stakeholders empowerment services - national stock exchange of india · 2016-06-08 · impex ferro...
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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016
Impex Ferro Tech Ltd www.impexferrotech.com
Impex Ferro Tech Ltd 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)
NSE Code - IMPEXFERRO NSE Market Price (₹) 1.10 NSE Market Cap. (₹ Cr.) 10.11
Sector - Mining & Mineral prod. Face Value (₹) 10.00 Equity (₹ Cr.) 87.93
52-week High/Low (₹) 3.20/1.05 Net worth (₹ Cr.) 53.99
Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 30,925
Year of Incorporation - 1995 TTM P/BV 0.02 Traded Volume (lacs) 0.34
Source - Capitaline
Corporate Office: COMPANY BACKGROUND
35, Chittaranjan Avenue, 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 has been promoted
by Vimal Kumar Patni, Suresh Kumar Patni and Virendra Kumar Jain. During the year 1997-
98, the company set up two numbers submerged Arc Furnaces of 3.6 & 5.0 MVA rating plant
for manufacturing Silico Manganese and Ferro Manganese at Burdwan in West Bengal. In
the year 2002, the company set up their third furnace with a rating of 7.5 MVA and
commenced commercial production. In the year 2005, the company came out with the
public issue and their shares were listed on BSE and NSE. Also, they set up their fourth
furnace submerged arc furnace of 8.25 MVA capacity for manufacturing HC Silico
Manganese and converting a part of the HC Ferro Manganese output into MC Ferro
Manganese through the 'SSM' Converter route. In the year 2007, the company was
accredited ISO 9001:2000 Certificate from Systems & Services Certification. During the year
2008-09, they commenced their fifth submerged Electric Arc Furnace (EAF) of 7.5 MVA
capacity for manufacturing HC Ferro Manganese. In May 2010, the company was awarded
by EEPC-ER (Engineering Export Promotion Council, Eastern Region) top export performance
certificate in the medium enterprises segment for its outstanding contribution to
engineering exports during the year 2007-08. The company's 30 MW Captive Power Plant
project is under implementation.
4th Floor,
Kolkata – 700 012, West Bengal
Company Website:
www.impexferrotech.com
TABLE 2 - PRICE PERFORMANCE
31st may,
2016
29th May,
2015
30th May,
2014
% Change CAGR for 2
years 2016 vs 2015 2015 vs 2014
Price (₹) 1.10 2.10 5.40 -47.62% -61.11% -54.87%
Trading Volume (Shares)
(yearly avg.) 1,07,235 1,35,547 13,018 -20.89% 941.21% -
NSE Market Cap. (in ₹ Cr.) 9.67 17.14 44.06 -43.58% -61.10% -53.15%
Source - Money Control
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SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016
Impex Ferro Tech Ltd www.impexferrotech.com
TABLE 3 - FINANCIALS
(₹ Cr.) 2015 2014 2013 % Change CAGR for 2
years 2015 vs 2014 2014 vs 2013
Net Worth 68.36 130.83 157.53 -47.75% -16.95% -34.13%
Current Assets 406.84 404.19 396.75 0.66% 1.88% 1.26%
Non-Current Assets 187.58 195.58 205.30 -4.09% -4.73% -4.41%
Total Assets 594.42 599.78 602.05 -0.89% -0.38% -0.64%
Investments 38.31 56.06 51.59 -31.66% 8.66% -13.83%
Finance Cost 30.34 35.96 35.78 -15.63% 0.50% -7.92%
Long Term Liabilities 236.06 78.61 127.32 200.29% -38.26% 36.16%
Current Liabilities 290.00 390.34 317.20 -25.71% 23.06% -4.38%
Turnover 505.80 698.02 641.76 -27.54% 8.77% -11.22%
Profit After Tax (PAT, ₹
Cr.) -61.44 -54.86 3.96 N.A. -1485% N.A.
EPS (₹) -8.00 -7.00 1.00 N.A. -800% N.A.
Source - Money Control/Annual Report
Discussion as per Company:
In Annual Report for FY 2014-15, the Company has mentioned that during the year under review, the Company has achieved
Nets Sales/Income from opera on of ` 50,580.19 Lacs as against ` 69,802.21 Lacs in previous year registering a decline of 27.54
%. The Company incurred a loss of ` 6,143.64 Lacs as against` 5,485.52 Lacs in the previous year. The decline in sales and
increase in losses are mainly attributed to depressed market for ferro alloys impacting the net realisation and margin. Slower
growth in several sectors of the economy resulted into weaker domestic demand. On the other hand, mining crisis and rising
inflation in the country resulted in increase in the cost of raw materials and other overheads which could not be passed on to
the consumers.
“Ferro Alloys: During the year under review the Company has produced 43,943.560 MT of Ferro alloys against 42,325.860 MT
of Ferro alloys in previous year registering a growth of 3.82% over previous year. The Gross revenue from the Ferro alloys
segment was ₹ 265.54 Crores. The Ferro alloys export during the year under review has increased by 8.22% to 33,847 MT.”
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SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016
Impex Ferro Tech Ltd www.impexferrotech.com
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Auditors have not raised any qualifications in last three years. However, the Auditors
have emphasis on following matters in their Report (detail on Page 54 of the Annual Report for FY 2014-15):
1) The Auditors have drawn attention 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 and reconciliation with the Lenders. The reported
financials would have consequential impact once the reconciliation is completed, the quantum where of remains
unascertained.
2) Auditors have drawn attention to Note No. 39 of the statement which indicates that as at March 31St 2015, the
accumulated losses amounting to ` 6,349.26 Lacs 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.
