pradip overseas ltd. - national stock exchange of india · 2016-06-08 · pradip overseas ltd is...

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STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

Pradip Overseas Limited www.pradipoverseas.com

SECTOR: TEXTILE REPORTING DATE: 31ST MAY, 2016

Pradip Overseas Ltd. 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 30th May, 2016)

NSE Code - PRADIP NSE Market Price (₹) 1.50 NSE Market Cap. (₹ Cr.) 7.22

Sector - Textiles Face Value (₹) 10.00 Equity (₹ Cr.) 48.44

52 week High/Low (₹) 2.85/1.15 Net worth (₹ Cr.) -347.02

Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 2

Year of Incorporation - 2005 TTM P/BV N.A. Traded Volume (lacs) 0.00

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

Plot No. 104/105/106 Chancharwad,

Pradip Overseas Ltd is one of the few textile manufacturers with niche focus on Home

Linen Products of both, wider width and narrow width. The Company is engaged in the

business of manufacturing of wider width home linen and textile products. They

manufacture a range of Home Linen Products which includes Flat and fitted sheets for

double and single beds both in Narrow Width and Wider Width, Quilt Covers and Pillow

covers, Mattress Covers, Quilts Poly/Cotton Filled and Curtains.

The Company is having their manufacturing unit located at Changodar near Ahmedabad

in Gujarat. The existing unit has easy access to road and rail transport enabling the

movement of materials and finished products. In addition to the sales in the domestic

markets, the Company's products are being exported to markets in more than twenty

countries directly and indirectly.

Pradip Overseas Ltd was incorporated on 29th June, 2005 with the name Chetan Textiles

Pvt Ltd. Originally, the Company was formed as a partnership firm on 13th April, 2005

with the name Vishal Textile and in 15th June, 2005, the firm name was changed to

Chetan Textiles. The Company started commercial production of Wider Width Home

Linen Products from 3rd February, 2006 in their manufacturing unit. On 9th August, 2006,

the Company was converted into a public limited company and the name was changed

from Chetan Textiles Pvt Ltd to Chetan Textiles Ltd. The textile unit of erstwhile Pradip

Overseas Ltd (now Pradip Enterprises Ltd) was merged with the Company with effect

from April 01, 2006, and subsequently the name of the Company was changed to Pradip

Overseas Ltd with effect from 1st October, 2007.

Vasna Sarkhej Bavia Highway,

Ahmedabad – 382 213, Gujarat

Company Website:

www.pradipoverseas.com

TABLE 2 - PRICE PERFORMANCE

30th May, 2016

29th May, 2015

30th May, 2014

% Change CAGR for 2 years 2016 vs 2015 2015 vs 2014

Price (₹) 1.50 1.65 4.35 -9.09% -62.07% -41.28%

Trading Volume (Shares) (yearly avg.)

3,317 75,100 31,618 -95.58% 137.52% -

NSE Market Cap. (in ₹ Cr.) 7.27 7.99 21.07 -9.01% -62.08% -41.26%

Source - Money Control, price figures are adjusted to corporate action of stock split/bonus issue/stock merger

The Company in the month of February, 2013 has issued 1 (One) Bonus Equity Share for the 5 (Five) Shares held by the

shareholders of the Company.

http://www.pradipoverseas.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 -347.02 26.92 171.51 -1,389.08% -84.30% N.A.

Current Assets 1,049.42 1,274.68 1,221.69 -17.67% 4.34% -7.32%

Non-Current Assets 220.47 183.87 228.95 19.91% -19.69% -1.87%

Total Assets 1,269.89 1,458.55 1,450.64 -12.93% 0.55% -6.44%

Investments 27.19 27.42 23.82 -0.84% 15.11% 6.84%

Finance Cost 114.43 130.63 145.10 -12.40% -9.97% -11.20%

Long Term Liabilities 1,063.13 690.1 569.66 54.05% 21.14% 36.61%

Current Liabilities 553.78 741.53 709.47 -25.32% 4.52% -11.65%

Turnover 239.84 598.57 942.93 -59.93% -36.52% -49.57%

Profit After Tax (PAT, ₹ Cr.) -413.50 -169.66 -112.64 N.A. N.A. N.A.

EPS (₹) -85.00 -35.00 -23.00 N.A. N.A. N.A.

