EPORTING ATE Tarapur Transformers LtdTarapur Industrial Area Boisar, Tarapur Transformers Ltd is a...

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STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: CAPITAL GOODS-ELECTRICAL EQUIPMENT REPORTING DATE: 14TH AUGUST, 2017

TARAPUR TRANSFORMERS LTD

www.tarapurtransformers.com

Tarapur Transformers Ltd NSE Code - TARAPUR TABLE 1 - MARKET DATA (STANDALONE) (AS ON 10TH AUGUST, 2017)

Sector - Capital Goods - NSE Market Price (`) 5.75 NSE Market Cap. (₹ Cr.) 14.18

Electrical Equipment Face Value (`) 10.00 Equity (` Cr.) 19.50

Business Group – N.A 52 week High/Low (₹) 11.3/4.55 Net worth (₹ Cr.)* 54.15

Year of Incorporation - 1988 TTM P/E (TTM) N.A. Traded Volume (Shares) 4,511

TTM P/BV 0.29 Traded Volume (lacs) 0.26

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A -Not Applicable *as on 30th September 2016

J-20, MIDC, COMPANY BACKGROUND

Tarapur Industrial Area Boisar, Tarapur Transformers Ltd is a Power Engineering Solutions Company based in Mumbai.

The company is an ISO 9001:200 certified company. They are having multiple

manufacturing locations in India, manufacturing allied equipment’s for the Power

Engineering Sector. The company is a subsidiary of Bilpower Ltd.

The company is engaged in the areas of manufacturing, rehabilitation, up-gradation,

and refurbishment of transformers ranging from power & distribution transformer,

Rectifier Transformer, Furnace Duty Transformer, Electric Locomotive Transformer,

Electric Traction Substation Transformer, Dry type transformer, Potential Transformer,

Special purpose transformers

Tarapur Transformers Ltd was incorporated on 9th May, 1998 as a private limited

company with the name Tarapur transformers Pvt Ltd. In the year 1990, the company

commenced their commercial production at Boisar Unit. In the year 1994, the

company acquired the freehold land at Pali.

Thane – 401 506,

Maharashtra

Company Website:


Revenue and Profit Performance

The revenue of the Company increased from ₹ 5 crores to ₹ 8.94

crores from quarter ending Sep’15 to quarter ending Sep’16.

The Company made a loss of ₹ -0.19 crores in quarter ending

Sep’16 vis-a-vis making a loss of ₹ -0.18 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

Tarapur

Transformers Ltd 9.73% 6.59% 12.05% -28.46%

Nifty 2.85% 6.08% 18.41% 11.95%

Source - Capitaline

-

0.20

0.40

0.60

0.80

1.00

1.20

Aug 16 Sep 16 Nov 16 Jan 17 Feb 17 Apr 17

Tarapur Transformers Ltd NIFTY

8.946.27

5.00

-0.19 -0.3 -0.18

-5

0

5

10

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.tarapurtransformers.com/




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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 54.15 51.93 52.62 4.28% -1.31%

Current Assets 81.69 73.28 66.09 11.47% 10.88%

Non-Current Assets 35.87 36.96 38.51 -2.96% -4.02%

Total Assets 117.56 110.24 104.60 6.63% 5.40%

Investments 4.82 4.82 4.82 0.00% 0.00%

Finance Cost - 0.02 - -100.00% N.A.

Long Term Liabilities 0.57 0.57 0.57 0.00% 0.00%

Current Liabilities 62.84 57.75 51.41 8.82% 12.32%

Turnover 8.94 6.27 5.00 42.58% 25.40%

Profit After Tax -0.19 -0.30 -0.18 N.A. N.A.

EPS (₹) -0.10 -0.15 -0.09 N.A. N.A.

Source - Money Control/stock exchange filing

Discussion by the Company in quarterly results (quarter ended 30th September 2016)–

“The lender Bank has issued notice dated 30/05/2015 u/s 13(2) of Securitization & Reconstruction of Financial Assets &

Enforcement of Security Interest Act, 2002 and has sought to recalled the entire outstanding amounts alleged to be ₹ 40.26

crores allegedly owing to them by the company. In view of Legal notice and based On Legal advice received by the company it

has been decided not to provide any interest on liability of Canara Bank w.e.f. 1st April, 2014.

