stakeholders empowerment services …the amount not so provided amounts to ₹ 425.23 crores for the...

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STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: FMCG REPORTING DATE: 31ST MAY, 2016

REI Agro Ltd. www.reiagro.com

REI Agro Ltd 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)

NSE Code - REIAGROLTD NSE Market Price (₹) 0.40 NSE Market Cap. (₹Cr.) 43.11

Sector - FMCG Face Value (₹) 1.00 Equity (₹Cr.) 95.80

52-week High/Low (₹) 0.95/0.35 Net worth (₹Cr.) -2,774.18

Business Group-Indian Private TTM P/E N.A. Traded Volume (Shares) 4,45,009

Year of Incorporation - 1994 TTM P/BV N.A. Traded Volume (lacs) 1.78

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

Everest House, 15th Floor, Room 15B, REI Agro Limited, a company dealing with fragmented basmati rice industry, was

established in the year 1994. REI Agro follows an integrated business model and is

equipped with the latest technology available globally. The company has regularly

scaled up its production capacity and it has presently got a capacity of 534360 mt/hr.

The company's products come under in three brands, in the form of Premium, Midrange

and Economy. In both three have different products, Premium includes Kasturi and Real

Magic, Midrange includes Mr. Miller, Hungama and Ikon and the Economy covers

Hansraj and Rain Drop with wide choice in all the price segments. REI Agro has become

a household name. The state - of - the - art facilities and ISO - conforming quality

initiatives have resulted in superior quality grain at an excellent value proposition. REI

Agro's Basmati Rice Processing unit is situated in Bawal, Haryana with capacity of 49

TPH of rice and 32 TPH of par boiling. The company has 355 stores in Delhi, Punjab,

Himachal Pradesh and Haryana.

In 1996, the company established with the commissioning of a modest 10 TPH rice

grading unit in Bawal, Haryana. REI Agro integrated backwards into rice milling in the

year 1998. During the year 2001 the company pioneered the branding of broken rice

and enhanced its total capacity by 20 TPH.

46-C, Chowringhee Road,

Kolkata-700 071, West Bengal

Company Website:

www.reiagro.com

TABLE 2 - PRICE PERFORMANCE

30th May,

2016

29th May,

2015

30th May,

2014

% Change CAGR for 2 years

2016 vs 2015 2015 vs 2014

Price (₹) 0.45 0.70 2.75 -35.71% -74.55% -59.55%

Trading Volume (Shares)

(yearly avg.) 10,41,045 29,13,468 23,30,780 -64.27% 25.00% -

NSE Market Cap. (in₹ Cr.) 43.11 67.06 263.45 -35.71% -74.55% -59.55%

Source - Money Control

http://www.reiagro.com/




2 | P A G E



TABLE 3 - FINANCIALS

(₹ Cr.) 2015 2014 2013 % Change CAGR for

2 years 2015 vs 2014 2014 vs 2013

Net Worth -2,774.18 2,590.57 2,614.05 -207.09% -0.90% N.A.

Current Assets 1,187.78 6,428.84 6,970.96 -81.52% -7.78% -58.72%

Non-Current Assets 2,848.77 2,961.19 2,454.74 -3.80% 20.63% 7.73%

Total Assets 4,036.54 9,390.03 9,425.70 -57.01% -0.38% -34.56%

Investments 443.95 618.21 1,499.46 -28.19% -58.77% -45.59%

Finance Cost 314.99 649.12 609.26 -51.47% 6.54% -28.10%

Long Term Liabilities 29.54 499.16 1,482.89 -94.08% -66.34% -85.89%

Current Liabilities 6,781.18 6,300.30 5,328.76 7.63% 18.23% 12.81%

Turnover 1,855.77 4,523.25 5,089.09 -58.97% -11.12% -39.61%

Profit After Tax (PAT, ₹Cr.) -5,494.30 -38.35 211.01 N.A. -118.17% N.A.

EPS (₹) -57.35 -0.40 2.18 N.A. -118.35% N.A.

Source - Money Control/Annual Report

Discussion as per Company:

In Annual Report for 2014-15, the Company has mentioned that during the financial year under review, the total turnover of

the Company was ₹ 1,85,576 lacs on a standalone basis as against ₹ 4,52,324 lacs in the previous year.

Further, due to decrease in revenue from operations, heavy finance cost, slow recovery of dues etc. the Company has

extended its losses to ` 5,49,429 lacs during the year in comparison to the previous year loss of ` 3,835 lacs.

