Zenith Birla (India) Ltd · Zenith Birla (India) Ltd was incorporated on 1960 with the name Zenith...

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STAKEHOLDERS EMPOWERMENT SERVICES

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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016

Zenith Birla (India) Limited www.zenithsteelpipes.com

Zenith Birla (India) Ltd 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 30th May, 2016)

NSE Code - ZENITHBIR NSE Market Price (₹) 0.75 NSE Market Cap. (₹ Cr.) 9.85

Sector - Steel Face Value (₹) 10.00 Equity (₹ Cr.) 131.28

52 week High/Low (₹) 1.00/0.55 Net worth (₹ Cr.) -11.94

Business Group - Birla Yash TTM P/E N.A. Traded Volume (Shares) 100

Year of Incorporation - 1960 TTM P/BV N.A. Traded Volume (lacs) 0.00

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

5th Floor Industry House, Zenith Birla (India) Ltd is a leading manufacturer of Steel Pipes in India. The company is

engaged in manufacturing black welded and galvanized steel pipes and cutting tools.

They operate in two divisions, namely pipes division at Khopoli and tools division at

Nasik and Aurangabad. The tool division of the company is engaged in manufacturing

HSS cutting tools and is focused towards the auto/engineering segment. The company's

subsidiaries include Zenith (USA) Inc. and Zenith Middle East FZE.

Zenith Birla (India) Ltd was incorporated on 1960 with the name Zenith Steel Pipes Ltd.

The company was established with the main object to manufacture black welded and

galvanized steel pipes and was promoted by house of Birla. Also, they came out with

their first public issue of equity share during the year.

159 Churchgate Reclamation,

Mumbai, 400 020, Maharashtra

Company Website:

www.zenithsteelpipes.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 (₹) 0.75 0.75 1.65 0.00% -54.55% -32.58%

Trading Volume (Shares) (yearly avg.)

23,899 46,655 78,377 -48.77% -40.47% -

NSE Market Cap. (in ₹ Cr.)

9.85 9.85 21.66 0.00% -54.52% -32.56%

Source - Money Control

http://www.zenithsteelpipes.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 -11.94 60.74 260.52 -119.66% -76.69% N.A.

Current Assets 246.5 347.8 564.91 -29.13% -38.43% -33.94%

Non-Current Assets 124.42 136.87 175.25 -9.10% -21.90% -15.74%

Total Assets 370.92 484.67 740.16 -23.47% -34.52% -29.21%

Investments 228.75 314.57 352.19 -27.28% -10.68% -19.41%

Finance Cost 9.20 20.71 35.05 -55.58% -40.91% -48.77%

Long Term Liabilities 42.77 54.01 52.18 -20.81% 3.51% -9.46%

Current Liabilities 340.09 369.93 427.46 -8.07% -13.46% -10.80%

Turnover 66.42 143.75 273.16 -53.79% -47.38% -50.69%

Profit After Tax (PAT, ₹ Cr.) -72.67 -199.79 -44.69 N.A. N.A. N.A.

EPS (₹) -6.00 -15.00 -3.00 N.A. N.A. N.A.

Source - Money Control/Annual Report

Discussion as per Company:

During the year FY 2014-15, the net income of the Company has reduced to ₹ 74.90 crore as compared to ₹ 159.45 Crore of FY

2013-14 due to decline in sales. Loss after Tax for the financial year stood at ₹ 72.67 Crore as against the Loss of ₹ 199.79 Crore

of FY 2013-14. Since the net worth of the Company has been fully eroded resulting into negative net worth, the Company has

become sick under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985.

AUDIT QUALIFICATIONS

Auditors has given Qualified opinion since last 3 years. The detailed notes to Audit qualifications can be read in the annual

Reports for FY 2014-15, FY 2013-14, FY 2012-13

Qualification for the year 2015

“1. With reference to Note no. 44 regarding the non-provision by the company of the interest amounting to 32.70 crores on its

working capital facilities from banks during the year. Had this amount been provided for, the loss would have been higher by

32.70 crores and Secured loans would have been higher by an amount of 32.70 crores.

2. The Company has not complied with the provisions of sections 74 or any other relevant provisions of the Act and the

Companies (Acceptance of Deposits) Rules 2014 with regard to non-repayment of deposits and interest on due date,

maintenance of liquid assets to the extent required as well as not fully complying with the orders passed by the Company Law

Board.

