s :m reporting date august antarctica ltd...return on capital employed (roce) 0.33% n.a. - n.a. -...
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Stakeholdersβ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: MEDIA - PRINT/TELEVISION/RADIO REPORTING DATE: 14TH AUGUST, 2017
ANTARCTICA LTD www.antarctica-packaging.com
Antarctica Ltd NSE Code - ANTGRAPHIC TABLE 1 - MARKET DATA (STANDALONE) (AS ON 10th AUGUST, 2017)
Sector - Media - Print/Television/Radio NSE Market Price (βΉ) 1.35 NSE Market Cap. (βΉ Cr.) 20.15
Face Value (βΉ) 1.00 Equity (βΉ Cr.) 15.50
Business Group β N.A. 52 week High/Low (βΉ) 1.95/0.65 Net worth (βΉ Cr.)* 16.51
Year of Incorporation - 1991 TTM P/E (TTM) N.A. Traded Volume (Shares) 28,000
TTM P/BV 1.60 Traded Volume (lacs) 0.38
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. β Not Applicable, *As on September, 2016
1A, Vidyasagar Street, COMPANY BACKGROUND
Kolkata β 700 009, West Bengal The Company has started its operations in 1982. It was coverted into a public limited
company in June 1991, changing its name to Antarctica Graphics (AGL). Its name was
once again changed to Antarctica Ltd in Jan.'98. It is engaged in the printing business.
Apart from a 4-colour and a 5-colour offset printing press, the company has a state-of-
the-art colour pre-press unit with the latest imaging and graphic designing system. Its
major clients include ITC, Shaw Wallace, Bata, MECON, Shalimar Paints, STP, etc. It
caters to customer segments like colour supplements of newspapers and magazines,
calendars, corporate brochures, product manuals, and publicity and packaging
materials.
+ 91 33 2360 8308
Company Website:
www.antarctica-packaging.com
Revenue and Profit Performance
The revenue of the Company decreased from βΉ 0.81 crores
to βΉ 0.61 crores from quarter ending Sepβ15 to quarter
ending Sepβ16. The Company made a profit of βΉ 0.06
crores in quarter ending Sepβ16 vis-a-vis making a profit of
βΉ 0.05 crores in quarter ending Sepβ15.
Source: Moneycontrol
Performance vis-Γ -vis Market
Source: Capitaline
TABLE 2- Returns
1-m 3-m 6-m 12-m
Antarctica Ltd -20.59% -7.41% -12.90% 28.57%
Nifty -0.72% 3.00% 12.56% 13.24%
NIFTY MEDIA -5.47% -10.65% -2.78% 3.32%
0.50
0.70
0.90
1.10
1.30
1.50
1.70
Aug16
Sep16
Oct16
Nov16
Dec16
Jan17
Feb17
Mar17
Apr17
May17
Jun17
Jul 17
Antarctica Ltd NIFTY NIFTY MEDIA
0.610.65 0.81
0.06-0.07
0.05-0.20
0.00
0.20
0.40
0.60
0.80
1.00
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (βΉ CRORE)
Revenue Profit
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STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: MEDIA - PRINT/TELEVISION/RADIO REPORTING DATE: 14TH AUGUST, 2017
ANTARCTICA LTD www.antarctica-packaging.com
TABLE 3 - FINANCIALS
(βΉ Cr.) Sepβ16 Marβ16 % Change
Sep β16 vs Marβ16
Net Worth 16.51 16.51 0.00%
Current Assets 9.03 8.82 2.38%
Non-Current Assets 7.24 10.98 -34.06%
Total Assets 18.39 18.96 -3.01%
Investments - - N.A.
Finance Cost - - N.A.
Long Term Liabilities 1.70 1.71 -0.58%
Current Liabilities 0.11 0.74 -85.14%
Turnover 0.61 0.65 -6.15%
Profit After Tax (PAT) 0.06 -0.07 N.A.
EPS (βΉ) - - N.A.
Source: Moneycontrol / Stock Exchange Filings
AUDIT QUALIFICATIONS
Audit Qualifications: The Auditors have not made any Qualifications in last three years viz. FY2015-16, FY 2014-15 & FY 2013-14.
