Parag Milk Foods Ltd.

Financial

	Parag Milk Foods	Heritage Foods	Sheetal Cool Prod
Operational Metrics
FMCG Sector
Milk Processing Capacity	3.4 MLPD	2.83 MLPD	n/a
Volume Growth	11.0 %	n/a	n/a
Ghee
Manufacturing Capacity - Ghee	40150.0 MTPA	n/a	n/a
Milk
Total Milk Production	13.08 Mn Litre	n/a	n/a
Unclassified
Advertisement Spend as a % of Total Sales	4.17 %	n/a	n/a
Financials
5 yr Average ROE	-13.42 %	5.23 %	19.27 %
5yr average Equity Multiplier	2.06	1.63	2.78
5yr Average Asset Turnover Ratio	1.49	2.88	1.5
5yr Avg Net Profit Margin	-3.2 %	1.68 %	4.79 %
Price to Book	2.36	4.4	2.99
P/E	22.2	20.57	19.55
5yr Avg Cash Conversion Cycle	57.6 Days	18.23 Days	148.38 Days
Inventory Days	88.39 Days	26.35 Days	120.1 Days
Days Receivable	22.77 Days	2.63 Days	27.51 Days
Days Payable	49.7 Days	10.5 Days	63.32 Days
5yr Average Interest Coverage Ratio	0.2	12.25	4.17
5yr Avg ROCE	-1.4 %	12.77 %	21.87 %
5yr Avg Operating Profit Margin	0.9 %	2.74 %	11.76 %
5 yr average Debt to Equity	0.64	0.22	1.0
5yr CAGR Net Profit	-0.67 %	n/a	16.26 %
5yr Average Return on Assets	-4.67 %	5.0 %	7.29 %
Shareholdings
Promoter Holding	42.61 %	41.3 %	65.59 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	1.86 %	1.87 %	9.69 %
Change in Mutual Fund Holding (3 Yrs)	0.0	-12.03 %	0.0

Business

	Parag Milk Foods	Heritage Foods	Sheetal Cool Prod
Product Wise Break-Up	Product Wise Break-Up Milk Products 58.0 Skimmed Milk Powder 17.0 Liquid Milk 10.0 Dietary Supplement 6.0 Animal Feed 0 Renewable Energy 0 Dairy 0 Processed Fruits & Vegetables 0 Frozen Foods 0 Bakery Products 0 Wind Mill Power Generation 0 Namkeen 0 Fryms & Wafers 0 Butter Milk 0 Milk 0 Lassi & Masko 0 Ice Cream 0 Others 9.0	Product Wise Break-Up Liquid Milk 0 Dairy 95.13 Wind Mill Power Generation 0 Ice Cream 0 Fryms & Wafers 0 Bakery Products 0 Skimmed Milk Powder 0 Dietary Supplement 0 Frozen Foods 0 Butter Milk 0 Milk Products 0 Lassi & Masko 0 Processed Fruits & Vegetables 0 Renewable Energy 0.12 Milk 0 Animal Feed 4.75 Namkeen 0	Product Wise Break-Up Liquid Milk 0 Dairy 0 Wind Mill Power Generation 0 Ice Cream 35.82 Fryms & Wafers 0 Bakery Products 0.82 Skimmed Milk Powder 0 Dietary Supplement 0 Frozen Foods 0.12 Butter Milk 0 Milk Products 0 Lassi & Masko 0 Processed Fruits & Vegetables 0.34 Renewable Energy 0 Milk Products 54.22 Animal Feed 0 Namkeen 8.5 Others 0.18
Location Wise Break-Up	Location Wise Break-Up India 98.83 Rest of the World 1.17	Location Wise Break-Up Rest of the World 0 India 99.98 Others 0.02	Location Wise Break-Up Rest of the World 0 India 99.75 Others 0.25