STAKEHOLDERS EMPOWERMENT SERVICES JAI … Balaji Industries Ltd NIFTY NIFTY METAL 519.18 511.13...

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STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: STEEL REPORTING DATE: 25TH JANUARY, 2018

JAI BALAJI INDUSTRIES LTD. www.jaibalajigroup.com

Jai Balaji Industries Ltd. NSE Code - JAIBALAJI TABLE 1 - MARKET DATA (STANDALONE) (AS ON 24TH JANUARY, 2018)

Sector - Steel NSE Market Price (`) 16.70 NSE Market Cap. (₹ Cr.) 154.22

Face Value (`) 10.00 Equity (` Cr.) 96.39

Business Group – N.A. 52 week High/Low (₹) 27.20/10.10 Net worth (₹ Cr.)* -1,253.76

Year of Incorporation - 1999 TTM P/E (TTM) N.A. Traded Volume (Shares) 3,460

TTM P/BV N.A. Traded Volume (lacs) 0.58

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

5 Bentinck Street, COMPANY BACKGROUND

1st Floor, Jai Balaji Industries Limited is a steel producing company. The Company offers a range of

products, such as sponge iron, pig iron, steel bars/rods, billet/mild steel (MS) ingot, ferro

alloys, ductile iron pipe, power, sinter and coke. The Company is an integrated steel plant

with five manufacturing facilities located in Durgapur and Raniganj in West Bengal, and

Durg in Chhattisgarh. It also manufactures thermex thermo mechanically treated (TMT)

bars, under the brand name Balaji Shakti. The Company's actual production capabilities

include approximately 345,000 tons per annum of direct reduced iron (DRI); over 509,250

tons per annum of pig iron; approximately 106,000 tons per annum of ferro alloys; over

906,230 tons per annum of alloy and MS billets; approximately 360,000 tons per annum of

reinforcement steel bars and wire rods, and over 240,000 tons per annum of ductile iron

pipes. It manufactures various grades of pig iron, such as steel grade pig iron and foundry

grade pig iron.

Kolkata – 700 001, West Bengal

Company Website:

www.jaibalajigroup.com

Revenue and Profit Performance

The revenue of the Company increased from ₹ 315.17 crores to ₹

519.18 crores from quarter ending Sep’16 to quarter ending

Sep’17. The Company made a loss of ₹ 41.59 crores in quarter

ending Sep’17 vis-a-vis making a loss of ₹ 57.23 crores in quarter

ending Sep’16.

Source: Moneycontrol

Performance vis-à-vis Market

TABLE 2- Returns

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

Jai Balaji Ind. Ltd -37.62% -4.31% 16.49% 16.07%

Nifty 5.27% 6.88% 10.70% 28.29%

Nifty Metal 5.44% 3.71% 27.76% 31.76%

Source - Capitaline/NSE

0.50

1.00

1.50

2.00

Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17 Jan 18

Jai Balaji Industries Ltd NIFTY NIFTY METAL

519.18 511.13

315.17

-41.59 -53.66 -57.23

-100

300

700

Sep'17 Mar'17 Sep'16

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.jaibalajigroup.com/

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TABLE 3 - FINANCIALS

(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change

Sep ’17 vs Mar’17 Mar’17 vs Sep’16

Net Worth -1,253.76 -1,052.63 -949.65 N.A. N.A.

Current Assets 1,401.78 1,491.29 1,584.39 -6.00% -5.88%

Non-Current Assets 2,041.75 2,081.79 2,136.48 -1.92% -2.56%

Total Assets 3,443.52 3,573.08 3,720.86 -3.63% -3.97%

Investments 79.31 81.39 81.38 -2.56% 0.01%

Finance Cost 6.93 16.86 6.79 -58.90% 148.31%

Long Term Liabilities 55.37 2,078.73 2,202.76 -97.34% -5.63%

Current Liabilities 4,641.91 2,544.46 2,464.52 82.43% 3.24%

Turnover 519.18 511.13 309.64 1.57% 65.07%

Profit After Tax -41.59 -53.66 -57.23 N.A. N.A.

EPS (₹) -4.60 -6.42 -7.03 N.A. N.A.

Source - Money Control/Stock exchange filing

AUDIT QUALIFICATIONS

Audit Qualifications: The Statutory Auditors have raised qualified opinion in their Report for the FY 2016-17.

Basis for Qualified Opinion for FY 2016-17:

Referring to Note – 31 of the financial statement, company has not provided for interest amounting to ₹39,544.56 lacs on various

loans & credit facilities availed from banks & financial institution on the ground that same is being treated as Non Performing

Assets by the lenders. Due to this loss has been understated by ₹39,544.56 lacs and accordingly loss for the year ended 31st

March, 2017 would’ve been ₹61,364.35 lacs instead of ₹21,819.79 lacs.

Opinion:

Except for the possible effects of the matters described in “Basis for Qualified Opinion”, in our opinion and to the best of our

information and according to the explanations given to us, the aforesaid standalone financial statements give the information

required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally

accepted in India, of the state of affairs of the Company as at 31st March, 2017, and its losses and its cashflows for the year

ended on that date.

