S A EPORTING ATE UGUST Hindustan Motors Ltd. · 2017-08-23 · Hindustan Motors Ltd is engaged in automobile manufacturing. They produce a range of vehicles which includes Passenger

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SECTOR: AUTOMOBILE REPORTING DATE: 14TH AUGUST, 2017

HINDUSTAN MOTORS LTD. www.hindmotor.com

Hindustan Motors Ltd. NSE Code - HINDMOTORS TABLE 1 - MARKET DATA (STANDALONE) (AS ON 10TH AUGUST, 2017)

Sector - Automobile NSE Market Price (`) 7.25 NSE Market Cap. (₹ Cr.) 149.40

Face Value (`) 5.00 Equity (` Cr.) 104.33

Business Group – N.A. 52 week High/Low (₹) 12.9/5.00 Net worth (₹ Cr.)* -103.81

Year of Incorporation - 1942 TTM P/E (TTM) N.A. Traded Volume (Shares) 3,41,082

TTM P/BV N.A. Traded Volume (lacs) 24.73

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. – Not Applicable, *As on 30th September, 2016

Birla Building, 14th Floor, COMPANY BACKGROUND

9/1, Rajendra Nath Mukherjee Rd, Hindustan Motors Ltd is engaged in automobile manufacturing. They produce a range of

vehicles which includes Passenger cars, RTV, Multi Utility Vehicles, the versatile Bedford

trucks. They also manufacture passenger cars in the mid-size premium segment.

Hindustan Motors Ltd was incorporated in the year 1942 at Port Okha in Gujarat as a small

assembly plant for passenger car. In the year 1948, they shifted their activities to

Uttarpara in West Bengal and set up facilities for the manufacture of cars and trucks and

in the year 1971, the company diversified their activities by setting up an Earthmoving

Equipment Division at Tiruvallur in Tamil Nadu for the manufacture of Earthmoving

equipment such as dumpers, front-end loaders and crawler tractors.

Kolkata, West Bengal – 700 001

Company Website:

www.hindmotor.com

Revenue and Profit Performance

The total revenue of the Company decreased from ₹0.29 crores

to ₹0.01 crores from quarter ending Sep’15 to quarter ending

Sep’16. The Company made a loss of ₹5.04 crores in quarter

ending Sep’16 vis-a-vis making a loss of ₹6.35 crores in quarter

ending Sep’15.

Source - Money Control

Performance vis-à-vis Market

TABLE 2- Returns

1-m 3-m 6-m 12-m

Hindustan Motors Ltd -8.23% -31.72% -34.39% 39.42%

NIFTY -0.72% 3.82% 11.69% 13.63%

NIFTY AUTO -3.02% 1.18% 8.00% 10.96%

Source – Capitaline / NSE

-

0.50

1.00

1.50

2.00

2.50

Aug16

Sep16

Oct16

Nov16

Dec16

Jan17

Feb17

Mar17

Apr17

May17

Jun17

Jul17

Hindustan Motors Ltd NIFTY NIFTY AUTO

0.010.3

0.29

-5.04

-8.48-6.35

-10

-5

0

5

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.hindmotor.com/




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TABLE 3 - FINANCIALS

(₹ Cr.) Sep’16 Mar’16 Sep’15

% Change

Sep ’16 vs Mar’16 Mar’16 vs

Sep’15

Net Worth -103.81 -93.45 -72.65 N.A. N.A.

Current Assets 11.40 19.98 32.02 -42.94% -37.60%

Non-Current Assets 30.71 31.61 32.73 -2.85% -3.42%

Total Assets 42.11 51.59 64.75 -18.38% -20.32%

Investments 0.14 0.14 0.14 0.00% 0.00%

Finance Cost 2.78 2.57 2.68 8.17% -4.10%

Long Term Liabilities 3.20 9.98 16.45 -67.94% -39.33%

Current Liabilities 142.72 135.06 120.95 5.67% 11.67%

Turnover 0.00 0.19 0.00 N.A. N.A.

Profit After Tax (PAT) -5.04 -8.48 -6.35 N.A. N.A.

EPS (₹) -0.24 -0.41 -0.31 N.A. N.A.

Source - Money Control/ Stock Exchange filling

Discussion by the Company in quarterly results (September 2016) –

As the accumulated losses of the Company at the end of the financial year ended 30th September, 2013 exceeded its entire net

worth, the Company has made reference to the Board for Industrial and Financial Reconstruction (BIFR) under Section 15 of the

Sick Industrial Companies (Special Provisions) Act, 1985. The reference has been registered by BIFR and proceedings are going on.

