Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017
ADHUNIK METALIKS LTD www.adhunikgroup.com
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
3 | P A G E
SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017
ADHUNIK METALIKS LTD www.adhunikgroup.com
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%
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
4 | P A G E
SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017
ADHUNIK METALIKS LTD www.adhunikgroup.com
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
5 | P A G E
SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017
ADHUNIK METALIKS LTD www.adhunikgroup.com
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
6 | P A G E
SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017
ADHUNIK METALIKS LTD www.adhunikgroup.com
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
7 | P A G E
SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017
ADHUNIK METALIKS LTD www.adhunikgroup.com
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.
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
8 | P A G E
SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017
ADHUNIK METALIKS LTD www.adhunikgroup.com
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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
9 | P A G E
SECTOR: STEEL REPORTING DATE: 30TH NOVEMBER, 2017
ADHUNIK METALIKS LTD www.adhunikgroup.com
1 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.
Analyst Certification
The analysts involved in development of this factsheet certify that no part of any of the research analyst’s compensation was, is, or will be directly or indirectly related to the contents of this factsheet.
Disclaimer
While SES has made every effort and has exercised due skill, care and diligence in compiling this factsheet based on publicly available information, it neither guarantees its accuracy, completeness or usefulness, nor assumes any liability whatsoever for any consequence from its use. This factsheet does not have any approval, express or implied, from any authority, nor is it required to have such approval. The users are strongly advised to exercise due diligence while using this factsheet. This factsheet in no manner constitutes an offer, solicitation or advice to buy or sell securities, nor solicits votes or proxies on behalf of any party. SES, which is a not-for-profit Initiative or its staff, has no financial interest in the companies covered in this factsheet except what is disclosed on its website. The factsheet is released in India and SES has ensured that it is in accordance with Indian laws. Person resident outside India shall ensure that laws in their country are not violated while using this factsheet; SES shall not be responsible for any such violation. All disputes subject to jurisdiction of High Court of Bombay, Mumbai.
SEBI Reg. No. INH000000016
This factsheet or any portion hereof may not be reprinted, sold, reproduced or redistributed without the written consent of Stakeholders Empowerment Services
Contact Information
Stakeholders Empowerment Services
A 202, Muktangan, Upper Govind Nagar,
Malad East, Mumbai – 400 097
Tel +91 22 4022 0322
www.sesgovernance.com
Research Analyst: Sudarshan Shetty