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SECTOR: MINING & MINERAL PRODUCT REPORTING DATE: 14THAUGUST 2017
IMPEX FERRO TECH LTD. www.impexferrotech.com
Impex Ferro Tech Ltd. NSE Code - IMPEXFERRO TABLE 1 - MARKET DATA (STANDALONE) (AS ON 6TH AUGUST 2017)
Sector - Mining & Mineral products NSE Market Price (`) 1.15 NSE Market Cap. (₹ Cr.) 10.55
Face Value (`) 10.00 Equity (` Cr.) 87.93
Business Group – Impex Group 52 week High/Low (₹) 2.5/1 Net worth (₹ Cr.)* -11.87
Year of Incorporation - 1995 TTM P/E (TTM) N.A. Traded Volume (Shares) 4,558
TTM P/BV N.A. Traded Volume (lacs) 0.05
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. – Not Applicable | * As on 30th September, 2016
35 Chittaranjan Avenue, COMPANY BACKGROUND
4th Floor, Kolkata, Impex Ferro Tech Ltd is a part of Impex Group of Companies. The company manufactures
manganese based alloys i.e. Ferro Manganese and Silica Manganese. The company is
operating the Ferro Alloy Plant comprising of 5 submerged Arc furnaces of 3.6 MVA, 5
MVA, 7.5 MVA, 8.25 MVA and 7.5 MVA at Burdwan in West Bengal. The company has
been awarded ISO 9001: 2000 certification for manufacture and supply of different types
and grades of ferro alloy metals like Silicon Manganese, Ferro Manganese and ferro
chrome. Impex Ferro Tech Ltd was incorporated in the year 1995. The company was
established with intention of manufacturing Silico Manganese and Ferro Manganese. The
company has been promoted by Vimal Kumar Patni, Suresh Kumar Patni and Virendra
Kumar Jain.
West Bengal - 700012
Company Website:
www.impexferrotech.com
Revenue and Profit Performance
The revenue of the Company decreased from ₹72.26 crores to
₹27.66 crores from quarter ending Sep’15 to quarter ending
Sep’16. The Company made a loss of ₹2.34 crores in quarter
ending Sep’16 vis-a-vis making a loss of ₹14.05 crores in quarter
ending Sep’15.
Source - Money Control
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Impex Ferro Tech Ltd 4.55% -39.13% -51.06% 9.52%
Nifty 2.93% 6.53% 14.37% 17.05%
Nifty Metal 6.75% 12.84% 8.64% 35.03%
Source – Capitaline / NSE
27.6639
72.26
-2.34 -30.33 -14.05
-50
0
50
100
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
-
0.50
1.00
1.50
2.00
2.50
Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17 Aug 17
Impex Ferro Tech Ltd NIFTY NIFTY METAL
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TABLE 3 - FINANCIALS
(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change
Sep ’16 vs Mar’16 Mar’16 vs Sep’15
Net Worth -11.87 -0.34 41.29 N.A. -100.82%
Current Assets 355.53 348.33 449.24 2.07% -22.46%
Non-Current Assets 179.49 180.82 184.81 -0.74% -2.16%
Total Assets 535.02 529.15 634.04 1.11% -16.54%
Investments 0.00 0.00 0.00 N.A. N.A.
Finance Cost -7.80 8.51 8.21 -191.66% 3.65%
Long Term Liabilities 218.11 226.51 241.33 -3.71% -6.14%
Current Liabilities 328.79 302.98 351.43 8.52% -13.79%
Turnover 27.49 38.55 71.2 -28.69% -45.86%
Profit After Tax (PAT) -2.34 -30.33 -14.05 N.A. N.A.
EPS (₹) -0.03 -3.64 -1.72 N.A. N.A.
