54% 12.00%
4 EBIT Margin Ratio 6.12% 5.88% 3.77% 16.00%

C) Activity Ratios
1 Total Assets Turnover Ratio 1.35 1.22 1.09 3.16
2 Fixed Assets Turnover Ratio 4.50 4.32 3.85 4.56
3 Inventory Turnover Ratio 5.22 4.49 4.16 4.92
4 Debtors Turnover Ratio 7.37 6.11 5.88 6.82
5 Creditors Turnover Ratio 7.83 7.83 5.89 3.17

i Inventory Holding Period 70 81 88 74

ii Debtors Velocity 50 60 62 53
iii Creditors Velocity 47 47 62 115
iv Operating Cycle 73 94 88 13

D) Coverage Ratios
1 Debt Service Coverage Ratio 0.85 0.87 0.49 10.67
2 Preference Dividend Coverage Ratio 0.00 0.00 0.00 0.00
3 Interest Coverage Ratio 7.44 7.37 4.47 21.91

E) Solvency Ratios
1 Debt Equity Ratio 0.42 0.33 0.47 0.20
2 Proprietory Ratio 48.68% 52.38% 46.65% 66.00%
3 Capital Gearing Ratio 0.12 0.01 0.09 0.11

F) Investment Valuation Ratios

1 Earnings Per Share 8.76 6.68 3.50 134.19
2 Dividend Per Share 0.40 0.65 0.30 0
3 Dividend Payout Ratios 5% 10% 9% 0
 4 Retention Ratios 95.42% 90.23% 91.40% 100%
5 Price Earnings Ratio 24.26 29.94 28.15 3.74
6 Price Earnings Growth Ratio 167.95 243.82 377.79 19.37

G) Return On Investment Ratios

1 Return On Assets 8.24% 7.19% 4.12% 13.00%
2 Return On Equity 15.14% 14% 8.15% 19.00%
3 Return On Capital Employed 14.92% 15% 12.41% 17.00%
 Industrial Analysis Of Automobile and Ancillaries Indust

Shriram Pistons & Rings Ltd Hbl power systems ltd Olectra Greentech VST Tractors
2022 2021 2023 2022 2021 2023 2022 2021 2023

2.31 2.10 3.09 3.55 3.09 1.88 2.55 4.19 3.28

1.59 1.46 1.91 2.12 2.05 1.07 1.31 2.00 2.78
0.79 0.66 0.54 0.53 0.34 0.01 0.07 0.09 1.68

36.00% 38.00% 25.43% 23.72% 20.77% 19.10% 22.07% 29.74% 26.46%

28.00% 32.00% 17.02% 15.59% 18.09% 8.84% 12.41% 24.70% 16.66%
8.00% 6.00% 9.84% 10.21% 3.14% 6.24% 6.11% 4.41% 9.20%
11.00% 8.00% 7.14% 7.46% 1.64% 9.72% 10.20% 7.03% 12.48%

2.64 1.94 1.103 1.1 0.829 0.84 0.56 0.3 0.96

3.37 2.45 3.776 3.613 2.749 3.99 2.17 1.56 3.62
4.13 3.37 3.158 3.177 0.798 8.75 6.99 2.5 7.38
5.97 5.59 4.242 4.12 3.016 2.27 1.86 0.89 9.24
2.7 2.07 7.505 7.742 5.895 2.2 1.73 1.55 6.70

88 108 116 115 291 42 52 146 49

61 65 86 89 121 160 196 408 39
135 176 49 47 62 166 211 235 54
14 -3 153 156 350 36 37 319 34

11.39 4.66 23.40 28.42 2.29 1.68 1.03 3.71

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
20.64 10.97 2.35 2.84 1.22 5.79 11.88 5.6 98.31

0.09 0.08 0.06 0.05 0.05 0.08 0.08 0.01 0.07

68.00% 67.00% 73.92% 76.87% 76.03% 1.22% 1.57% 1.81% 81.26%
0.06 0.06 0.06 0.05 0.05 2.1 2.01 0.2

74.28 39.67 3.45 3.23 0.53 138.02 71.23 33.72 106.71

0 0 0.40 0.35 0.08 0.4 0 0 20.00
0 0 11.61% 10.85% 15.58% 29% 0 0 18.74%
 100% 100% 88.39% 89.15% 84.42% 99.71% 100% 100% 81.26%
4.75 10.03 27.63 19.64 63.50 12.44 24.1 50.92 21.51
36.41 141.92 312.65 214.93 4092.19 13.26 21.66 -287.64

9.00% 5.00% 7.39% 7.88% 1.40% 5.27% 8.33% 1.34% 8.37%

13.00% 7.00% 10% 10.25% 1.84% 8.33% 4.57% 1.64% 11.18%
12.00% 7.00% 9.46% 9.70% 1.77% 12.13% 6.83% 2.52% 10.47%
d Ancillaries Industry

VST Tractors Force Motors Industry Average

2022 2021 2023 2022 2021 S. No.