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 FY2015-16)
Regulatory Norms Company
% of Independent Directors on the Board 50% 57%
% of Promoter Directors on the Board - 43%
Number of Women Directors on the Board At least 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 (%) - 89.29%
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/Executive Director. The Company has 57 % of Independent
Directors and hence, it meets the regulatory requirements.
Board Diversity: The Company has 7 directors out of which 6 are male and 1 is female.
Stakeholdersβ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
3 | P A G E
SECTOR: MEDIA - PRINT/TELEVISION/RADIO REPORTING DATE: 14TH AUGUST, 2017
ANTARCTICA LTD www.antarctica-packaging.com
TABLE 5 - FINANCIAL RATIOS
Ratios Sepβ16 Marβ16 Sepβ15
% Change
Sep β16 vs
Marβ16
Marβ16 vs
Sepβ15
Turn
ove
r
Rat
ios
Inventory Turnover 0.18 0.47 - -62.24% -
Debtors Turnover - 1.97 - - -
Fixed asset Turnover 0.08 0.06 - 42.32% -
Current Asset Turnover 0.07 0.07 - -8.34% -
Ret
urn
Rat
ios Operating Profit Margin 16.39% -27.69% 14.81% N.A. -286.92%
Net Profit Margin 9.84% -10.77% 6.17% N.A. -274.46%
Return on Assets (ROA) 0.33% N.A. - N.A. -
Return on Equity (ROE) 0.36% N.A. - N.A. -
Return on Capital Employed (ROCE) 0.33% N.A. - N.A. -
Liq
uid
ity
Rat
ios
Current Ratio 82.09 11.92 - 588.74% -
Quick Ratio 50.91 10.05 - 406.35% -
Cash Ratio 50.91 9.61 - 429.86% -
Working Capital Turnover ratio 0.01 N.A. - N.A. -
Solv
ency
Rat
ios Debt to equity ratio 0.10 0.10 - -0.58% -
Interest Coverage Ratio - N.A. - - -
Trad
ing
Rat
ios
Market Cap / Sales 20.33 17.89 2.88 13.61% 522.01%
Market Cap/ Net Worth 0.75 0.70 - 6.62% -
Market Cap/PAT 206.67 N.A. 46.60 N.A. N.A.
Market Cap/EBITDA 124.00 N.A. 19.42 N.A. N.A.
Source - Money Control
TABLE 6 - TRADING VOLUME
Junβ17 Decβ16 Junβ16 % Change
Jun β17 vs Decβ16 Decβ16 vs Junβ16
Trading Volume (shares) (avg. of 1 qtr) 99,150 91,745 60,560 8.07% 51.49%
Trading Volume (shares) (high in 1 qtr) 372,300 478,790 662,540 -22.24% -27.73%
Trading Volume (shares) (low in 1 qtr) 93 600 154 -84.50% 289.61%
Ratio - High/low trading volume 4,003.23 797.98 4,302.21 401.67% -81.45%
Ratio - High/average trading volume 3.75 5.22 10.94 -28.05% -52.30%
Source: Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Jun'17 Dec'16 Jun'16 Comments
Shar
eho
ldin
g (%
)
Promoter
shareholding 31.63 32.70 32.91
β’ The promoter shareholding marginally decreased
from 32.91% to 31.63% Junβ16 to Junβ17.
β’ The shareholding of public others increased from
66.42% to 67.70% during the same period.
β’ The promoters have not pledged any shares.
Public - Institutional
shareholding 0.67 0.67 0.67
Public - Others
shareholding 67.70 66.63 66.42
Non-Promoter Non-
Public Shareholding - - -
Source: NSE
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STAKEHOLDERS EMPOWERMENT SERVICES
4 | P A G E
SECTOR: MEDIA - PRINT/TELEVISION/RADIO REPORTING DATE: 14TH AUGUST, 2017
ANTARCTICA LTD www.antarctica-packaging.com
MAJOR SHAREHOLDERS (AS ON 30TH June, 2017)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
1 Ranjan Kuthari HUF 22.76% 1 G Madam Mohan Reddy 4.20%
2 Rohit Kuthari 4.53% 2 Nirav M Sapani 1.66%
3 Renu Kuthari 4.32% 3 Kinner P Sapani 1.48%
Source: NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters None
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 during last one year
GDRs issued by the Company The Company did not issue any GDRs during last one year
Issue of ESOPs/Issue of shares
other than Preferential allotment
The Company does not have any ESOP Scheme
Source - Annual Report 2015-16
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1 Paper Printing & Packaging Boxes 100
Source - Annual Report 2015-16
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5 | P A G E
SECTOR: MEDIA - PRINT/TELEVISION/RADIO REPORTING DATE: 14TH AUGUST, 2017
ANTARCTICA LTD www.antarctica-packaging.com
Glossary
Equity: The equity shares capital of the Company
Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholdersβ 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
πΈππ =Profit After Tax
Number of outstanding shares
P/E ratio: It is the ratio of the Companyβs share price to earnings per share of the Company
π/πΈ πππ‘ππ =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.
