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SECTOR: CONSUMER DURABLES REPORTING DATE: 31ST MAY, 2016

JCT Electronics Ltd

www.jctel.com

JCT Electronics Ltd. 31st May 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 19th May, 2016)

NSE Code – JCTEL NSE Market Price (₹) 0.20 NSE Market Cap. (₹ Cr.) 20.50

Sector - Consumer Durables Face Value (₹) 1.00 Equity (₹ Cr.) 78.83

52-week High/Low (₹) 0.60/0.15 Net worth (₹ Cr.) -553.08

Business Group – TTM P/E N.A. Traded Volume (Shares) 13,92,918

Thapar Man Mohan TTM P/BV N.A. Traded Volume (lacs) 2.79

Year of Incorporation - 1976 Source - Capitaline

COMPANY BACKGROUND

Corporate Office: JCT Electronics(JEL) incorporated in Aug.'76, formerly known as Punjab Display Devices (PDDL)

and a member of the Thapar group, was promoted by the Punjab State Industrial

Development Corporation (PSIDC) in 1976 as a 100% subsidiary to manufacture black and

white TV tubes, cathode ray tubes and information display systems. In 1985, Jagatjit Cotton

Textile Mills (JCT) joined as co-promoters. JEL became a subsidiary of JCT with effect from 30

Apr.'86. The Company has a technical-cum-financial collaboration with Hitachi, Japan. It is

having manufacturing facilities in Mohali (Punjab) and Vadodara (Gujarat).

The Company manufactures black and white TV tubes since 1976, at Mohali, Punjab. JEL also

assembles mechanical watches for HMT. JEL set up a project to manufacture colour TV picture

tubes of various sizes (cap.: 5 lac pa), at Mohali. The plant was commissioned in Jan.'87.

JEL was awarded the ISO 9002 certification by BSI (UK) and STQC for its colour picture tubes

unit in 1994. The Company set up a new plant to manufacture colour picture tubes (cap.: 1

min pa) under its expansion programme. The plant was commissioned in 1996.

A-32, Industrial Phase-VIII,

SAS Nagar, Mohali – 160 055

Punjab

Company Website:

www.jctel.com

TABLE 2 - PRICE PERFORMANCE

19th May,

2016

29th May,

2015

30th May,

2014

% Change CAGR for

2 years 2016 vs 2015 2015 vs 2014

Price (₹) 0.20 0.35 0.70 -42.86% -50.00% -46.55%

Trading Volume (Shares) (yearly avg.) 81,191 28,117 27,812 188.76% 1.10% -

NSE Market Cap. (in ₹ Cr.) 15.77 27.59 55.18 -42.84% -50.00% -46.54%

Source - Money Control

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SECTOR: CONSUMER DURABLES REPORTING DATE: 31ST MAY, 2016

JCT Electronics Ltd

www.jctel.com

TABLE 3 - FINANCIALS

(₹ Cr.) 2015 2014 2013

% Change CAGR for

2 years 2015 vs

2014 2014 vs 2013

Turnover 2.49 46.95 346.11 -94.70% -86.43% -91.52%

Net Worth -553.08 -480.36 -417.88 N.A. N.A. N.A.

Current Assets 72.48 83.38 115.94 -13.07% -28.08% -20.93%

Non-Current Assets 268.95 283.17 320.35 -5.02% -11.61% -8.37%

Total Assets 341.43 366.55 436.29 -6.85% -15.98% -11.54%

Investments 14.75 18.11 24.63 -18.55% -26.47% -22.61%

Finance Cost 15.92 16.39 20.07 -2.87% -18.34% -10.94%

Long Term Liabilities 397.39 439.21 484.34 -9.52% -9.32% -9.42%

Current Liabilities 497.12 407.70 369.83 21.93% 10.24% 15.94%

Profit After Tax (PAT,

₹ Cr.) -72.64 -62.48 -49.89 N.A. N.A. N.A.

EPS (₹) -1.00 -1.00 -1.00 N.A. N.A. N.A.

Source - Money Control/Annual Report

Discussion as per Company:

The Company incurred a net loss of ₹ 72.64 crores for the year ended 31st March, 2015 (Previous year ₹ 62.48 crores) and

accumulated loss as on 31st March, 2015 stands to ₹ 698.29 crores. As on 31st March, 2015, the Company’s current liabilities

exceeded its current assets by ₹ 424.64 crores (Previous year ₹ 326.45 crores) and its total liabilities exceeded its total assets

by ₹ 553.08 crores (Previous year ₹ 480.36 crores). In view of these, the Company had been reporting negative operating cash

flows for few years which have also contributed to constraints of working capital. These conditions have resulted into acute

working capital deficit & have casted material uncertainty on functioning of Company.

The Company has defaulted in payment of principal amount of Loan ₹ 36.93 crores to Banks/ Financial Institutions for the year

ended 31st March, 2015. The total amount of default for sixteen quarters starting from 1st April, 2011 to 31st March, 2015

comes to ₹ 106.70 crores (previous year ₹ 69.77 crores).

AUDIT QUALIFICATIONS

Auditors have made following qualifications in Annual Report for FY 2014-15. Similar, qualifications were also raised in the

past two years.

The Auditors have given adverse opinion on following matters:

1. The financial statements have been drawn and are based on the successful implementation of rehabilitation scheme

announced by Board for Industrial and Financial Reconstruction (BIFR) for the company. (Detailed discussion can be seen on

page 16 and 17 of the Annual Report 2014-15).

2. The Company have incurred losses which have resulted into acute working capital deficit & have casted material uncertainty

on functioning of Company. (Detailed discussion can be seen on page 17 of the Annual Report 2014-15).

