RED HERRING PROSPECTUS Dated August 24 ... - Globus Spirits

Note:
The average return on net worth has been computed on the basis of the adjusted
profits and losses of the respective years drawn after considering the impact of
accounting policy changes and material adjustments/ regroupings pertaining to earlier
years.
4. Minimum Return on Increased Net Worth to maintain pre-issue EPS
Minimum Return on Increased Total Net Worth, after Issue, needed
to maintain Pre-Issue Weighted Average EPS of Rs. 10.68
[•]
5. Net Asset Value (NAV) per Share (Rs.)
(a) As at 31.3.2009 48.76
(b) After Issue
[•]
(c) Issue Price
[•]
Notes:
a. The Earnings per Share and the average return on net worth has been computed on the
basis of the adjusted profits and losses of the respective years drawn after considering
the impact of accounting policy changes and material adjustments/prior period items
pertaining to the earlier years.
b. The denominator considered for the purpose of calculating Earnings per Share is the
average number of Equity Shares outstanding during the year.
c. Net Asset Value Per Share represents Shareholder’s Equity as per restated financial
statements less miscellaneous expenditure as divided by number of shares outstanding
at the end of the period.
d. P/E considered only for Companies, which are active in business in the said sector.
6. Comparison with Industry Peers
Comparison of the accounting ratios of the issuer company as mentioned above with the
peer group i.e., companies of comparable size in the same industry are as follows:
Peer Companies @
Equity
Capital
(Rs. Cr)
Sales
(Rs. Cr)
BV
(Rs)
EPS
(Rs)
$
Market
Price on
14.08.09
(Rs.)
P/E
#
RONW
In %
Associated Alcohol 9.04 105.00 47.50 2.60 19.90 7.65 19.30
Empee Distilleries 19.00 661.90 124.40 7.1 144.75 20.39 10.30
Jagatjit Industries 51.94 593.9 45.0 - 55 - -
Khoday India 37.65 116.50 26.40 - 50.25 - -
Radico Khaitan 20.49 655.40 21.6 - 88.25 - -
Tilaknagar Industries 5.73 232.9 106.30 36.6 183 5.0 41.60
United Spirits 100.16 3847.8 228.8 29.7 895.70 30.16 18.60
Globus Spirits Limited
(for FY ended
31.03.2009)
12.26 281.40 48.76 10.55 [•] [•] 21.64
$ - Based on EPS of 31.03.09.
# - P/E based on Market Price of14.08.2009 at BSE (Source : BSE Website).
@ - Figures for Globus Spirits are audited figures for year ending March 2009; In case of
Empee Distilleries, figures are audited for nine months ended March 31 2009, In cases
of Khoday India, Associated Alcohol & United Spirits, figures are unaudited for the year
ended March, 2009; In case of all other companies, figures are audited for year ended
March 31, 2009.
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