Source - Money Control/Annual Report

Discussion as per Company:

During the financial year 2015, turnover of the Company was lower by about 60% as compared to the turnover of the Company

for the previous year (2014). The major reasons for lower turnover was underutilization of installed capacity due to pending

installations of Effluent Treatment Plant (ETP) as stated in the report of the last year. The demand of the products in the local as

well as overseas market were sluggish, which has also affected the turnover and profitability of the company. The Net Worth of

the Company has eroded as per the Balance Sheet of the Company as of 31st March, 2015 and pursuant to section 15 of the Sick

Industrial Companies (Special Provisions) Act, 1985, the Company will file reference to Board for Industrial and Financial

Reconstruction for determination of the measures which shall be adopted for the Company.

During the year 2013, turnover of the Company was lower by about 44.00 % as compared to the Sales revenue of the Company

in the previous year. This is mainly due to sluggish demand, in the local as well as international market. As a result, the

Company has incurred loss (After Tax) of ` 112.64 crores.

AUDIT QUALIFICATIONS

The Auditors have raised following qualifications in Annual Report for FY 2014-15.

Audit Qualifications for the year 2014-15:

“A. In respect of Trade Receivables amounting to ` 930.32 Cr., Auditors have not received balance confirmations from the

debtors. There have been defaults on the payment obligations by debtors on the due dates. The Company has created a

provision for doubtful debts to the tune of ` 262.56 Cr. during the reporting period. The Company has stated that the provision is

based on receivables which are older than 36 months, which in our opinion is not commensurate with the size and operation of

the Company. In our opinion, the provision made is inadequate and the impact on loss and carrying value of trade receivables

could not be ascertained.

B. In respect of Inventories, during the reporting period, the management has not undertaken physical verification of Inventories

at periodic intervals. The Company has not maintained adequate inventory records at the factory. In opinion of the Auditors, the

comparative inventory holding levels, in view of steep decline in the turnover as compared to earlier years, are higher and

therefore there is a possibility of loss on sale / realization of slow moving / old items. No provision has been made on diminution

in the value of old and slow moving inventory. The impact of the above remarks, presently not ascertainable and, therefore,

cannot be commented upon.

C. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

The Company has suffered recurring losses from operations, has net capital deficiencies and non-fulfilment of commitment of

approved CDR package that raises substantial doubts about the Company’s ability to continue as a going concern. The financial

statement does not include any adjustment that might result from the outcome of this uncertainty. Management plans in regard

to this matter are described in note 3.1.4 to the financial statements. The appropriateness of going concern assumption is

dependent on the Company’s ability to raise adequate finance from alternate means and / or recoveries from debtors to meet its


https://www1.nseindia.com/annual_reports/AR_7844_PRADIP_2014_2015_07092015183833.zip



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short term and long term obligations as well as to establish consistent business operations. In the absence of any convincing

audit evidences, no positive steps taken by the management, non-recovery of Trade Receivables since long, default in payment

of the restructured loans forming part of CDR package and financial difficulties faced by the Company due to decrease in

business operations, Auditors are unable to determine the possible effects of these multiple uncertainties on the financial

statements.”

Management has given following response to the qualifications raised by the Auditors:

“A. The Company has pursued with debtors for recovery of the due amounts and it could recover some amount from trade

receivables. The Company is still pursuing in the matter for recovery of balance trade receivables. The Company had also

submitted balance confirmation letter to the debtors and had received response from some debtors. In view of the above the

Company has made provision for doubtful debts to the tune of ` 262.56 Crores being older than 36 months, therefore the Board

of Directors of the Company is of the opinion that the provision for doubtful debts made by the Company is adequate and

sufficient.

B. The Management is carrying out physical verification of inventories as and when required. The Company is also maintaining

records of inventories. The turnover of the Company during the year under review deteriorated due to various reasons inter al ia

non-establishment of New ETP Plant and therefore the inventories are hire as compared to turnover. The basic raw material of

the Company is grey cloth and quality of the raw material does not deteriorate even though the same is not utilized for a period

of 2-3 years and therefore the Company has not made provision for diminution in the value of old and slow moving inventories

and the Company is utilising the said inventories as and when the order in respect such old stock is received.

