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1 | P A G E

SECTOR: CERAMIC PRODUCTS REPORTING DATE: 31ST JANUARY, 2018

REGENCY CERAMICS LTD. www.regencytiles.com

Regency Ceramics Ltd. NSE Code - REGENCERAM TABLE 1 - MARKET DATA (STANDALONE) (AS ON 23RD JANUARY 2018)

Sector - Ceramic Products NSE Market Price (`) 8.50 NSE Market Cap. (₹ Cr.) 18.64

Face Value (`) 10.00 Equity (` Cr.) 26.44

Business Group – N.A. 52 week High/Low (₹) 10.10/4.15 Net worth (₹ Cr.)* -64.13

Year of Incorporation - 1983 TTM P/E (TTM) N.A. Traded Volume (Shares) 103

TTM P/BV N.A. Traded Volume (lacs) 0.01

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, * As on 30th September, 2017

Door No 6-3-1090/A/7 IMS

House, COMPANY BACKGROUND

3rd Floor Somajiguda, Regency Ceramics Limited is an India-based ceramic tile company. The Company is engaged

in the manufacture and sale of ceramic glazed and unglazed floor and wall tiles for

domestic and international markets. The Company also manufactures glazed vitrified tiles,

parking tiles and heavy-duty tiles for high traffic areas. The Company's products include tile

highlighters, imported tiles and duro tiles.

Hyderabad - 500 082, Telangana

Company Website:

www.regencytiles.com

Revenue and Profit Performance

The Company made a loss of ₹ 1.82 crores in quarter ending

Sep’17 vis-a-vis making a loss of ₹ 1.48 crores in quarter ending

Sep’16.

Source: Moneycontrol

Performance vis-à-vis Market

TABLE 2- Returns

1-m 3-m 6-m 12-m

Regency Ceramics 23.19% 46.47% 41.67% 24.09%

Nifty 5.63% 6.86% 10.68% 29.46%

Source - Capitaline/NSE

0.50

0.75

1.00

1.25

1.50

Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17

Regency Ceramics Ltd NIFTY

0.00 0.00 0.00

-1.82-1.43 -1.48

-2.00

-1.00

0.00

Sep'17 Mar'17 Sep'16

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit



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TABLE 3 - FINANCIALS

(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change

Sep ’17 vs Mar’17 Mar’17 vs Sep’16

Net Worth -64.13 -59.81 -56.97 N.A. N.A.

Current Assets 56.12 55.61 60.17 0.92% -7.58%

Non-Current Assets 45.55 48.85 51.26 -6.76% -4.70%

Total Assets 101.67 104.46 111.42 -2.67% -6.25%

Investments 1.07 2.02 2.02 -47.03% 0.00%

Finance Cost 0.04 0.00 0.03 N.A. -100.00%

Long Term Liabilities 37.04 36.06 28.13 2.72% 28.19%

Current Liabilities 128.76 128.21 140.26 0.43% -8.59%

Turnover 0.00 0.00 0.00 N.A. N.A.

Profit After Tax -1.82 -1.43 -1.48 N.A. N.A.

EPS (₹) -0.07 -0.54 -0.56 N.A. N.A.

Source - Money Control/Stock exchange filing

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Statutory Auditors have raised qualification in their Report of FY 2016-17, FY 2015-16

& FY 2014-15.

Audit Qualification – FY 2016-17:

Basis for qualified opinion:

1. Manufacturing operations of the company were stopped due to riots, strike and malicious damage at factory since 27.01.2012.

The company declared lock out of the plant on 31.01.2012 and the condition of the fixed assets and its realizable value could not

be estimated. The machinery and building were not insured during the year and disclosed at book value after providing

depreciation on account of efflux of time.

2. The condition of the raw materials, stores and spares and its realizable value could not be estimated by the company. The

stocks were not insured during the year and disclosed at book value.

3. During the year, the company has not provided the provisional liability towards salary, wages and other benefits to its factory

employees pending orders/judgment of the industrial Tribunal. Further, the company has not provided for its liability towards

Gratuity and leave encashment in accordance to AS-15 “Employee Benefits”. Since the company could not compute the liability in

the absence of complete records, we are unable to comment upon the impact of non-provision of additional loss of the company

for the year and on the current liabilities as at 31.03.2017.

4. Confirmation of balances was not obtained from Debtors, Creditors, loan and advances and other current assets.

5. The company requested the lenders for sanction of revised OTS and paid Rs.12.43 Crores against the sanctions received till

date. State Bank of Bikaner & Jaipur assigned and transferred the facilities sanctioned by them together with all underlying

securities and interests thereto to Phoenix ARC Private Limited (Trustee of Phoenix Trust-FY15-5). The lenders-initiated recovery

action against the company and took symbolic Possession under Rule 8(1) of Security Interest (Enforcement) Rules, 2002 in

exercise of powers conferred on them under section 13(4) of the SARFAESI Act. The lenders also filed an application under section

19 of the Recovery of Debts due to Banks and Financial Institutions Act, 1993 in the Debts Recovery Tribunal, Hyderabad for

recovery of their dues. In view of the above, the Long-Term Borrowings are considered as current maturities of long term

borrowings and shown under Other Current Liabilities. Hypothecation / Hire purchase loans are repayable within one year and

shown under Other Current Liabilities. 5. The company did not provide the interest on secured loans amounting to Rs.1026.61

Lakhs for the year and Rs.5274.77 Lakhs up to 31st March 2017 which is subject to confirmation from the banks.

6. The company has not provided the liability towards interest and penalties payable on account of statutory dues. The Company

is of opinion that the statutory authorities shall waive the same in view of the unprecedented incident.