Source - Money Control/ Stock Exchange Filing
Discussion by the Company in quarterly results for the quarter ending 30th September, 2016–
a) The operation of the company is severely impacted by weak steel industry and lack of demand of company’s finished
products. Lower utilisation of capacity and drop in finished goods price realisation has impacted the toplines as well as bottom
line of the company. The Company has incurred loss of ₹2.34 crore for the quarter and ₹12.64 crore for the half year ended 30th
September, 2016. The accumulated loss as on 30th September, 2016 is ₹156.39 crore which is in excess of the entire net worth of
the Company. The Company has made on application to State Bank of India, lead consortium member, regarding revival plan of
the company. With the substantial improvement in raw material availability, likely improvement in market scenario with
notification of Minimum Import Price of steel, it is expected that the overall financial health would improve considerably.
Considering the above developments and favourable impact thereof on the Company’s operations and financials, the company
has prepared the financial results on the basis of Going Concern assumption.
b) Excess depreciation claimed in earlier years amounting to ₹1.11 crore has been adjusted with accumulated Depreciation and
Reserve & Surplus.
c) The lenders have stopped charging interest on debts, since the dues from the company have been categorised as Non-
Performing Asset. The Company is in active discussion/negotiation with its lenders to restructure its debt at a sustainable level.
In view of the above, pending finalization of the restructuring plan, the company has not provided accrued interest in its books
during the quarter and received interest provided in earlier quarters pertaining to the period the account was declared NPA by
the respective lenders. The amount of interest not so provided for the quarter stands at ₹7.91 crore and reversed ₹8.70 crore
for earlier period. The same have consequential impact on the reported figures of this quarter as well as earlier periods.
d) In the opinion of the management, current and non-current asset have value of realisation in the ordinary course of business
at least equal to the amount at which they are stated in the accounts. Certain Balances of the Sundry creditors, sundry debtors,
unsecured loans and advances are subject to confirmations and reconciliation.
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: No Audit Qualifications in last 3 years (viz. FY 2013-14, FY 2014-15 and FY 2015-16).
However, the Statutory Auditors has drawn attention on following matters:
Emphasis of Matter for the financial year of 2015-2016
a) We draw attention on to the Note No. 39 of the statement which indicates that as at 31st March, 2016, the accumulated
losses amounting to ₹144.86 Cr. has substantially eroded net worth of the Company, indicating the existence of a material
uncertainty about the company’s ability to continue as a going concern. These financial results have been prepared on a going
concern basis for the reasons stated in the said note.
b) Pending confirmations of certain secured loans and advances, trade receivables, trade payables and other liabilities as
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referred in Note No. 33 of accompanying statements, are subject to confirmations and reconciliation.
Emphasis of Matter for the financial year 2014-2015
1. We draw attention on to Note No.27 of the financial results, relating to CDR Package. The CDR Package of the company has
been sanctioned vide LOA dated 10th November, 2014. Pursuant to the said LOA, implementation of CDR policy is completed and
the effect thereof has been given in these accounts with respect to the CDR scheme as per the said LOA. The said accounts are
subject to confirmation on and reconciliation with the Lenders. The reported financials would have consequential impact once
the reconciliation is completed, the quantum where of remains unascertained.
2. We draw attention on to the Note No. 39 of the statement which indicates that as at 31st March, 2015, the accumulated
losses amounting to ₹63.49 Cr. has substantially eroded net worth of the Company, indicating the existence of a material
uncertainty about the company’s ability to continue as a going concern. These financial results have been prepared on a going
concern basis for the reasons stated in the said note.
Response Comment
Frequency of Qualifications Not applicable
Have the auditors made any adverse remark in last 3 years? No -
Are the material accounts audited by the Principal Auditors? As per Annual Report for FY 2015-16, the Company
do not have Subsidiary / Associate Company. Do the financial statements include material unaudited financial
statements?
TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT 2015-16)
Regulatory Norms Company
% of Independent Directors on the Board 50% 50%
% of Promoter Directors on the Board - 20%
Number of Women Directors on the Board At least 1 1
Classification of Chairman of the Board - Executive Promoter Director
Is the post of Chairman and MD/CEO held by the same person? - Yes
Average attendance of Directors in the Board meetings (%) - 93%
Note: Mr. Ankit Patni resigned from the directorship w.e.f August 22, 2015 and re-appointed as an Additional Director w.e.f
September 30, 2015. Mr. Ramesh Seemakurti resigned from the directorship w.e.f November 14, 2015.
Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 50%
Independent Directors as the Chairman of the Board is a Promoter/Executive Director. The Company has 50% of Independent
Directors and hence, it meets the regulatory requirements.
Board Diversity: As at 31st March, 2016 the Company has 6 directors out of which 1 is Woman Director.
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TABLE 5 - FINANCIAL RATIOS
Ratios Sep’16 Mar’16 Sep’15
% Change
Sep ’16 vs
Mar’16
Mar’16 vs
Sep’15
Turn
ove
r
Rat
ios
Inventory Turnover 0.30 0.47 0.61 -34.91% -22.76%
Debtors Turnover 0.13 0.17 0.25 -28.09% -31.28%
Fixed asset Turnover 0.15 0.21 0.39 -28.16% -44.66%
Current Asset Turnover 0.08 0.11 0.16 -30.13% -30.17%
Ret
urn
Rat
ios Operating Profit Margin -30.52% -52.87% -5.63% N.A. N.A.
Net Profit Margin -8.51% -78.68% -19.73% N.A. N.A.
Return on Assets (ROA) N.A. N.A. N.A. N.A. N.A.
Return on Equity (ROE) N.A. N.A. N.A. N.A. N.A.
Return on Capital Employed (ROCE) N.A. N.A. N.A. N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 1.08 1.15 1.28 -5.95% -10.06%
Quick Ratio 0.81 0.88 0.94 -8.09% -7.00%
Cash Ratio 0.14 0.15 0.15 -5.46% 1.85%
Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio N.A. N.A. 8.25 N.A. N.A.
Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.
Trad
ing
Rat
ios
Market Cap / Sales 0.40 0.29 0.23 40.23% 24.38%
Market Cap/ Net Worth N.A. N.A. 0.40 N.A. N.A.
Market Cap/PAT N.A. N.A. N.A. N.A. N.A.
Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A.
Source - Money Control
TABLE 6 - TRADING VOLUME
Jun-17 Dec-16 Jun-16
% Change
June 17 vs Dec 16 Dec 16 Vs June 16
Trading Volume (shares) (avg. of 1 qtr) 18,732 30,458 42,691 -38.50% -28.65%
Trading Volume (shares) (high in 1 qtr) 81,265 1,34,480 1,85,703 -39.57% -27.58%
Trading Volume (shares) (low in 1 qtr) 92 850 2,019 -89.18% -57.90%
Ratio - High/low trading volume 883.32 158.21 91.98 458.31% 72.01%
Ratio - High/average trading volume 4.34 4.42 4.35 -1.74% 1.50%
Source - Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Jun'17 Dec'16 Jun'16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 69.11 69.11 69.11 • No news shares were issued during the period
from June 2016 to June 2017.
• There was no change in the shareholding pattern
during the said period.
• The promoters have pledged / encumbered
100% of their shareholding.
Public - Institutional shareholding
0.00 0.00 0.00
Public - Non-Institutional shareholding
30.89 30.89 30.89
Non-Promoter Non-Public Shareholding
0.00 0.00 0.00
Source - NSE
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MAJOR SHAREHOLDERS (AS ON 30TH JUNE, 2017)
S. No. Promoters Shareholding
1 Suanvi Trading & Invst Co. Pv. Ltd. 17.14%
No major public shareholders.
2 Invesco Finance Pvt. Ltd. 12.36%
3 Poddar Mech Tech Serv Pvt. Ltd. 12.09%
4 Vasupujya Enterprises Pvt. Ltd. 12.05%
5 Astabhuja Properties Pvt. Ltd. 7.20%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The promoters have not sold/bought any shares in last one year.