Auditors opinion is not qualified in respect of this matters.”
Management Response: The Company has stated that “There are no qualifications or adverse remarks in the Auditor’s Report
which require any clarification/explanation. The notes to accounts referred to in the Auditor’s Report are self-explanatory, and
therefore, do not call for any further comments/ explanation”.
Response Comment
Frequency of Qualifications - The Auditors have not raised qualifications in last three
years.
Have the auditors made any adverse remark in
last 3 years? Yes -
Are the material accounts audited by the
Principal Auditors? Yes -
Do the financial statements include material
unaudited financial statements? No -
TABLE 4: BOARD PROFILE (As on 31st March, 2015)
Regulatory Norms Company
% of Independent Directors on the Board 50% 50%
% of Promoter Directors on the Board - 33.33%
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 (%) - 100.00%
Source - Money Control/Annual Report
Composition of Board: As per Regulation 17(i)(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 as on 31st March, 2015 has
50% of Independent Directors and hence, it meets the regulatory requirements.
Board Diversity: The Company has 6 directors out of which 5 are male and 1 is female. The Company is compliant with Listing
Regulation, 2015 regarding the requirement of at least one-woman director.
Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Suresh Kumar Patni as the
Chairman and Managing Director of the Company. Appointment of a single person as the Chairman and Managing Director of
the Company is not a good governance practice as this may lead to concentration of power in a single person.
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SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016
Impex Ferro Tech Ltd www.impexferrotech.com
TABLE 5 - FINANCIAL RATIOS
Ratios 2015 2014 2013 % Change
2015 vs 2014 2014 vs 2013
Turn
ove
r
Rat
ios
Inventory Turnover 4.21 5.56 4.07 -24.33% 36.39%
Debtors Turnover 2.16 3.61 4.38 -40.36% -17.52%
Fixed asset Turnover 2.70 3.57 3.13 -24.45% 14.17%
Current Asset Turnover 1.24 1.73 1.62 -28.01% 6.76%
Ret
urn
Rat
ios Operating Profit Margin -12.15% -9.43% 0.96% N.A. -1,078.91%
Net Profit Margin -12.15% -7.86% 0.62% N.A. -1,373.69%
Return on Assets (ROA) -10.34% -9.15% 0.66% N.A. -1,490.60%
Return on Equity (ROE) -89.88% -41.93% 2.51% N.A. -1,768.08%
Return on Capital Employed (ROCE) N.A. N.A. 15.60% N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 1.40 1.04 1.25 35.48% -17.21%
Quick Ratio 0.99 0.71 0.75 38.46% -5.37%
Cash Ratio 0.18 0.22 0.29 -18.25% -25.17%
Working Capital Turnover ratio 4.33 50.40 8.07 -91.41% 524.72%
Solv
ency
Rat
ios Debt to equity ratio 4.90 1.81 1.28 170.85% 41.29%
Interest Coverage Ratio N.A. N.A. 1.17 N.A. N.A.
Trad
ing
Rat
ios
Market Cap / Sales 0.02 0.02 0.02 38.00% -8.06%
Market Cap/ Net Worth 0.17 0.09 0.07 91.38% 20.41%
Market Cap/PAT N.A. N.A. 2.86 N.A. N.A.
Market Cap/EBITDA N.A. N.A. 36.42 N.A. N.A.
Trading Volume (shares) (avg. of 1 year) 1,03,611 1,38,891 10,362 -25.40% 1,240.37%
Trading Volume (shares) (high in 1 year) 25,64,571 14,04,741 87,004 82.57% 1,514.57%
Trading Volume (shares) (low in 1 year) 347.00 100.00 1.00 247.00% 9,900.00%
Ratio - High/low trading volume 7,390.69 14,047.41 87,004.00 -47.39% -83.85%
Ratio - High/average trading volume 24.75 10.11 8.40 144.73% 20.46%
Source - Money Control
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SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016
Impex Ferro Tech Ltd www.impexferrotech.com
TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS
Mar' 2016 Mar' 2015 Mar' 2014 Comments
Shar
eho
ldin
g
Promoter shareholding 69.10% 66.71% 66.71% The promoter shareholding increased from
66.71% as on Mar’14 to 69.10% as on Mar’16 due
to issue of shares on preferential basis. The
shareholding of public others decreased from
33.29% to 30.9% during the said period. The
promoters have pledged 89.57% of their
shareholding.
Public - Institutional
shareholding 0.00% 0.00% 0.00%
Public - Others
shareholding 30.90% 33.29% 33.29%
Non Promoter Non Public
Shareholding 0.00% 0.00% 0.00%
TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The promoters have not sold/bought shares from the secondary market in last 1 year period
from 1st April, 2015 to 31st march, 2016.
Preferential issue to promoters Yes, 63,35,000 shares allotted on 26th Dec’ 2015 and 99,90,000 shares allotted in Oct’ 2013.
Preferential issue to others The Company had issued 41,35,000 shares to Non-promoter during Oct’ 2013 through
preferential issue.
GDRs issued by the Company The Company did not issue GDRs during last three years
Issue of ESOPs/Issue of shares
other than Preferential
allotment
The Company did not issue any shares to the employees under its ESOP Scheme/Issue of
shares other than Preferential allotment in last three years.
Source - Annual Report
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SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016
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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
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SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016
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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
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
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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.
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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SECTOR: MINING & MINERAL PRODUCTS REPORTING DATE: 31ST MAY, 2016
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Reuters, Annual Reports, IPO Documents and Company Website.
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Research Analyst: Sumit Tank