STAKEHOLDERS EMPOWERMENT SERVICES ADHUNIK … · NSE Code - ADHUNIK TABLE 1 MARKET DATA (STANDALONE) (AS ON 22nd NOVEMBER, 2017) Sector - Steel NSE Market Price (`) 4.30 NSE Market

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STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017

ADHUNIK METALIKS LTD www.adhunikgroup.com

1

Adhunik Metaliks Ltd NSE Code - ADHUNIK TABLE 1 - MARKET DATA (STANDALONE) (AS ON 22nd NOVEMBER, 2017)

Sector - Steel NSE Market Price (`) 4.30 NSE Market Cap. (₹ Cr.) 53.97

Face Value (`) 10.00 Equity (` Cr.) 123.50

Business Group – N.A. 52 week High/Low (₹) 9.30/3.60 Net worth (₹ Cr.)* -1,488.08

Year of Incorporation - 2001 TTM P/E (TTM) N.A. Traded Volume (Shares) 37,639

TTM P/BV N.A. Traded Volume (lacs) 1.62

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

Chadri Hariharpur, COMPANY BACKGROUND

P O Kuarmunda, Adhunik Metaliks Limited is an alloy, special and construction steel manufacturing

company. The Company is engaged in the manufacture and sale of steel, both alloy and

non-alloy. The Company's segments are Iron and steel, and Mining and Power. The

Company is involved in the mining and power sectors through its subsidiaries. The

Company produces alloy steel, ferro alloys, iron billets and rolled products at it

manufacturing facility at Odisha. The Company, through its subsidiary Orissa Manganese &

Minerals Limited (OMML), operates Ghatkuri Iron ore mines in the state of Jharkhand and

Patmunda and Orahuri Manganese Mines in the state of Odisha. OMML operates an iron

ore pellet plant at Kandra, Jharkhand. The Company caters to various sectors, including

automobiles, telecom, power, railways, engineering, oil and gas, and construction.

Sundergarh – 770 039,

Orissa

Company Website:

www.adhunikgroup.com

Revenue and Profit Performance

The revenue of the Company increased from ₹ 143.57 crores to

₹ 180.22 crores from quarter ending Sep’16 to quarter ending

Sep’17. The Company made a loss of ₹297.88 crores in quarter

ending Sep’17 vis-a-vis making a loss of ₹203.64 crores in

quarter ending Sep’16.

Source – Money Control

Performance vis-à-vis Market

TABLE 2- Returns

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

Adhunik Metaliks Ltd -6.52% 9.30% -27.12% -39.44%

Nifty 1.32% 4.15% 7.79% 25.75%

NIFTY METAL -1.58% 9.76% 26.67% 35.67%

Source - Capitaline/NSE

180.22 153.82 143.57

-297.88

-475.18

-203.64

-600

-400

-200

0

200

400

Sep'17 Mar'17 Sep'16

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

0.00

0.50

1.00

1.50

2.00

Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17

Adhunik Metaliks Ltd NIFTY NIFTY METAL

http://www.adhunikgroup.com/




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1 TABLE 3 - FINANCIALS

(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change

Sep ’17 vs Mar’17 Mar’17 vs Sep’16

Net Worth -1,488.08 -904.64 -219.27 N.A. N.A.

Current Assets 252.35 630.23 627.75 -59.96% 0.40%

Non-Current Assets 1,734.62 1,779.60 2,277.63 -2.53% -21.87%

Total Assets 1,986.98 2,409.83 2,905.37 -17.55% -17.06%

Investments 73.25 73.25 73.26 0.00% -0.01%

Finance Cost 123.96 83.02 74.85 49.31% 10.92%

Long Term Liabilities 1,814.01 1,927.56 1,949.08 -5.89% -1.10%

Current Liabilities 1,663.77 1,386.91 1,175.57 19.96% 17.98%

Turnover 179.36 153.20 143.03 17.08% 7.11%

Profit After Tax -297.88 -475.18 -203.64 N.A. N.A.

EPS (₹ per share) -24.12 -38.48 -16.49 N.A. N.A.

Source - Money Control/Company’s quarterly results

Discussion by the Company in Sep, 2017 quarterly results (As Stated by the Company) –

The company has investment of ₹. 10 Cr in Adhunic Power and Natural Resources Limited (‘APNRL’), as at 30th Sept, 2017. APNRL

has been incurring losses since the commencement of Its commercial operation and performance has been adversely affected

due to non- availability of raw materials at viable prices, non-availability of working capital for operations, continued stress in

power sector and other external factors beyond the management control. It Is expected that with the improvement in raw

material availability, likely improvement in market scenario and debt restructuring, the overall financial health of the Company

would improve and accordingly, the investments in APNRL has been carried at cost and no Impairment In the value of

Investments has been made as at 30th Sept, 2017. The statutory auditors of the Company have drawn an Emphasis of Matter In

their Audit Report in this regard.

The Company has investment of ₹ 63.10 Cr In Orissa Manganese & Minerals Limited ('OMML') as at 30th Sept, 2017. OMML has

Incurred losses and accumulated losses as on 31st March, 2017 Is ₹ 474.04 Cr the performance of OMML has been adversely

affected due to non-operational of mines, non- availability of raw materials at viable prices for pellet plant, non-availability of

working capital for operations, continued stress In steel sector and other external factors beyond the management control.

OMML is also currently undergoing insolvency resolution process under the provision of the Insolvency and Bankruptcy Code,

2016 (IBC). It is a possibility that OMML may revive during the aforesaid process. Accordingly, the Investments in OMML has been

carried at cost and no Impairment in the value of investments has been made as at 30th September 2017. The statutory auditors

of the Company have drawn an Emphasis of Matter in their Audit Report in this regard.

