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SECTOR: CASTINGS, FORGINGS & FASTNERS REPORTING DATE: 14TH AUGUST, 2017
HINDUJA FOUNDRIES LTD
www.hindujafoundries.com
Hinduja Foundries Ltd. NSE Code - HINDUJAFO TABLE 1 - MARKET DATA (STANDALONE) (AS ON 4TH JUNE, 2017)
Sector - Castings, Forgings & Fastners NSE Market Price (`) 37.20 NSE Market Cap. (₹ Cr.) 769.21
Face Value (`) 10.00 Equity (` Cr.) 207.05
Business Group - Hinduja 52 week High/Low (₹) 60.7/28.05 Net worth (₹ Cr.)* 130.23
Year of Incorporation - 1959 TTM P/E (TTM) N.A. Traded Volume (Shares) 54,460
TTM P/BV N.A. Traded Volume (lacs) 20.26
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. – Not Applicable, *As on 30th September, 2016
Ennore, Kathivakkam High Road, COMPANY BACKGROUND
Chennai, Tamil Nadu - 600 057 Hinduja Foundries Limited is primarily engaged in the business of manufacture of grey
iron and aluminium gravity die-castings for automobiles, compressors, industrial
engines, power generators and tractors, as well as for defines and marine applications.
The Company is involved in casting of iron and steel. The Company's products include
Cylinder Blocks, Cylinder Heads, Housings and SG Grey Iron. The Company's
manufacturing facilities are located in Ennore and SIPCOT in Chennai, Tamil Nadu and at
Hyderabad.
Company Website:
www.hindujafoundries.com
Revenue and Profit Performance
The revenue of the Company decreased from ₹157.27 crores to
₹155.58 crores from quarter ending Sep’15 to quarter ending Sep’16.
The Company made a loss of ₹24.69 crores in quarter ending Sep’16
vis-a-vis making a loss of ₹95.72 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
Hinduja Foundries Ltd 12.56% 6.32% 20.00% -28.46%
Nifty 3.88% 7.65% 17.11% 11.95%
Nifty Metal 1.81% -4.43% 1.42% 13.95%
Source – Capitaline/ NSE
-
0.50
1.00
1.50
Aug16
Sep16
Oct16
Nov16
Dec16
Jan17
Feb17
Mar17
Apr17
May17
Hinduja Foundries Ltd NIFTY NIFTY METAL
155.58 137.67 157.27
-24.69-54.15
-95.72
-200
-100
0
100
200
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
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SECTOR: CASTINGS, FORGINGS & FASTNERS REPORTING DATE: 14TH AUGUST, 2017
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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 130.23 190.97 -107.41 -31.81% N.A.
Current Assets 320.5 300.67 316.54 6.60% -5.01%
Non-Current Assets 500.55 519.51 535.10 -3.65% -2.91%
Total Assets 821.04 820.19 851.64 0.10% -3.69%
Investments 4.55 4.55 4.49 0.00% 1.34%
Finance Cost 14.90 25.98 24.17 -42.65% 7.49%
Long Term Liabilities 348.86 415.74 458.29 -16.09% -9.28%
Current Liabilities 341.96 213.48 500.76 60.18% -57.37%
Turnover 155.33 137.6 156.31 12.89% -11.97%
Profit After Tax (PAT) -24.69 -54.15 -95.72 N.A. N.A.
EPS (₹) -1.62 -7.19 -14.38 N.A. N.A.
Source - Money Control/ Stock exchange filling
Discussion by the Company in quarterly results (September’ 2016) –
During the eighteen-month's period ended March 31, 2016, through issue of 11,200 Global Depositary receipts (GDR), the
Company had raised capital of ₹399.84 Cr. (comprising 13,44,00,000 equity shares of ₹10/- each at a premium of ₹19.75/- per
equity share). As per the offer document, the proceeds from the aforesaid GDR net of share issue expenses have been utilized for
repayment of a portion of its outstanding debt, for capital expenditures, for working capital and for general corporate purposes
as may be permissible under applicable law.
Effective October 01, 2014, the Company had revised the useful life of certain fixed assets based on Schedule II to the Companies
Act, 2013 for the purposes of providing depreciation on fixed assets. Accordingly, the carrying amount of such assets as on
October 01, 2014 were depreciated over the remaining revised useful life of the fixed assets. Consequently, the depreciation for
the quarter ended September 30, 2015, twelve months ended September 30, 2015 and eighteen months ended March 31, 2016
was higher to the extent of ₹1.63 Cr., ₹6.54 Cr. and ₹83.3Cr respectively. Further, an amount of ₹2.79 Cr. representing the
carrying amount of assets with revised useful life as Nil, was charged to the opening reserves as on October 01, 2014 pursuant to
the Companies Act, 2013.
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: No Audit Qualifications in last 3 years. (Annual Report for 18 months period ended 31st
Mar’ 16, Annual Report for 18 months period ended 31st Mar’ 14, Annual Report for 6 months period ended 31st Mar’ 13)
Emphasis of Matter for the financial year ended 31st Mar’ 14
Attention is drawn to Note 2(a) to the financial statements which more fully discusses the going concern matters etc. The
Company’s performance has been impacted by automotive market slowdown, inadequate price compensation, volatile
material prices, delays in recovery of certain long pending balances and consequent extended working capital cycles. As a
result, the Company has accumulated losses as at September 30, 2014 that have significantly eroded the net worth. The
Company has initiated various steps to improve its operational performance/ liquidity, remove bottlenecks relating to its
projects, improve the net worth including raising of capital etc.