πΌππ£πππ‘πππ¦ ππ’ππππ£ππ πππ‘ππ =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
π·πππ‘πππ ππ’ππππ£ππ πππ‘ππ =Sales Turnover
Accounts recievables
Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets
πΉππ₯ππ π΄π π ππ‘ ππ’ππππ£ππ πππ‘ππ =Sales Turnover
Fixed Assets
Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets
πΆπ’πππππ‘ π΄π π ππ‘ ππ’ππππ£ππ πππ‘ππ =Sales Turnover
Current Assets
Operating Profit Margin: Operating margin is a measurement of what proportion of a Companyβs revenue is left over after
paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Companyβs operating
income (also known as βoperating profitβ) during a given period by its sales during the same period.
ππππππ‘πππ ππππππ‘ ππππππ =Operating profit
Sales Turnover
Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales
πππ‘ ππππππ‘ ππππππ =Net profit
Sales Turnover
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SECTOR: MEDIA - PRINT/TELEVISION/RADIO REPORTING DATE: 14TH AUGUST, 2017
ANTARCTICA LTD www.antarctica-packaging.com
Return on Assets: ROA tells you what earnings were generated from invested capital (assets)
π ππ‘π’ππ ππ π΄π π ππ‘π =Net profit
Total Assets
Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholdersβ
equity.
π ππ‘π’ππ ππ πΈππ’ππ‘π¦ =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.
π ππ‘π’ππ ππ πΆππππ‘ππ πΈπππππ¦ππ =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.
πΆπ’πππππ‘ πππ‘ππ =Current Assets
Current Liabilities
Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.
ππ’πππ πππ‘ππ =Current Assets β Inventories
Current Liabilities
Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.
ππ’πππ πππ‘ππ =Current Assets β Inventories β 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.
πππππππ πΆππππ‘ππ ππ’ππππ£ππ πππ‘ππ =πππππ ππ’ππππ£ππ
Current Assets β 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.
π·πππ‘ π‘π πΈππ’ππ‘π¦ πππ‘ππ =πβπππ‘ ππππ π·πππ‘ + πΏπππ ππππ π·πππ‘
πππ‘ ππππ‘β
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.
πΌππ‘ππππ π‘ πΆππ£πππππ π ππ‘ππ =πΈππππππ π΅πππππ πΌππ‘ππππ π‘ πππ πππ₯
πΉππππππ πΆππ π‘
Market Cap/Sales ratio: Market Cap/sales ratio, Priceβsales 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.
ππππππ‘ πΆππ/πππππ πππ‘ππ =ππππππ‘ πΆππ
πππππ ππ’ππππ£ππ
Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Companyβs market cap to net worth.
ππππππ‘ πΆππ/πππ‘π€πππ‘β πππ‘ππ =ππππππ‘ πΆππ
πππ‘π€πππ‘β
Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Companyβs market cap to net profit.
ππππππ‘ πΆππ/ππ΄π πππ‘ππ =ππππππ‘ πΆππ
πππ‘ ππππππ‘
Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Companyβs market cap to EBITDA.
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SECTOR: MEDIA - PRINT/TELEVISION/RADIO REPORTING DATE: 14TH AUGUST, 2017
ANTARCTICA LTD www.antarctica-packaging.com
ππππππ‘ πΆππ/πΈπ΅πΌππ·π΄ πππ‘ππ =ππππππ‘ πΆππ
πΈπ΅πΌππ·π΄
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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SECTOR: MEDIA - PRINT/TELEVISION/RADIO REPORTING DATE: 14TH AUGUST, 2017
ANTARCTICA LTD www.antarctica-packaging.com
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Research Analyst: Sudarshan Shetty