Spice Islands Industries Key Ratios

Dupont Analysis

Metric	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010
ROE	-14.24%	-14.92%	12.78%	18.84%	26.30%
PAT margin	16.32%	13.88%	9.66%	-11.66%	-7.55%
Asset Turnover	1.39x	0.94x	1.06x	1.07x	1.24x
Leverage	1.35x	1.37x	1.24x	1.27x	1.30x

Metric	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010
Inventory Days	27.6	27.4	13.2	9.2	7.7
Receivable Days	47.2	59.8	41.9	66.5	46.3
Payable Days	42.1	39.2	49.9	51.5	21.8
Cash Conversion Cycle	32.8	48.1	5.1	24.2	32.2

Metric	Mar 2006	Mar 2007	Mar 2008	Mar 2009	Mar 2010
ROE	-14.24%	-14.92%	12.78%	18.84%	26.30%
ROCE	-9.64%	-14.12%	10.60%	17.92%	30.03%
ROA	-10.51%	-10.91%	10.29%	14.85%	20.27%