A)
3.44 3.16 1.03 0.80 1.00 1
2.85 2.53 0.22 0.20 0.18 2
2.08 1.66 0.09 0.06 0.04 3

B)
28.67% 30.42% 14.46% 10.63% 13.16% 1
17.24% 20.46% 11.42% 14.53% 22.33% 2
11.68% 11.91% 3.05% -2.33% -5.73% 3
15.67% 15.85% 3.03% -2.25% -6.97% 4

C)
0.91 0.94 1.283 0.922 0.613 1
3.08 2.89 6.18 4.08 3.83 2
6.19 5.39 10.42 9.10 6.21 3
11.38 8.55 50.61 33.87 30.98 4
6.94 7.29 10.55 9.99 5.21 5

59 68 35 40 59 i
32 43 7 11 12 ii
53 50 35 37 70 iii
38 60 8 14 1 iv

D)
1.67 -0.32 -6.67 1
0.00 0.00 2
127.39 154.27 2.20 -1.76 -4.82 3

E)
0.07 0.08 0.31 0.34 0.27 1
76.81% 74.60% 47.00% 48.00% 57.00% 2
0.308 0.34 0.27 3

F)
114.87 104.94 115.40 -56.62 -84.90 1
20.00 - 10.00 5.00 10.00 2
17.41% - 8.7% -8.8% -11.8% 3
82.59% - 91.3% 108.8% 111.8% 4
21.16 17.40 10.10 -21.14 -13.13 5
-0.03 0.63 0.10 6

G)
10.17% 10.13% 7.47% -4.03% -6.87% 1
13.24% 13.58% 7.98% -4.23% -6.07% 2
12.37% 12.58% 5.89% -2.99% -5.71% 3
 Industry Average
Ratios 2023 2022 2021

Liquidity Ratios
Current Ratio 2.14 2.34 2.49
Quick Ratio 1.43 1.50 1.54
Absolute Liquidity Ratio 0.66 0.68 0.54

Profitability Ratios
Gross Profit Ratio 0.250 0.249 0.264
Operating Expense Ratio 0.141 0.159 0.207
Net Profit Ratio 0.106 0.096 0.074
EBIT Margin Ratio 0.091 0.080 0.049

Activity Ratios
Total Assets Turnover Ratio 1.450 1.226 0.951
Fixed Assets Turnover Ratio 4.438 3.440 2.888
Inventory Turnover Ratio 6.642 5.680 3.738
Debtors Turnover Ratio 13.426 10.551 9.152
Creditors Turnover Ratio 6.326 6.155 4.651

Inventory Holding Period 64.320 72.627 126.597

Debtors Velocity 66.032 74.694 118.479
Creditors Velocity 77.597 88.231 109.146
Operating Cycle 52.754 59.088 135.930

Coverage Ratios
Debt Service Coverage Ratio 7.655 8.278 0.895
Preference Dividend Coverage Ratio 0.000 0.000 0.000
Interest Coverage Ratio 23.000 28.061 28.619

Solvency Ratios
Debt Equity Ratio 0.189 0.160 0.161
Proprietory Ratio 0.530 0.539 0.538
Capital Gearing Ratio 0.538 0.493 0.135

Investment Valuation Ratios

Earnings Per Share 84.421 35.611 16.244
Dividend Per Share 5.201 4.334 2.077
Dividend Payout Ratios 0.121 0.049 0.025
Retention Ratios 0.927 0.951 0.975
Price Earnings Ratio 16.613 13.076 26.145
Price Earnings Growth Ratio 102.640 103.491 864.874

Return On Investment Ratios

Return On Assets 0.083 0.064 0.025
Return On Equity 0.119 0.085 0.044
Return On Capital Employed 0.116 0.088 0.051