Jayaswal Neco Industries Ltd...company has approved the scheme of Amalgamation of Nagpur Alloy...

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1 | P A G E

SECTOR: CASTINGS, FORGINGS & FASTNERS REPORTING: 1ST JUNE, 2016

Jayaswal Neco Industries Ltd www.necoindia.com

Jayaswal Neco Industries Ltd 1st June, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)

NSE Code - JAYNECOIND NSE Market Price (₹) 7.40 NSE Market Cap. (₹ Cr.) 464.2

Sector - Castings, Forgings & Fastners Face Value (₹) 10.00 Equity (₹ Cr.) 638.63

52-week High/Low (₹) 11.30/ 6.50 Net worth (₹ Cr.) 2,218.12

Business Group - Indian Private TTM P/E 31.65 Traded Volume (Shares) 6,124

Year of Incorporation - 1972 TTM P/BV - Traded Volume (lacs) 0.45

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

F/8, MIDC Industrial Area, Incorporated as a private limited company and converted into a public limited

company in Nov.'85, Nagpur Engineering Company (NECO), the flagship of the NECO

group, was promoted by Basant Lall Shaw and Arvind Kumar Jayaswal. Company is led

by Basant Lall Shaw as chairman and Arbind Jayaswal as managing director.

Commercial operations commenced in 1976 to manufacture cast iron pipes and

fittings by setting up the first foundry at Nagpur. It specialised in the manufacture of

grey iron castings for railway tracks such as sleepers, brake blocks, bearing plates and

municipal/public works castings such as soil/rain water pipes and fittings, manhole

covers, etc. In 1987, the second foundry unit was established at Bhilai, MP. With a

further increase in demand, the third unit was established in Anjore, MP, in 1991. To

diversify its activities, NECO purchased a newly erected solvent extraction plant with a

crushing capacity of 200 tcd and refining capacity of 25 tpd in Mar.'93. This was

subsequently enhanced to 500 tcd and 50 tpd respectively. The Company came out

with a public issue in Dec.'94 to fund the expansion-cum-modernisation. In 1995-96,

the company proposed to set up a coal washery project in the Chhindwara district of

Madhya Pradesh with a capital outlay of ₹41 cr. During the year ended Dec'96, the

company has approved the scheme of Amalgamation of Nagpur Alloy Castings Ltd

along with Jayaswals Neco Ltd into the company w.e.f 1st Apr'96. The Company has

been granted ISO 9002 Certification during the year 1998-1999, for Engineering

Castings Division, Centricast Division and Steel Plant Division. A new Subsidiary

Company "NECO GLOBAL INC." has been formed in the State of Texas, USA, in order

to offer better services to the customers and also to expand export market further.

Hingna Road, Nagpur - 440 016

Maharashtra

Company Website:

www.necoindia.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 (₹) 7.25 8.35 13.95 -13.17% -40.14% -27.91%

Trading Volume (Shares) (yearly avg.) 55,530 1,25,235 70,077 -55.66% 78.71% -

NSE Market Cap. (in ₹ Cr.) 463.01 533.26 835.09 -13.17% -36.14% -25.54%

Source - Money Control

http://www.necoindia.com/




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TABLE 3 - FINANCIALS

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

2 years 2015 vs 2014 2014 vs 2013

Net Worth 2,218.12 2,123.87 1,806.48 4.44% 17.57% 10.81%

Current Assets 1,659.29 1,617.14 1,378.72 2.61% 17.29% 9.70%

Non-Current Assets 5,547.57 4,940.17 3,525.89 12.30% 40.11% 25.43%

Total Assets 7,206.86 6,557.31 4,904.62 9.91% 33.70% 21.22%

Investments 1,354.11 1,591.07 1,338.65 -14.89% 18.86% 0.58%

Finance Cost 184.85 173.38 180.62 6.62% -4.01% 1.16%

Long Term Liabilities 3,199.57 2,686.46 1,628.93 19.10% 64.92% 40.15%

Current Liabilities 1,789.17 1,746.98 1,469.21 2.42% 18.91% 10.35%

Turnover 3,024.27 3,161.05 2,549.24 -4.33% 24.00% 8.92%

Profit After Tax (PAT, ₹ Cr.) 1.97 63.30 28.65 -97% 121% -0.74

EPS (₹) 0.03 1.19 0.73 -97% 63% -0.80

Source - Money Control/Annual Report

Discussion as per Company:

During the year under review was a very challenging one with multiple constraints being faced due to unprecedented

dumping of Steel from China, Russia, Japan and South Korea at very aggressive prices, cancellation of captive coal blocks with

blockage of investments incurred over period of time in the coal mines , no future return expected from the cancelled coal

blocks, payment of significant additional levy on coal extracted right from the inception, pricing pressures, low domestic

demand, lack of working capital to sustain the operations and burden of debt servicing of the projects Due to the reasons as

mentioned above the Company's Gross turnover for the year stood at ₹3,356.28 Crore and has reduced by 5.04% than the

previous year's ₹3,534.35 Crore. The Company's Earnings Before Interest Depreciation and Tax (EBIDTA) levels were at ₹

376.64 crore as against ₹401.25 crore for the previous year. The Net Profit before tax from its ordinary activities for the year

stood at ₹108.95 Crore, exceptional item for retrospective one-time additional levy on coal as levied by the orders of the

Hon'ble Supreme Court for the previous years' period was ₹91.61 crore, the consequent Net Profit Before Tax after

exceptional items was ₹17.34 crore. The Company's Net Profits After Tax was ₹1.97 Crore for the year. During the year, the

Networth of the Company has increased to ₹2,218.12 Crore from ₹2,123.87 Crore in the previous year, mainly on account of

preferential issue of shares, the consequent accretion to Securities Premium Account.




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AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years:

Audit qualification for FY 2014-15:

“As mentioned in Note No. 12.11 to the standalone financial statements, during the year the Hon'ble Supreme Court of India

cancelled 3 coal blocks of the Company and subsequently these blocks have been allotted to different bidders in the E auction

by the Ministry of Coal, Government of India. The Company has filed a writ petition before the Hon'ble Delhi High

Court challenging the provision of ordinance and tendering process and no adjustments have been made in the value of

these 3 coal mining assets for the reasons mentioned therein. We were unable to determine whether any adjustments to

these amounts were necessary.”

Management Response:

“i. That the Hon'ble Supreme Court of India by its Order dated 24 September, 2014 had cancelled number of coal blocks

allotted to various entities which included three coal blocks of the Company consisting of one operational coal block at Gare

Palma IV/4, Raigarh, Chhattisgarh and two under development coal blocks at Gare Palma IV/8, Raigarh, Chhattisgarh and

Moitra at North Karanpura, Jharkhand allotted by the Ministry of Coal, Government of India.

ii. That subsequently, the Government of India, issued Second Ordinance on 26 December, 2014 for implementing the order of

the Hon'ble Supreme Court and fixation of Compensation etc.

iii. That the above mines of the Company were allotted to other bidders in the e-auction, of the Schedule II (Operational) and

Schedule III (Under Advanced Development Stage) of the coal blocks, conducted by the Nominated Authority, Ministry of Coal,

Government of India.

iv. That the Company had filed a Writ Petition (WP) before the Hon'ble Delhi High Court, challenging the provisions of above

Ordinance and Tender process. The Hon'ble Delhi High Court was pleased to issue Notice to the Central Government (Union of

India) on its WP. Subject to outcome of the WP, no adjustment was made in the value of the mining assets by the Company as

the value of compensation to be received could not be determined at that stage. In the opinion of the Directors the

losses/gains, if any on account of transfer of mining assets would be recognized as and when determined.

The Directors wish to inform that as on 30 June, 2015, the Company's net investment in the value of mining assets in the three

coal blocks was ₹220.13 crores and it had also made provision for ₹26.95 crores for site restoration expenses.”

Response Comment

Frequency of Qualifications Appeared first time in the financial year

ended 31st March, 2015

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 on 31st March, 2015)

Regulatory Norms Company

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 25%

Number of Women Directors on the Board Atleast 1 1

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 (%) - 91%

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 Non-Executive Promoter Director. The Company has 50 % of Independent Directors and hence,

it meets the regulatory requirements.