7. The reference filed by the company under section 15(1) of Sick Industrial Companies (Special Provisions) Act, 1985 with the

Board for Industrial and Financial Reconstruction (BIFR) has been abated and the company preferred an appeal before AAIFR. The



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company lost the case in AAIFR also due to lack of support from the lenders. Consequent to the above, the Net loss would

increase, and Shareholders funds would reduce to this extent.

Consequent to the above, the Net loss would increase and Shareholders funds would reduce to this extent.

Qualified opinion: In our opinion and to the best of our information and according to the explanations given to us, except for the

effects of the matter described in the basis for Qualified Opinion Paragraph, the financial statements give the information

required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally

accepted in India of the state of affairs of the company as at March 31, 2017;of the loss and of the cash flows for the year ended

on that date.

Management Response: i. Referring to Para on basis for qualified opinion of the Auditors’ Report, the Directors would like to

refer Notes forming part of Accounts which is self explanatory. The reference to note numbers are as under : a. Para 1 of basis for

qualified opinion – Note No.25.3 b. Para 2 of basis for qualified opinion – Note No.25.3 c. Para 3 of basis for qualified opinion –

Note No.25.8 d. Para 4 of basis for qualified opinion – Note No.25.4 e. Para 5 of basis for qualified opinion – Note No.25.9 f. Para

6 of basis for qualified opinion – Note No.10 & 23 g. Para 7 of basis for qualified opinion – Note No.10 h. Para 8 of basis for

qualified opinion – Note No.25.10

ii. Referring to Para 7 (a) and 7(b) of the Annexure to the Auditors report, your Directors are of the opinion that the Company is

in the process of executing various alternative plans to control such delays in future. With regard to para 8 of the Annexure to the

Auditors Report, Directors are confident that the revised OTS will be sanctioned and the lenders dues will be fully settled.

The Auditors have raised similar Qualified opinion in their Report for FY 2015-16 & FY 2014-15.

Response Comment

Frequency of Qualifications No -

Have the auditors made any adverse remark in last 3 years? No -

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 PER ANNUAL REPORT - FY 2016-17)

Regulatory Norms Company

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 50%

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%

Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,

2015 "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: The Company has 6 directors out of which 5 are male and 1 is female.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Dr. G. N. Naidu 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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TABLE 5 - FINANCIAL RATIOS

Ratios Sep’17 Mar’17 Sep’16

% Change

Sep ’17 vs

Mar’17

Mar’17 vs

Sep’16

Turn

ove

r

Rat

ios

Inventory Turnover N.A. N.A. N.A. N.A. N.A.

Debtors Turnover N.A. N.A. N.A. N.A. N.A.

Fixed asset Turnover N.A. N.A. N.A. N.A. N.A.

Current Asset Turnover N.A. N.A. N.A. N.A. N.A.

Ret

urn

Rat

ios Operating Profit Margin N.A. N.A. N.A. N.A. N.A.

Net Profit Margin N.A. N.A. N.A. 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 0.44 0.43 0.43 0.49% 1.11%

Quick Ratio 0.38 0.38 0.38 0.61% 0.08%

Cash Ratio 0.32 0.32 0.32 0.89% -1.39%

Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.

Solv

enc

y

Rat

ios Debt to equity ratio N.A. N.A. N.A. N.A. N.A.

Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales N.A. N.A. N.A. N.A. N.A.

Market Cap/ Net Worth N.A. N.A. N.A. 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/Stock exchange filing

TABLE 6 - TRADING VOLUME

Particulars Dec’17 June’17 Dec’16

% Change

Dec ’17 vs

June’17

June’17 vs

Dec’16

Trading Volume (shares) (avg. of 1 qtr) 1,796 3,336 4,222 -46.17% -20.99%

Trading Volume (shares) (high in 1 qtr) 10,358 51,759 26,987 -79.99% 91.79%

Trading Volume (shares) (low in 1 qtr) 2 2 2 0.00% 0.00%

Ratio - High/low trading volume 5,179.00 25,879.50 13,493.50 -79.99% 91.79%

Ratio - High/average trading volume 5.77 15.52 6.39 -62.83% 142.75%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Dec-17 Jun-17 Dec-16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 57.62 58.35 58.35 • No new equity shares were issued during the

period from 1st Jan 2017 to 31st Dec 2017.

• The promoter shareholding decreased from

58.35% to 57.62% during the said period.

• The shareholding of public institution

increased from 0.31% to 1.51% and that of

public others decreased from 41.34% to

40.87% during the same period.

• The promoters have pledged 30.76% of their

shareholding.

Public - Institutional

shareholding 1.51 0.31 0.31

Public - Others shareholding 40.87 41.34 41.34

Non-Promoter Non-Public

Shareholding 0.00 0.00 0.00

Source - NSE



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MAJOR SHAREHOLDERS (AS ON 31st DECEMBER 2017)

S. No. Promoters Shareholding S. No. Public Shareholders Shareholding

1 G N Naidu 27.51%

No Major Public Shareholder 2 N Radhika Prasad 17.66%

3 Bindu G Naidu 7.12%

4 Sarojini G 3.97%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last FY2016-17.

Preferential issue to promoters No preferential issue of shares was made to the promoters in during FY2016-17.

Preferential issue to others No preferential issue of shares was made to other shareholders during FY2016-17.

GDRs issued by the Company The Company did not issue any GDRs during FY2016-17.

Issue of ESOPs The Company does not have any ESOP Scheme.

Source - Annual Report FY 16-17

TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sr. No. Name and Description of main products / services % to Total turnover of the Company

1 Ceramic Glazed and unglazed floor and wall tiles 0%

Source - Annual Report FY 16-17



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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.

http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp

https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



8 | P A G E



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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