Preferential issue to promoters 63,35,000 equity shares of face value ₹10 each were issued to Promoter on
preferential basis in Dec’2015.
Preferential issue to others No preferential issue of shares was made to other shareholders during FY 2015-16.
GDRs issued by the Company The Company did not issue any GDRs during FY 2015-16.
Issue of ESOPs / Issue of shares other than
Preferential allotment The Company does not have any ESOP Scheme.
Source - Annual Report 2015-16
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1 Ferro Alloys 100
Source - Annual Report 2015-16
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Glossary
Equity: The equity shares capital of the Company
Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholders’ funds of the Company
Turnover: The revenue earned from the operations of the Company
EPS: Earning Per Share is net profit earned by the Company per share
𝐸𝑃𝑆 =Profit After Tax
Number of outstanding shares
P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company
𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =Price of each share
Earnings per share
Current Assets: Cash and other assets that are expected to be converted to cash in one year
Fixed Assets: assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land,
buildings, and equipment
Total Assets: Current Assets + Fixed Assets
Investments: An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in
the future.
Finance Cost: The Financing Cost (FC), also known as the Cost of Finances (COF), is the cost and interest and other charges
incurred during the year in relation to borrowed money.
Long Term Liabilities: Long-term liabilities are liabilities with a maturity period of over one year.
Current Liabilities: A company's debts or obligations that are due within one year.
Inventory Turnover ratio: Inventory Turnover is a ratio showing how many times a company's inventory is sold and replaced
over a period.
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Inventory
Debtors Turnover: Accounts receivable turnover is an efficiency ratio or activity ratio that measures how many times a business
can turn its accounts receivable into cash during a period
𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Accounts recievables
Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets
𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Fixed Assets
Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =Sales Turnover
Current Assets
Operating Profit Margin: Operating margin is a measurement of what proportion of a Company’s revenue is left over after
paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Company’s operating
income (also known as “operating profit”) during a given period by its sales during the same period.
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Operating profit
Sales Turnover
Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales
𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =Net profit
Sales Turnover
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Return on Assets: ROA tells you what earnings were generated from invested capital (assets)
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =Net profit
Total Assets
Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’
equity.
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =Net profit
Net worth
Return on Capital Employed: Return on capital employed (ROCE) is a financial ratio that measures a company's profitability
and the efficiency with which its capital is employed.
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =Net profit
Total Debt + Equity share capital
Current ratio: The current ratio is a financial ratio that measures whether or not a firm has enough resources to pay its debts
over the next 12 months. It compares a firm's current assets to its current liabilities.
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =Current Assets
Current Liabilities
Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories
Current Liabilities
Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =Current Assets − Inventories − Account Recievables
Current Liabilities
Working Capital Turnover ratio: The working capital turnover ratio is also referred to as net sales to working capital. It indicates
a Company's effectiveness in using its working capital.
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟
Current Assets − Current Liabilities
Debt to Equity ratio: The debt-to-equity ratio (D/E) is a financial ratio indicating the relative proportion of
shareholders' equity and debt used to finance a company's assets.
𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡
𝑁𝑒𝑡 𝑊𝑜𝑟𝑡ℎ
Interest Coverage ratio: The Interest coverage ratio is a debt ratio and profitability ratio used to determine how easily a
Company can pay interest on outstanding debt.
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥
𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡
Market Cap/Sales ratio: Market Cap/sales ratio, Price–sales ratio, P/S ratio, or PSR, is a valuation metric for stocks. It is
calculated by dividing the company's market cap by the revenue in the most recent year; or, equivalently, divide the per-
share stock price by the per-share revenue.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟
Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ
Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡
Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.
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𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝐸𝐵𝐼𝑇𝐷𝐴
Trading Volume (shares) (avg. of 1 year): Average number of shares/day traded in 1 year
Trading volume (shares) (high in 1 year): Highest number of shares/day traded in 1 year
Trading volume (shares) (minimum in 1 year): Lowest number of shares traded on any one day in 1 year
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