In Annual Report for 2013-14, the Company has mentioned that the in financial year under review, turned out to be the

weakest years in recent times. Total turnover of the Company was ` 4,52,324 lacs on a standalone basis as against ` 5,08,909

lacs in the previous year. The company`s Profit before Interest and Depreciation was `67,807 lacs during the year. However,

after providing ` 64,912 lacs towards finance cost and ` 6,858 lacs for depreciation, the company suffered a loss of ` 3,835 lacs

during the year.

The company has also been facing a tight liquidity position and has not been able to meet all its financial obligations thereby

requiring corrective steps to be taken with the support of its lenders.

In Annual Report for 2012-13, the Company has mentioned that during the year under review, the Company has achieved a

turnover of ` 5,089 Crores on a standalone basis as against ` 4,225 Crores in the previous year, a 20% increase over the

previous year. The company had a net profit of ` 211 Crores during the year compared to net profit of ` 226 Crores for the

previous year. They have registered significant movement in top line, however, the bottom line was slightly pressed due to

increased financing costs.




3 | P A G E



AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Company has given a qualified opinion in the Annual Report for FY 2014-15.

On the basis for qualified opinion in FY 2014-15 the Company has mentioned:

1. The Company has not provided interest on loans availed from banks and financial institutions which have been

classified as NPA by them. The amount not so provided amounts to ₹ 425.23 Crores for the year ended 31st March

2015.

2. Provision for gratuity and leave encashment has been done on the basis of estimation and not as per the Actuarial

Valuation, which is not in consonance with AS-15.

3. The company had provided Corporate Guarantee to the lenders for the borrowings by its Subsidiary Company namely

Ammalay Commodities JLT. The said subsidiary company has defaulted in the repayment of the facilities provided by

the lenders and therefore the lenders of the subsidiary company has invoked the Corporate Guarantee provided to

them amounting to ₹ 3,105.93 Crores from the company against which no provision has been made in the books of the

accounts for the year ended 31st March 2015. It has been explained by the management that it shall provide for the

liability, if any, after the lender has not been able to recover the amount from the subsidiary company.

Management Response: On the qualifications raised by the Auditors, the management has responded:

There were a few observations mentioned in the Audit report by the Auditor, below mentioned are the clarification of the Board

of Directors in regard to their observations.

i. Board of Directors informed that maximum no. of accounts of the Company are turned NPA during the year under

review. As per banking regulations banks are not charging any interest on NPA accounts, therefore the Company has

also not provided interest on such accounts after the period they turned NPA.

ii. Board of Directors submit that total strength of the employees of the Company has been reduced by more than 90%

from the peak number of employees; therefore, company used the estimation method for calculation for gratuity and

leave encashment.

iii. Board of Directors submits that the company had provided Corporate Guarantee to the lenders for the borrowings by

its wholly owned foreign Subsidiary Company, namely Ammalay Commodities JLT. It is contingent liability of the

Company and said liability may be raised when the lenders failed to recover money from the subsidiary companies.

Response Comment

Frequency of Qualifications - The Auditors have qualified opinion only in FY 2014-15, in last three years.

Have the auditors made any

adverse remark in last 3

years?

Yes

In Auditors Report for FY 2014-15, the Auditor have mentioned that the

matters described in the Basis for Qualified Opinion and emphasis of

matters in their Report, may have an adverse effect on the functioning of

the Company.

Are the material accounts

audited by the Principal

Auditors?

Not

ascertainable,

as the Company

has not

disclosed

consolidated

accounts

The Company has mentioned in Annual Report for FY 2014-15 that “As on

31st March 2015, the Company had 5 (Five) wholly owned foreign

subsidiaries namely; Ammalay Commoditiess JLT, UAE, Ammalay

International PTE Ltd, Singapore and Holy Stars Ltd, Auckland Holdings Ltd

and Orient Agro (M) Ltd., which companies are all based in Mauritius.

These companies have not submitted their financial statements for the

year ended 31st March, 2015 which are required for the finalization of

Consolidated Financial Statements of REI Agro Limited for the year ended

31st March, 2015. Due to this, the Company has not been able to

finalize/prepare its Consolidated Financial Statements for the year ended

31st March, 2015. The delay in preparation of Consolidated Financial

Do the financial statements

include material unaudited

financial statements?




4 | P A G E



Statements is beyond the control of the Management

TABLE 4: BOARD PROFILE (As on 31st March, 2015)

Regulatory Norms Company

% of Independent Directors on the Board 50% 67%

% of Promoter Directors on the Board - 67%

Number of Women Directors on the Board At least 1 None

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 (%) - 51%

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 and Executive Director. The Company as on 31st March,

2015 has 67% of Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 3 directors as on 31st March, 2015 out of which 2 are male and 1 is female. The Company

had a single woman Director on the Board only for 25 days from 31st March, 2015 to 25th April, 2015. The Company is non-

compliant with Listing Regulations, 2015, regarding the requirement of at least one-woman director.