3. With reference to Note no. 42 regarding the company not having the balance confirmations for its party balances and hence

our inability to state whether these balances are recoverable / payable to the extent stated.”

Management Response:

Management Response for the year 2015

“1. The Company is trying for One Time Settlement (OTS) with the banks. Hence, it is felt prudent for not providing for interest

after the accounts became NPA.

2. On account of huge losses and negative net worth, there was financial crunch. Hence,

(i) as required u/s section 74 of the Companies Act, 2013, the Company could not pay its outstanding deposits as on 31.03.2014,

within a period of one year i.e. by 31.03.2015.

(ii) Could not maintain liquid assets


https://www1.nseindia.com/annual_reports/AR_8682_ZENITHBIR_2014_2015_19102015180004.zip





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(iii) could not comply fully with the orders passed by the Company Law Board u/s section 58A(9) of the Companies Act,1956.

3. The Company is taking steps to obtain balance confirmation from its parties. However, it will not have any material impact on

the state of affairs of the Company.”


“1. With reference to Note No. 45 regarding the non-provision by the Company of the interest amounting to ` 2,551.72 lacs on

its working capital facilities from Banks during the year. Had this amount been provided for, the loss would have been higher by

` 2,551.72 lacs and Secured Loans would have been higher by an amount of ` 2551.72 lacs.

2. The Company has not complied with the provisions of sections 58A, 58AA or other relevant provisions of the Act and the

Companies (Acceptance of Deposits) Rules 1975 with regard to non-repayment of deposits and interest on due date,

maintenance of liquid assets to the extent required as well as not intimating the appropriate authorities of such defaults.

3. With reference to Note No. 42-regarding the Company not having the balance confirmations for its party balances and hence

our inability to state whether these balances are recoverable/payable to the extent stated.

4. The Company has appointed a firm of Chartered Accountants for carrying out the internal audit functions. The internal audit

coverage has been done only at Tarapur unit and not at any of the other locations. In our opinion, the scope and coverage of

the audit require enhancement to make it commensurate with the size of the Company and nature of its business.”


“1. As the Accounts have been categorised as “NPA” by the Banks, the bank does not accrue for interest for the period post

NPA. Accordingly, the Company has followed the same principle and hence, it has not provided for interest for the period post

NPA. However, the interest for the period post NPA has been shown as contingent liability.

2. The Company suffered heavy losses resulting in major financial crunch. Hence, the Company could not meet its commitment

on due date. The Company has sought for extension/ re-schedulement of repayments of deposits along with interest. However,

the Company is exploring ways and means to comply with the requirements.

3. The Company is taking steps to obtain balance confirmation from its parties. However, it will not have any material impact on

the state of affairs of the Company.

4. The Company has appointed the firm in the fag end of the year. Hence, the coverage was for only one location. However, the

Company is taking steps to increase the coverage in the forth coming year.”


“1. In our opinion and according to the information and explanations given to us, in respect of compliance by the Company with

the provisions of Section 58A and 58AA or any other relevant provisions of the Act and the Companies (Acceptance of Deposits)

Rules, 1975, with regard to the deposits accepted from the public, we have to state that these have not been complied with in

respect to non-payments of deposits and interest on due date, maintenance of liquid assets to the extent required as per rule 3A

of the Companies (Acceptance of Deposit) Rules,1975 accepting fresh deposits after the default, as well as not intimating the

appropriate authorities of such defaults.

2. The Company has an in house internal audit system. To make it commensurate with the size and nature of its business, the

scope and coverage needs to be strengthened.

3. According to the records of the Company examined by us and the information and explanations given to us, there have been

instances of the Company not arranging funds for meeting its commitment to the banks for paying the liability of the Letters of

credit on due dates since August 12 resulting in default in payment to the banks from August 2012, and as on 31.03.2013 the

Company’s liability to the banks for the Letters of credit which have fallen due is to the tune of ` 8384.03 lacs. However, the

Company has operated within the total overall limit sanctioned by the banks taking together the Fund based and Non Fund

based limit by interchanging the utilisation of funds with the mutual understanding with the banks.”


“1. The Company suffered heavily due to imposition of Anti-Dumping Duty by USA resulting in major financial crunch. Hence,

the Company could not meet its commitment on due date. However, the Company is exploring ways and means to comply with




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the requirements.

2. The Company had full-fledged Internal Audit Department, but due to sudden demise of Chief Internal Auditor, the internal

audit department could not take up the audit in all areas. However, the Company is appointing external agency as Internal

Auditor who will cover all areas.