3. The Company had stopped production from August, 2013 onwards at its only working plant at Vadodara, Gujarat and there

has been no production during the year ended 31st March, 2015, on account of non-availability of working capital for importing

critical raw materials. Considering aforesaid factors, the availability of requisite working capital to commence its operations is

doubtful.

4. Auditors states that due to technological changes, there has been a declining market for color picture tubes.

5. Due to non-release of need based working capital as envisaged in the sanctioned scheme, the Company has not been able to

settle dues of running creditors.

6. There has been constant reduction in the strength of staff.

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SECTOR: CONSUMER DURABLES REPORTING DATE: 31ST MAY, 2016

JCT Electronics Ltd

www.jctel.com

Management Response:

1. The Company is however hopeful that its request for Modified Debt Restructuring Scheme (MDRS) would be accepted by

Hon’ble BIFR and the Company would be able to arrange requisite working capital for importing critical raw materials to start

its production lines. The management is confident that it would be able to dispose of its assets as sanctioned in BIFR Scheme.

The Accounts have been compiled by the management on the basis of going concern. Please refer Note Number-29 to the

financials.

2. Accounts receivable, loans and advances have a value on realization in the ordinary course of business, at least equal to the

amount at which they are stated in the Balance sheet unless specifically provided for.

3. The Company is engaged only in manufacture of Color Picture Tubes and Deflection Yokes at Vadodara Unit, Gujarat. This is

the only Business Segment of the Company.

Detailed discussion for the above management response can be seen on page 17 of the Annual Report 2014-15.

Response Comment

Frequency of Qualifications - Qualifications appeared in last three years Annual Report

Have the Auditors made any

adverse remark in last 3 years? Yes

The Auditors have given an adverse opinion in the latest Annual Report

for FY 2014-15 which have been discussed above.

TABLE 4: BOARD PROFILE (As on 31st March, 2015)

Compliance Company

% of Independent Directors on the Board 50% 33%

% of Promoter Directors on the Board - 33%

Number of Women Directors on the Board Atleast 1 No

Classification of Chairman of the Board - Not Disclosed

Is the post of Chairman and MD/CEO held by the same person? - No

Average attendance of Directors in the Board meetings (%) - 67%

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 not disclosed. The Company as on 31st March, 2015 has 33 % of

Independent Directors and hence, it does not meet the regulatory requirement.

Board Diversity: The Company has 3 directors of which all are male. The Company does not have a single woman Director on

the Board. The Company is non-compliant as per SEBI Circular dated 17th April, 2014 regarding the requirement of at least one-

woman director.

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SECTOR: CONSUMER DURABLES REPORTING DATE: 31ST MAY, 2016

JCT Electronics Ltd

www.jctel.com

TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 0.69 5.89 8.97 -88.26% -34.32%

Debtors Turnover 0.04 0.75 5.97 -94.70% -87.43%

Fixed asset Turnover 0.01 0.17 1.08 -94.42% -84.65%

Current Asset Turnover 0.03 0.56 2.99 -93.90% -81.14%

Ret

urn

Rat

ios Operating Profit Margin -1310.84% -108.56% -14.04% N.A. N.A.

Net Profit Margin -2917.27% -133.08% -14.41% N.A. N.A.

Return on Assets (ROA) -21.28% -17.05% -11.44% 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 0.20 0.31 -28.71% -34.76%

Quick Ratio 0.14 0.18 0.21 -25.09% -11.56%

Cash Ratio 0.01 0.03 0.05 -59.63% -39.74%

Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.

Solv

ency

Rat

ios

Debt to assets ratio 0.49 0.66 0.65 -26.09% 0.84%

Debt to capital ratio 0.68 0.75 0.78 -10.01% -3.75%

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 10.76 0.57 0.08 1785.54% 637.19%

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.

Trading Volume (shares) (avg. of 1

year) 63,115 29,766 23,161 112.04% 28.52%

Trading Volume (shares) (high in 1

year) 9,14,345 3,07,436 3,46,593 197.41% -11.30%

Trading Volume (shares) (low in 1

year) 204.00 820.00 53.00 -75.12% 1447.17%

Ratio - High/low trading volume 4,482.08 374.92 6,539.49 1095.47% -94.27%

Ratio - High/average trading volume 14.49 10.33 14.96 40.26% -30.98%

Source - Money Control

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SECTOR: CONSUMER DURABLES REPORTING DATE: 31ST MAY, 2016

JCT Electronics Ltd

www.jctel.com

TABLE 6(A): OWNERSHIP & MANAGEMENT RISKS

Dec' 2015 Dec' 2014 Dec' 2013 Comments

Shar

eho

ldin

g

Promoter

shareholding 82.79% 82.79% 82.79%

No new equity shares were issued by the Company

during the two-year period from Dec’2013 to

Dec’2015. Further, there was no change in the

promoter shareholding during the said period.

However, promoter shareholding in the Company is

well above the required threshold limit of 75%. As

per Clause 40A of listing agreement every listed

company is required to Maintain continuous public

shareholding of at least 25% of total number of

issued shares.

The promoters have pledged 0.66% of their

shareholding as on 31st December, 2015.

Public - Institutional

shareholding 5.69% 5.69% 5.69%

Public - Others

shareholding 11.52% 11.52% 11.52%

Non Promoter Non

Public Shareholding - - -

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last three 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 other shareholders during last three years

GDRs issued by the Company The Company did not issue any GDRs during last three years

Issue of ESOPs/Issue of shares

other than Preferential allotment The Company does not have any stock option scheme.

Source - Annual Reports

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SECTOR: CONSUMER DURABLES REPORTING DATE: 31ST MAY, 2016

JCT Electronics Ltd

www.jctel.com

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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JCT Electronics Ltd

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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

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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

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Research Analyst: Waheed Shaikh