The lender Bank has issued notice dated 31/12/2015 u/s 13(2) of Securitization & Reconstruction of Financial Assets &

Enforcement of Security Interest Act, 2002 and has sought to recalled the entire outstanding amount alleged to be ₹ 1.81 crores

allegedly owing to them by the company. In view of Legal notice and based On Legal advice received by the company it has been

decided not to provide any interest on liability of DhanJaxmi Bank w.e.f 1st April, 2015.”

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The auditor has raised qualification for FY 2014-15 & FY 2015-16.

Basis for Qualified Opinion FY 2015-16:

:(a) With regard to pending confirmation of balances of trade receivable. The Company has sent letters to customers in respect of

trade receivables for confirming balances as at 31st March, 2016, but in most of the cases the customers have not sent written

confirmation confirming the balance outstanding as at 31st March, 2016. In the absence of confirmation, any provision to be

made for adverse variation in the carrying amounts of trade receivable is not quantified.

(b) With regard to unsecured loans given to any party not covered in the register maintained under section 189 of the Companies

Act, 2013 The Company has sent balance confirmation letters to parties who are not covered in the register maintained under

section 189 of the Companies Act, 2013, but in most of the cases the company have not received written confirmation confirming

the balance outstanding as at 31st March, 2016. Further in respect of loans granted, repayment of the principal amount was not

as stipulated and payment of interest has also not been regular.

(c) Regarding non-provision of interest on various loans availed from Canara Bank for the Financial year 2015-2016 The Company

has not provided for Interest payable to Canara Bank amounting to ₹ 6.20 Cr for the year ended 31st March, 2016. The Company

has also not made any provision for penal interest claimed by the bank. As a result, the loss for the year ended 31 st March, 2016

is understated by ₹ 6.20 Cr & current liabilities as at 31st March, 2016 are also understated by ₹ 6.20 Cr and reserves are

overstated by ₹ 6.20 Cr.

(d) Regarding non-provision of interest on loans availed from Dhanlaxmi Bank for the Financial year 2015-2016 The Company has

not provided for interest payable to Dhanlaxmi Bank amounting to ₹ 0.28 Cr. for the year ended 31st March 2016. As a result, the

loss for the year ended 31st March, 2016 is understated by ₹ 0.28 Cr & current liabilities as at 31st March, 2016 are also




3 | P A G E




understated by ₹ 0.28 Cr and reserves are overstated by ₹ 0.28 Cr.

(e) With regarding Physical verification of Inventory: The company has not conducted periodic physical verification of inventory at

reasonable intervals. In respect of traded stock at Mumbai Head Office, the details of finished goods stock storage location not

available for our verification.”

Basis for Qualified Opinion FY 2014-15:

“(a) With regard to pending confirmation of balances of trade receivable.

The company has sent letters to customers in respect of trade receivables for confirming balances outstanding as at 31st March,

2015, but in most of the cases the customers have not sent written confirmation confirming the balance outstanding as at 31st

March, 2015. In the absence of confirmation any provision to be made for adverse variation in the carrying amounts of trade

receivable is not quantified.

(b) With regard to unsecured loans given to any party not covered in the register maintained under Section 189 of the

Companies Act, 2013

The company has sent balance confirmation letters to parties who are not covered in the register maintained under Section 189

of the Companies Act, 2013, but in most of the cases the company have not received written confirmation confirming the balance

outstanding as at 31st March, 2015. Further, in respect of loans granted, repayment of the principal amount was not as

stipulated and payment of interest has also not been regular.

(c) Regarding non-provision of Interest on various loans availed from Canara Bank for the financial year 2014-15

The Company has not provided for interest payable to Canara Bank amounting to ₹ 6.68 Cr for the year ended 31st March 2015.

The Company has also not made any provision for penal interest claimed by the bank. As a result, the loss for the year ended 31st

March 2015 is understated by ₹ 6.68 Cr & current liabilities as at 31st March 2015 are also understated by ₹ 6.68 Cr and also

reserves are overstated by ₹ 6.68 Cr. The amount of penal interest cannot be quantified as the details have not been received

from the bank.”

Management Response for the qualified opinion for the FY 2014-15

(a) “The Board considers all outstanding balance of customers as on 31st March, 2015 as good and recoverable.

(b) Company has received balance confirmation from some of the Companies and are vigorously following up with the rest

of the borrowers. Company expects to receive balance confirmation from all the companies to whomsoever advances

have been given. Efforts are made to regularize arrears and recovery against overdue principal and interest

(c) Based on the Legal advice received by the Company, it has been decided not to provide any interest on liability of Canara

Bank.”