Management Response:

The report of the Statutory Auditors on standalone and Consolidated Financial Statements for the year under review forms part

of the Annual Report and contains a qualification that the Company has not provided for interest amounting to ` 39,544.56 lacs

on various loans & credit facilities availed from banks & financial institution on the ground that same is being treated as Non-

Performing Assets by the lenders. Due to this, loss has been understated by ₹39,544.56 lacs and accordingly loss for the year

ended 31st March, 2017 would’ve been ₹61,364.35 lacs instead of ₹21,819.79 lacs.

The Board is of the view that majority lenders have stopped charging interest on debts, since the dues from the Company have

been categorised as Non-Performing Asset. The Company is in active discussion/negotiation with its lenders to restructure its

debts at a sustainable level including waiver of unpaid interest. In view of the above, pending finalization of the restructuring

plan, the Company has stopped providing interest accrued and unpaid effective 1st April, 2016 in its books. The amount of such

accrued and unpaid interest not provided for stands at `39,544.56 Lacs for the year ended 31st March, 2017 and accordingly the

same has not been considered for compilation of results of the said year ended 31st March, 2017.

The Statutory Auditors have not raised any qualifications in their Report for FY2015-16 & FY2014-15.

Response Comment

Frequency of Qualifications NA -

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 - FY 2016-17)

Regulatory Norms Company

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 33%

Number of Women Directors on the Board At least 1 3

Classification of Chairman of the Board - Executive Promoter Director

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

Average attendance of Directors in the Board meetings (%) - 93%

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 Executive 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 9 are male and 3 are female.

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 1.06 1.22 0.66 -12.80% 84.57%

Debtors Turnover 1.09 0.79 0.04 38.08% 1,694.06%

Fixed asset Turnover 0.25 0.25 0.14 3.57% 69.41%

Current Asset Turnover 0.37 0.34 0.20 8.06% 75.38%

Ret

urn

Rat

ios Operating Profit Margin -1.90% -2.65% -9.36% N.A. N.A.

Net Profit Margin -8.01% -10.50% -18.48% 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 0.30 0.59 0.64 -48.48% -8.83%

Quick Ratio 0.20 0.42 0.45 -53.31% -6.92%

Cash Ratio 0.09 0.17 -2.40 -43.59% N.A.

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 0.49 0.28 0.32 75.57% -12.67%

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/Stock exchange filing

TABLE 6 - TRADING VOLUME

Particulars Dec’17 June’17 Dec’16

% Change

Dec ’17 vs June’17 June’17 vs Dec’16

Trading Volume (shares) (avg. of 1 qtr) 68,656 37,853 37,473 81.37% 1.01%

Trading Volume (shares) (high in 1 qtr) 4,64,931 3,62,280 10,07,648 28.33% -64.05%

Trading Volume (shares) (low in 1 qtr) 4,584 2,507 802 82.85% 212.59%

Ratio - High/low trading volume 101.42 144.51 1,256.42 -29.81% -88.50%

Ratio - High/average trading volume 6.77 9.57 26.89 -29.24% -64.41%

Source - Capitaline


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TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Dec-17 Jun-17 Dec-16 Comments

Shar

eho

ldin

g (%

)

Promoter

shareholding 58.41 60.57 65.14 • The Company issued 1,01,05,000 equity shares

(Preferential issue to Non-Promoter: 19,00,000 &

82,05,000 due to conversion of Warrants) during the

period from 1st Jan’17 to 31st Dec’17.

• The promoter shareholding decreased from 65.14% to

58.41% due to above allotment.

• The promoters have pledged/encumbered 54.67% of

their shareholding.

Public - Institutional

shareholding 3.20 3.37 3.62

Public - Others

shareholding 38.39 36.06 31.24

Non-Promoter Non-

Public Shareholding 0.00 0.00 0.00

Source - NSE

MAJOR SHAREHOLDERS (AS ON 31st DECEMBER, 2017)

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

1 Jai Salasar Balaji Industries Pvt. Ltd. 26.06% 1 Mahesh Kumar Keyal (HUF) 6.74%

2 Enfield Suppliers Ltd. 11.64% 2 Client Rosehill Ltd. 4.03%

3 Hari Management Ltd. 7.31% 3 Mahabali Enterprises Pvt. Ltd. 3.74%

4 Aditya Jajodia 3.81%

4 Gmo Emerging Markets Fund,

A Series of Gmo Trust 3.13%

5 Sanjiv Jajodia 2.75% 5 Suraj Khandelwal 3.04%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have sold/bought shares in FY 2016-17.

Preferential issue to promoters No preferential issue of shares was made to the promoters in FY 2016-17, however, the

promoter has converted warrants issued on preferential basis.

Preferential issue to others 19,00,000 preferential issue of shares was made to Non-Promoter shareholders in 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 does not have any ESOP Scheme.

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. Pig Iron 27.43%

2. Steel Bars /Rods 16.77%

3. Ductile Iron Pipe 24.63%

4. Ferro Alloys 10.54%

Source - Annual Report FY 16-17


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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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6 | 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

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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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DISCLAIMER

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Research Analyst: Mukesh Solanki


mailto:[email protected]

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http://www.sesgovernance.com/

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