Board Diversity: The Company has 12 directors out of which 11 are male and 1 is female. The Company is compliant as per

Clause 17 of the Listing Regulations, 2015 regarding the requirement of at least one-woman director.

TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 3.27 4.04 3.18 -19.12% 27.20%

Debtors Turnover 9.62 7.70 8.45 24.93% -8.85%

Fixed asset Turnover 0.55 0.64 0.72 -14.80% -11.50%

Current Asset Turnover 1.82 1.95 1.85 -6.76% 5.72%

Ret

urn

Rat

ios Operating Profit Margin 3.60% 3.55% 1.92% 1.54% 85.22%

Net Profit Margin 0.07% 2.00% 1.12% -96.75% 78.18%

Return on Assets (ROA) 0.03% 0.97% 0.58% -97.17% 65.26%

Return on Equity (ROE) 0.09% 2.98% 1.59% -97.02% 87.92%

Return on Capital Employed (ROCE) 6.61% 7.04% 8.45% -6.07% -16.67%

Liq

uid

ity

Rat

ios

Current Ratio 0.93 0.93 0.94 0.19% -1.36%

Quick Ratio 0.41 0.48 0.39 -14.14% 21.80%

Cash Ratio 0.23 0.24 0.19 -3.42% 29.92%

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

Solv

ency

Rat

ios Debt to equity ratio 1.71 1.63 1.23 5.36% 32.54%

Interest Coverage Ratio 1.59 1.65 1.27 -3.49% 29.64%

Trad

ing

Rat

ios

Market Cap / Sales 0.18 0.17 0.21 4.52% -19.35%

Market Cap/ Net Worth 0.24 0.25 0.30 -4.25% -14.94%

Market Cap/PAT 271.66 8.45 18.68 3113.20% -54.74%

Market Cap/EBITDA 187.64 175.73 184.30 6.78% -4.65%

Trading Volume (shares) (avg. of 1 year) 54,647 1,47,776 47,781 -63.02% 209.28%

Trading Volume (shares) (high in 1 year) 6,59,581 16,33,953 6,01,245 -59.63% 171.76%

Trading Volume (shares) (low in 1 year) 3,849 9,026 1,916 -57.36% 371.09%

Ratio - High/low trading volume 171.36 181.03 313.80 -5.34% -42.31%

Ratio - High/average trading volume 12.07 11.06 12.58 9.16% -12.13%

Source - Money Control


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



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TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Mar' 2016 Mar’ 2015 Mar' 2014 Comments

Shar

eho

ldin

g

Promoter shareholding 68.79% 68.79% 68.81% The promoters shareholding in the Company

decreased from 68.81% in Mar’ 2014 to

68.79% in Mar’ 2016 due to Preferential

allotment of shares to Non-Promoter Group.

The shareholding of public institution

decreased from 2.50% to 2.19% and that of

public others increased from 28.69% to

29.02% during the same period. The

promoters have pledged 12.03% of their

shareholding and 8.28% of total

shareholding.

Public - Institutional shareholding 2.19% 2.25% 2.50%

Public - Others shareholding 29.02% 28.96% 28.69%

Non Promoter Non Public

Shareholding - - -

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The Promoters of the Company have not sold/bought any shares from the secondary

market in last one year.

Preferential issue to promoters

The Company allotted 7,40,72,000 shares of face value ₹ 10 each to the promoters of the

Company during the year 2014 through preferential offering, thus increasing the

shareholding of promoters from 36,52,30,841 to 43,93,02,841.

Preferential issue to others

The Company issued 3,47,28,000 shares of face value ₹10 each to Non-Promoter Group

Entities during the year 2014 through preferential offering, thus increasing the

shareholding of public from 16,46,02,222 to 19,93,30,222

GDRs issued by the Company The Company did not issue any GDRs in last three years

Issue of ESOPs/Issue of shares

other than Preferential allotment The Company did not issue any shares to the employees under ESOP Scheme.

Source - Annual Report




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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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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



8 | 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



9 | P A G E



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