3. The Company suffered heavily due to imposition of Anti-Dumping Duty by USA resulting in major financial crunch. Hence, the

Company could not meet its commitment on due date. Even though there has been over drawl in the cash credit account due to

non- payment of LCs on due dates but the Company had un-utilized LC limit to the same extent of such over drawn cash credit

limit such that the Company’s outstanding was within the total sanctioned limit of fund based and non- fund based taken

together.”

Response Comment

Frequency of Qualifications - Some qualifications are appearing for the third time

Have the auditors made any adverse remark in last 3 years?

No -

Are the material accounts audited by the Principal Auditors?

No -

Do the financial statements include material unaudited financial statements?

Yes

The consolidated financial statements contain unaudited

accounts of two wholly owned subsidiaries. The unaudited

statements are material 39.36% of the assets, 21.97% revenue

with respect to the consolidated accounts of the Company. As a

material part of the consolidated financial statements of the

Company are unaudited, this raises concern regarding the

fairness of such financial statements.

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

Regulatory Norms Company

% of Independent Directors on the Board 50% 66%

% of Promoter Directors on the Board - -

Number of Women Directors on the Board Atleast 1 1

Classification of Chairman of the Board - Not Disclosed

Is the post of Chairman and MD/CEO held by the same person? - There is no chairman in the

board

Average attendance of Directors in the Board meetings (%) - 100%

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 66% 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.




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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 5.04 11.09 2.49 -54.53% 345.16%

Debtors Turnover 4.80 5.15 4.67 -6.75% 10.38%

Fixed asset Turnover 0.53 1.05 1.56 -49.17% -32.62%

Current Asset Turnover 0.27 0.41 0.48 -34.81% -14.52%

Ret

urn

Rat

ios

Operating Profit Margin -99.49% -100.00% -16.35% N.A. N.A.

Net Profit Margin -109.41% -138.98% -16.36% N.A. N.A.

Return on Assets (ROA) -19.59% -41.22% -6.04% N.A. N.A.

Return on Equity (ROE) 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 0.72 0.94 1.32 -22.91% -28.86%

Quick Ratio 0.69 0.91 1.07 -24.20% -15.02%

Cash Ratio 0.65 0.83 0.93 -22.21% -10.61%

Working Capital Turnover ratio N.A. N.A. 1.99 N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio N.A. 3.91 0.78 N.A. 398.62%

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

Trad

ing

Rat

ios

Market Cap / Sales 0.16 0.07 0.04 116.43% 90.02%

Market Cap/ Net Worth N.A. 0.17 0.04 N.A. 328.91%

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)

29,170 50,297 89,208 -42.00% -43.62%

Trading Volume (shares) (high in 1 year)

4,34,760 3,59,320 14,82,529 21.00% -75.76%

Trading Volume (shares) (low in 1 year)

1.00 696.00 150.00 -99.86% 364.00%

Ratio - High/low trading volume 4,34,760 516 9,883 84,112.67% -94.78%

Ratio - High/average trading volume

14.90 7.14 16.62 108.63% -57.01%

Source - Money Control




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TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Sep' 2015 Sep' 2014 Sep' 2013 Comments

Promoter shareholding 9.67% 9.67% 6.49% No new equity shares were issued

during the period from Sep' 2013 due

to Sep' 2015. The promoters have

pledged 32.71% of their shareholding.

There is no major change in

shareholding of the Company.

Public - Institutional shareholding

0.33% 3.47% 2.73%

Public - Others shareholding

90.00% 86.86% 90.78%

Non Promoter Non Public Shareholding

- - -

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters Low

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 GDRs during last three years

Issue of ESOPs/Issue of shares other than Preferential allotment

The Company does not have any ESOP Scheme.

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



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P A G E



DISCLAIMER

Sources Company Information

Only publicly available data has been used while making the factsheet. Our

data sources include: BSE, NSE, SEBI, Capitaline, Moneycontrol, Businessweek,

Reuters, Annual Reports, IPO Documents and Company Website.

Analyst Certification

The analysts involved in development of this factsheet certify that no part of

any of the research analyst’s compensation was, is, or will be directly or

indirectly related to the contents of this factsheet.

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Zenith Birla (India) Ltd · Zenith Birla (India) Ltd was incorporated on 1960 with the name Zenith...

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