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.
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Pradip Overseas Limited www.pradipoverseas.com
SECTOR: TEXTILE REPORTING DATE: 31ST MAY, 2016
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
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Pradip Overseas Limited www.pradipoverseas.com
SECTOR: TEXTILE REPORTING DATE: 31ST MAY, 2016
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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Pradip Overseas Limited www.pradipoverseas.com
SECTOR: TEXTILE REPORTING DATE: 31ST MAY, 2016
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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Pradip Overseas Limited www.pradipoverseas.com
SECTOR: TEXTILE REPORTING DATE: 31ST MAY, 2016
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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Pradip Overseas Limited www.pradipoverseas.com
SECTOR: TEXTILE REPORTING DATE: 31ST MAY, 2016
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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Pradip Overseas Limited www.pradipoverseas.com
SECTOR: TEXTILE REPORTING DATE: 31ST MAY, 2016
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
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SECTOR: TEXTILE REPORTING DATE: 31ST MAY, 2016
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
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