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Auditors have not raised any qualification in FY 2016-17 and FY 2014-15.

Auditor has raised qualification in FY 2015-16.

Basis of Qualified Opinion for FY 2015-16:

“Auditor draw attention to Note 13 of the financial statements with regard to the recognition of deferred tax assets amounting

to ₹ 264,13 Cr (P.Y ₹133.36 Cr) on unabsorbed depreciation, business losses and other timing differences incurred by the

Company. Based on the unexpected orders on hand, the management is confident that sufficient future taxable income will be

available against which such deferred tax assets will be realised. However, based on our review, we conclude that, in absence of

virtual certainty supported by convincing evidence that sufficient taxable income will be available against which the deferred tax

assets can be realised, such recognition is not consistent with the principles enunciated under Accounting Standard 22,

Accounting for Taxes on Income (AS 22).”

Management Response: (As stated in Annual Report FY 2015-16)

“The observations of the Auditors are duly dealt in Notes to Accounts attached to Balance Sheet and are self-explanatory in




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1 nature and do not call for any further comments except: -

a) The Management of the Company is reasonably certain that the Company would be having Future Taxable Income and

deferred tax assets are only recognized to the extent that their utilization is probable, i.e. tax benefit is expected in future periods

and the same is further supported by the Technical & Economical Valuation conducted by Dun & Bradstreet as a part of CDR

Implementation.

b) The company has locked out its plant at Rourkela in the month of February, 2015 owing to adverse business condition. The

lock out was declared in accordance with the procedures laid down in the state of Odisha. In the opinion of the management,

since the lock out was declared in accordance with lawful procedures, the salary and other statutory liabilities do not accrue

during the period of lockout and hence no provision has been made in the books of account of the company.

c) The observation of the Auditors for the subsidiary company, Orissa Manganese & Minerals Limited has been dealt in Notes to

Accounts which are self-explanatory and do not require any further elucidation.”

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? 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% 43%

% of Promoter Directors on the Board - 57%

Number of Women Directors on the Board At least 1 0

Classification of Chairman of the Board - Non-Executive Promoter Director

Is the post of Chairman and MD/CEO held by the same person? - No

Average attendance of Directors in the Board meetings (%) - 75.56%

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 Director. However, the Company has 43% of Independent Directors on its Board.

Board Diversity: The Company has 7 directors, and all are men. 1 Woman director Smt. Uttara Dasgupta was resigned from the

Company w.e.f 30th June, 2017.

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 1.31 0.30 0.28 335.55% 8.55%

Debtors Turnover 2.57 2.65 2.30 -3.05% 14.82%

Fixed asset Turnover 0.10 0.09 0.06 20.11% 37.09%

Current Asset Turnover 0.71 0.24 0.23 192.39% 6.69%

Ret

urn

Rat

ios Operating Profit Margin -25.77% -5.44% -51.45% N.A. N.A.

Net Profit Margin -166.08% -310.17% -142.38% 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 0.15 0.45 0.53 -66.62% -14.90%

Quick Ratio 0.07 0.09 0.10 -20.94% -8.23%

Cash Ratio 0.03 0.05 0.04 -40.44% 7.33%




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1 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. 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 0.29 0.55 0.61 -48.26% -9.29%

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/Company’s quarterly results

TABLE 6 - TRADING VOLUME

Particulars Sep’17 Mar’17 Sep’16

% Change

Sep ’17 vs

Mar’17

Mar’17 vs

Sep’16

Trading Volume (shares) (avg. of 1 qtr) 1,44,091 2,33,390 94,155 -38.26% 147.88%

Trading Volume (shares) (high in 1 qtr) 10,49,696 40,55,797 4,73,606 -74.12% 756.37%

Trading Volume (shares) (low in 1 qtr) 3,090 19,352 17,579 -84.03% 10.09%

Ratio - High/low trading volume 339.71 209.58 26.94 62.09% 677.91%

Ratio - High/average trading volume 7.28 17.38 5.03 -58.08% 245.48%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Sep-17 Mar-17 Sep-16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 51.94 62.03 64.71 • No new equity shares issued during the

period from 1st Oct’ 16 to 30th Sept 17.

• The promoter shareholding decreased from

64.71% as on 1st Oct, 16 to 51.94% as on 30th

Sept 17.

• The shareholding of public institution

decreased from 9.73% to 5.49% and that of

public others increased from 25.56% to

42.56% during 1st Oct’ 16 to 30th Sept 17.

• The promoters have pledged 35.02% of their

shareholding.

Public - Institutional

shareholding 5.49 7.93 9.73

Public - Others shareholding 42.57 30.04 25.56

Non-Promoter Non-Public

Shareholding 0.00 0.00 0.00

Source - NSE

MAJOR SHAREHOLDERS % (AS ON 30th SEPTEMBER, 2017)

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

1 Mahananda Suppliers Limited 22.55% 1 IL&FS Financial Services Ltd 12.65%

2 Sungrowth Share & Stocks Limited 13.77% 2 Linkstar Marketing Private Limited 4.84%

3 Adhunik Steels Limited 4.94% 3 LIC of India 3.33%

4 Profitex Shares & Securities P Ltd 1.84%

Source - NSE




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1

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares during FY 2016-17.

Preferential issue to promoters No preferential issue of shares was made to the promoters during FY 2016-17.

Preferential issue to others No preferential issue of shares was made to other shareholders during FY 2016-17.

GDRs issued by the Company The Company did not issue any GDRs during FY 2016-17.

Issue of ESOPs/Issue of shares other

than Preferential allotment

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

FY 2016-17.

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 Iron & Steel 100

Source - Annual Report FY 16-17




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1

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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1 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



1

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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1 DISCLAIMER

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