Based on business plans, availability of short-term and long-term bank funding arrangements, independent impairment
testing, increase in capital by way of preferential allotment and qualified institutional placement and in view of the continued
support by the promoters including assistance in relation to certain long pending balances, the Company believes that it would
be able to realize its assets and settle its liabilities in the normal course at their carrying values and that no adjustments would
be required in respect of the carrying value of assets/liabilities as at September 30, 2014. Accordingly, the financial statements
have been prepared on a going concern basis. Our opinion is not qualified in respect of this matter.
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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 FOR THE EIGHTEEN MONTHS PERIOD ENDED MARCH 31, 2016)
Regulatory Norms Company
% of Independent Directors on the Board 50% 54.55%
% of Promoter Directors on the Board - 18.18%
Number of Women Directors on the Board At least 1 2
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 (%) - 91.25%
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 a Promoter Director. The Company has 54.55% of Independent Directors
and hence, it meets the regulatory requirements.
Board Diversity: The Company has 11 directors out of which 2 are Women Directors.
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 2.41 1.74 1.90 38.87% -8.42%
Debtors Turnover 1.41 2.07 2.24 -32.01% -7.61%
Fixed asset Turnover 0.31 0.26 0.29 17.16% -9.33%
Current Asset Turnover 0.48 0.46 0.49 5.90% -7.32%
Ret
urn
Rat
ios Operating Profit Margin 0.08% -14.83% 3.69% N.A. -501.82%
Net Profit Margin -15.90% -39.35% -61.24% 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 0.94 1.41 0.63 -33.45% 122.81%
Quick Ratio 0.75 1.04 0.47 -27.80% 121.87%
Cash Ratio 0.43 0.73 0.33 -41.26% 121.18%
Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio 3.25 2.14 N.A. 51.86% N.A.
Interest Coverage Ratio 0.01 N.A. 0.24 N.A. N.A.
Trad
ing
Rat
ios Market Cap / Sales 4.21 6.14 1.41 -31.50% 334.51%
Market Cap/ Net Worth 5.02 4.42 N.A. 13.40% N.A.
Market Cap/PAT N.A. N.A. N.A. N.A. N.A.
Market Cap/EBITDA 5,443.83 N.A. 38.28 N.A. N.A.
Source - Money Control
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SECTOR: CASTINGS, FORGINGS & FASTNERS REPORTING DATE: 14TH AUGUST, 2017
HINDUJA FOUNDRIES LTD
www.hindujafoundries.com
TABLE 6 - TRADING VOLUME Jun’17 Dec’16 Jun’16
% Change
June 17 vs
Dec 16
Dec 16 Vs
June 16
Trading Volume (shares) (avg. of 1 qtr) 20,023 21,591 13,512 -7.26% 59.79%
Trading Volume (shares) (high in 1 qtr) 87,275 3,68,027 1,04,197 -76.29% 253.20%
Trading Volume (shares) (low in 1 qtr) 1,752 1,417 132 23.64% 973.48%
Ratio - High/low trading volume 49.81 259.72 789.37 -80.82% -67.10%
Ratio - High/average trading volume 4.36 17.05 7.71 -74.43% 121.04%
Source: Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Mar'17(%) Sep'16(%) Mar'16(%) Comments
Shar
eho
ldin
g (%
)
Promoter
shareholding 53.25 53.25 53.25 • No new equity shares were issued during the
period from Mar’ 2016 to Mar’ 2017.
• There was no change in the promoter
shareholding during the said period.
• The shareholding of ‘public institution’
Increased from 7.02% to 24.27% and the
‘public others’ decreased from 39.74% to
22.49% during the same period.
• The promoters have not pledged any shares.
Public - Institutional
shareholding 24.27 24.27 7.02
Public - Others
shareholding 22.49 22.49 39.74
Non-Promoter Non-
Public Shareholding - - -
Source: NSE
MAJOR SHAREHOLDERS (AS ON 31st Mar, 2017)
S. No. Promoters Shareholding
S. No. Public Shareholders Shareholding
1 Hinduja Foundries Holding Ltd 24.94% 1 LTS Investment Fund Ltd 9.94%
2 Hinduja Automotive Ltd 20.74% 2 WMC LTD 9.80%
3 Ashok Leyland Limited 7.57% 3 Bridge India Fund 7.31%
4 Albula Investment Fund Limited 7.01%
5 New Leaina Investments Limited 5.04%
Source: NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS (AS PER ANNUAL REPORT (FOR THE EIGHTEEN MONTHS PERIOD ENDED
MARCH 31, 2016)
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 one year.
Preferential issue to others No preferential issue of shares was made to other shareholders in last one year.
GDRs issued by the Company The Company issued 13,44,00,000 GDRs during the year.
Issue of ESOPs/Issue of shares other than
Preferential allotment The Company does not have any ESOP Scheme.
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1 Casting of iron and steel 100
Source – As per Annual Report for the eighteen months period ended March 31, 2016
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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.
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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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Research Analyst: Kirti Dhokiya