C. The Company is suffering loss from operations since 2011-12. The commitment made by the Company in the approved CDR

could not be fulfilled for various reasons viz. delay in disbursements of sanctioned term loan for ETP Plant, Non fulfilment of the

conditions by Banks like refund of interest/charges paid by the Company after cut-off date but before the date of approval of

CDR scheme. The Company has undertaken two projects for development of Specialty & Fine Chemical Park and Auto & Auto

Component Park on the Land of the Company situated at Village Bhamsara, TalukaBavla, Ahmedabad. The Company is

expecting approval from the Govt. of Gujarat for both the aforesaid projects shortly and also Company is in the advance stage

for negotiation with some Real Estate Developers to join them as a partner for development of these projects. And on

completion of the projects the Company will be able to meet its financial obligations.”

Response Comment

Frequency of Qualifications - Appeared only once in FY 2014-15

Have the Auditors made any adverse remark in last 3 years? No -

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 - 50%

Number of Women Directors on the Board Atleast 1 1

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 (%) - 81%

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 Promoter/Executive Director. The Company as on 31st March, 2015 has

50% of Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 6 directors out of which 5 are male and 1 female.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Pradip J. Karia as the Chairman

and Managing Director of the Company. Appointment of a single person as the Chairman and Managing Director of the

Company is not a good governance practice as this may lead to concentration of power in a single person.




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TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 0.64 1.58 2.46 -59.51% -35.82%

Debtors Turnover 0.36 0.68 1.15 -46.95% -40.88%

Fixed asset Turnover 1.09 3.26 4.12 -66.58% -20.96%

Current Asset Turnover 0.23 0.47 0.77 -51.33% -39.16%

Ret

urn

Rat

ios Operating Profit Margin -173.80% -23.40% -17.82% N.A. N.A.

Net Profit Margin -172.41% -28.34% -11.95% N.A. N.A.

Return on Assets (ROA) -32.56% -11.63% -7.76% N.A. N.A.

Return on Equity (ROE) N.A. -630.24% -65.68% 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 1.90 1.72 1.72 10.24% -0.17%

Quick Ratio 1.22 1.21 1.18 0.79% 2.21%

Cash Ratio 0.01 0.01 0.02 -28.38% -27.33%

Working Capital Turnover ratio 0.48 1.12 1.84 -56.90% -39.01%

Solv

ency

Rat

ios Debt to equity ratio N.A. 50.22 6.77 N.A. 641.42%

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

Trad

ing

Rat

ios

Market Cap / Sales 0.03 0.01 0.01 149.57% 57.53%

Market Cap/ Net Worth N.A. 0.26 0.04 N.A. 537.11%

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.

Trading Volume (shares) (avg. of 1 year) 3,557 83,208 24,306 -95.73% 242.33%

Trading Volume (shares) (high in 1 year) 24,603 13,89,589 20,29,441 -98.23% -31.53%

Trading Volume (shares) (low in 1 year) 1 1,205 11 -99.92% 10854.55%

Ratio - High/low trading volume 24,603 1,153 1,84,495 2033.48% -99.37%

Ratio - High/average trading volume 6.92 16.70 83.49 -58.58% -80.00%

Source - Money Control




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TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Mar' 2016 Mar' 2015 Mar' 2014 Comments

Shar

eho

ldin

g

Promoter shareholding 53.25% 53.25% 59.04% No new equity shares were issued by the

Company during the two-year period from

Mar’2014 to Mar’2016. The promoter

shareholding decreased from 59.04% to

53.25% in the year 2015 due to sale of

shares by the promoters in the secondary

market. No other major change was

observed in the shareholding pattern during

the said period. The promoters have

pledged 99.51% of their shareholding.

Public - Institutional shareholding

0.00% 0.00% 0.09%

Public - Others shareholding 46.75% 46.75% 40.87%

Non Promoter Non Public Shareholding

0.00% 0.00% 0.00%

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The Promoters of the Company have sold their shares in the secondary market in last

two years.

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

Preferential issue to others No preferential issue of shares was made to others shareholders in last three years

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

Issue of ESOPs/Issue of shares other than Preferential allotment

The Company does not have any stock option scheme. Further, no new equity shares

were issued by the Company in last three years

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



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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



DISCLAIMER

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