Management Responses for the qualified opinion for the FY 2015-16

(d) “The Board considers all outstanding balance of customers as on 31st March, 2016 are subject to provision.

(e) Company has received balance confirmation from some of the Companies and is vigorously following up with the rest of

the borrowers. Company expects to receive balance confirmation from all the companies to whomsoever advances have

been given. Efforts are made to regularize arrears and recovery against overdue principal and interest

(f) Based on the Legal advice received by the Company, it has been decided not to provide any interest on liability of Canara

Bank.

(g) Based on the Legal advice received by the Company, it has been decided not to provide any interest on liability of Canara

Bank.

(h) Management had properly observed the inventory at regular intervals.”

Response Comment

Frequency of Qualifications Yes For FY 2014-15 & FY 2015-16.

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 -




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TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT 2015-16)

Regulatory

Norms Company

% of Independent Directors on the Board 50% 75%

% of Promoter Directors on the Board - 0%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Executive Director

Is the post of Chairman and MD/CEO held by the same person? - Yes

Average attendance of Directors in the Board meetings (%) - 68.75%

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 an Executive Director. The Company has 75% of Independent Directors

and hence, it meets the regulatory requirements. The Board had five Directors during the year out of which one Director

Resigned as on 14th August 2015.

Board Diversity: As on 31st March 2016, the Company has 4 directors out of which 3 are male and 1 is female.




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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 1.24 1.01 1.23 22.35% -17.64%

Debtors Turnover 0.21 0.17 0.17 17.87% 0.97%

Fixed asset Turnover 0.25 0.17 0.13 46.93% 30.65%

Current Asset Turnover 0.11 0.09 0.08 27.91% 13.09%

Ret

urn

Rat

ios

Operating Profit Margin -1.34% -26.16% -3.60% N.A. N.A.

Net Profit Margin -2.13% -4.78% -3.60% 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 1.30 1.27 1.29 2.44% -1.28%

Quick Ratio 1.19 1.16 1.21 2.01% -3.70%

Cash Ratio 0.49 0.54 0.64 -8.58% -16.20%

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

Solv

ency

Rat

ios Debt to equity ratio 0.65 0.67 0.68 -3.68% -0.40%

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

Trad

ing

Rat

ios Market Cap / Sales 1.07 1.60 2.11 -33.22% -23.97%

Market Cap/ Net Worth 0.18 0.19 0.20 -8.69% -3.38%

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

Jun ’17 vs Dec’16 Dec’16 vs Jun’16

Trading Volume (shares) (avg. of 1 qtr) 6,126 13,645 6,996 -55.11% 95.05%

Trading Volume (shares) (high in 1 qtr) 28,089 371,201 30,591 -92.43% 1113.43%

Trading Volume (shares) (low in 1 qtr) 4 5 20 -20.00% -75.00%

Ratio - High/low trading volume 7,022.25 74,240.20 1,529.55 -90.54% 4753.73%

Ratio - High/average trading volume 4.59 27.20 4.37 -83.14% 522.10%

Source – Capitaline




6 | P A G E




TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Jun’ 17 Dec’ 16 Jun’ 16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 44.63 44.63 44.63 • No new equity shares were issued during the

period from June 16 to June 17.

• There was no change in the promoter

shareholding during the said period.

• No major change was observed in the

shareholding pattern during the said period.

• The promoters have pledged 99.58% of their

shareholding.

Public - Institutional

shareholding 0.00 0.00 0.00

Public - Others

shareholding 55.37 55.37 55.37

Non-Promoter Non-

Public Shareholding 0.00 0.00 0.00

Source – NSE

MAJOR SHAREHOLDERS (AS ON 30TH JUNE 2017)

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

1 Bilpower Limited 43.16% 1 Jagdishchander Ramkumar Bansal 13.40%

2 Rajendrakumar Choudhary 1.40% 2 Mayank Goyal 1.03%

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last year

Preferential issue to promoters No preferential issue of shares was made to the promoters in last year

Preferential issue to others No preferential issue of shares was made to other shareholders during last year

GDRs issued by the Company The Company did not issue any GDRs during last one year

Issue of ESOPs The Company did not issue any shares to the employees under its ESOP Scheme in last one

year

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 Transformers 11.72%

2 Iron & Steel, CRGO Electrical Steel Sheet/Stripe 75.45%

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




8 | P A G E




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



9 | 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




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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