Holding of position of MD/ CEO & Chairman by same person: Appointment of a single person as the Chairman and Managing

Director of the Company is not a good governance practice as it may lead to concentration of power in a single person.

Attendance at Board Meetings: The average attendance of Directors in the Board meetings is 51% and this is mainly due to

low attendance of Mr. Dr ING N.K. Gupta and Mr. K.D. Ghosh, independent directors, at Board meetings. The Directors of the

Company should devote sufficient time to the affairs of the Company.


http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdf

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdf



5 | P A G E



TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 7.09 1.38 1.09 414.48% 26.47%

Debtors Turnover 2.22 1.65 3.97 34.85% -58.41%

Fixed asset Turnover 0.65 1.53 2.07 -57.35% -26.32%

Current Asset Turnover 1.56 0.70 0.73 122.06% -3.62%

Ret

urn

Rat

ios Operating Profit Margin -281.28% -0.88% 5.10% N.A. -117.17%

Net Profit Margin -296.07% -0.85% 4.15% N.A. -120.45%

Return on Assets (ROA) -136.11% -0.41% 2.24% N.A. -118.24%

Return on Equity (ROE) N.A. -1.48% 8.07% N.A. -118.34%

Return on Capital Employed (ROCE) N.A. 13.02% 16.47% N.A. -20.96%

Liq

uid

ity

Rat

ios

Current Ratio 0.18 1.02 1.31 -82.83% -22.00%

Quick Ratio 0.14 0.50 0.43 -72.65% 15.73%

Cash Ratio 0.01 0.06 0.19 -78.87% -66.41%

Working Capital Turnover ratio N.A. 35.19 3.10 N.A. 1035.53%

Solv

ency

Rat

ios Debt to equity ratio N.A. 1.76 1.97 N.A. -10.76%

Interest Coverage Ratio N.A. 0.94 1.43 N.A. -34.17%

Trad

ing

Rat

ios

Market Cap / Sales 0.02 0.01 0.01 143.74% 12.51%

Market Cap/ Net Worth N.A. 0.02 0.02 N.A. 0.91%

Market Cap/PAT N.A. N.A. 0.22 N.A. N.A.

Market Cap/EBITDA N.A. 650.71 609.40 N.A. 6.78%

Trading Volume (shares) (avg. of 1 year) 11,57,639 38,13,077 14,59,563 -69.64% 161.25%

Trading Volume (shares) (high in 1 year) 78,35,874 3,42,14,723 1,34,65,827 -77.10% 154.09%

Trading Volume (shares) (low in 1 year) 10,9,223 74,074 81,649 47.45% -9.28%

Ratio - High/low trading volume

71.74 461.90 164.92 -84.47% 180.07%

Ratio - High/average trading volume 6.77 8.97 9.23 -24.56% -2.74%

Source - Money Control




6 | P A G E



TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Dec' 2015 Dec' 2014 Dec' 2013 Comments

Shar

eho

ldin

g

Promoter shareholding

28.67% 31.55% 53.73% No new equity shares were issued during the

period from Dec’ 13 to Dec’ 15. The promoter

shareholding decreased from 53.73% as on

Dec’2013 to 28.67% as on Dec’2015 due to

sale of shares by IFCI Ltd. The shareholding of

public institution decreased from 33.18% to

12.54% and that of public others increased

from 13.09% to 58.79% during the said period.

The promoters have pledged 10.41% of their

shareholding as on 31st Dec’ 2015.

Public - Institutional shareholding

12.54% 22.53% 33.18%

Public - Others shareholding

58.79% 45.92% 13.09%

Non Promoter Non Public Shareholding

0.00% 0.00% 0.00%

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The Promoters shareholding have decreased from 52.84% as on April, 2014 to 28.67% as on

31st December, 2015 due to sale of shares by IFCI Ltd.

Preferential issue to promoters

No preferential issue of shares was made to the promoters in last three years.

Preferential issue to others No preferential issue of shares was made to other shareholders during last three years.

GDRs issued by the Company None

Issue of ESOPs/Issue of shares other than Preferential allotment

The Company did not issue any shares to the employees under its ESOP Scheme.

Source - Annual Report




7 | P A G E



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




8 | P A G E



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


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

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



9 | P A G E



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


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

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

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



10 |

P A G E



DISCLAIMER

Sources Company Information

Only publicly available data has been used while making the factsheet. Our

data sources include: BSE, NSE, SEBI, Capitaline, Moneycontrol, Businessweek,

Reuters, Annual Reports, IPO Documents and Company Website.

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any of the research analyst’s compensation was, is, or will be directly or

indirectly related to the contents of this factsheet.

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