The Operating results have been adversely affected due to adverse market conditions and the accumulated losses of the

company as at 31st March, 2016 stand at ₹233.05 Crore as against the share capital of ₹104.41 Cr. Also, the current liabilities as

at 31st March, 2016 exceed current assets by ₹115.08 Crore. The company had also declared “Suspension of work” as its

Uttarpara plant w.e.f. 24th May 2014 & layoff at its Pithampur plant w.e.f. 4th December 2014. These conditions indicate the

exitance of material uncertainty about the Company’s ability to continue as a going concern, which is dependent on Company

establishing profitable operations and sustainable cash flows. The management is in the process of restructuring the operations

including rationalizing the costs.

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: No Audit Qualifications in last three years (FY 2015-16, FY 2014-15 & FY 2013-14). However,

the Statutory Auditors has drawn attention to the following matters:

Emphasis of Matter for the financial year 2015-16:

Note 43 to the financial statements which indicate that the net worth of the company is fully eroded as at 31 st March 2016,

leading to a material uncertainty about the company’s ability to continue as a going concern. However, the financial statements

of the company have been prepared on a going concern basis for the reasons stated in the said note.


(a) Note 47 in the Notes to the financial statements which indicates that the Company has been incurring losses and its net worth

is fully eroded and it has suspended operations in its Uttarpara Plant and declared layoff in its Pithampur Plant, leading to a

material uncertainty about the Company’s ability to continue as a going concern, which is dependent on the Company

establishing profitable operations for which the Company is making serious efforts. However, the financial statements of the

Company have been prepared on a going concern basis for the reasons stated in the said Note.

(b) Note 50 regarding our access to hard copies of certain books, records and other source documents as these have been kept at

Uttarpara Plant which is under "Suspension of Work". However, we have test checked some of them and tallied them with the

records maintained in the system. However, based on the present scale of operations of the company at Uttarpara, the

management believes that the impact thereof, if any, is not expected to be material.




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a) Note 46 regarding preparation of the accounts on a going concern basis. The Company has been incurring losses and its net

worth stands fully eroded and also, its current liabilities exceed its current assets. Also, the Company has sold its Chennai Plant

and has suspended operations in its Uttarpara plant. These conditions indicate the existence of a material uncertainty that may

cast significant doubt about the Company's ability to continue as a going concern, which is dependent on the Company

establishing profitable operations.

b) Note 31 (e) regarding the demand of Government of West Bengal (GoWB) for payment of Rs 194.47 crore along with interest

thereon in relation to excess realization of the said sum from the sale of land at Hindmotor, West Bengal, in earlier years. As

stated in the said Note, the Company is of the view that it has not committed any default of the said Government Order and

based on the legal advice obtained by the Company, no provision is considered necessary by the management against the said

claim of GoWB.

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 2015-16)

Regulatory Norms Company

% of Independent Directors on the Board 33% 50%*

% of Promoter Directors on the Board - 0%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Non-Executive Director

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

Average attendance of Directors in the Board meetings (%) - 83.33%

*Mr. Sanjay Basu resigned as director of the Company w.e.f. 17th September, 2015

Composition of Board: As per Regulation 17(1)(b) of the Listing Regulations, 2015, the Company should have at least 33%

Independent Directors as the Chairman of the Board is a Non-Executive Director. The Company has 50% of Independent

Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 4 directors out of which 1 is Woman Director.




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TABLE 5 - FINANCIAL RATIOS

Ratios Sep’16 Mar’16 Sep’15

% Change

Sep ’16 vs

Mar’16

Mar’16 vs

Sep’15

Turn

ove

r

Rat

ios

Inventory Turnover N.A. 0.03 N.A. N.A. N.A.

Debtors Turnover N.A. 0.16 N.A. N.A. N.A.

Fixed asset Turnover N.A. 0.01 N.A. N.A. N.A.

Current Asset Turnover N.A. 0.01 N.A. N.A. N.A.

Ret

urn

Rat

ios

Operating Profit Margin N.A. -2,973.68% N.A. N.A. N.A.

Net Profit Margin N.A. -4,463.16% N.A. N.A. N.A.

Return on Assets (ROA) N.A. N.A. N.A. 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 0.08 0.15 0.26 -46.01% -44.12%

Quick Ratio 0.05 0.10 0.19 -51.85% -49.64%

Cash Ratio 0.04 0.09 0.18 -55.53% -51.66%

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

Solv

ency

Rat

ios 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 N.A. 549.11 N.A. N.A. N.A.

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.

Source - Money Control

Note: No operational revenue for the quarter ending September 2015 and September 2016.

TABLE 6 - TRADING VOLUME

Jun’17 Dec’16 Jun’16

% Change

June 17 vs

Dec 16

Dec 16 Vs

June 16

Trading Volume (shares) (avg. of 1 qtr) 3,79,833 11,25,110 1,89,713 -66.24% 493.06%

Trading Volume (shares) (high in 1 qtr) 18,75,324 67,40,506 9,79,899 -72.18% 587.88%

Trading Volume (shares) (low in 1 qtr) 79,262 65,647 21,951 20.74% 199.06%

Ratio - High/low trading volume 23.66 102.68 44.64 -76.96% 130.01%

Ratio - High/average trading volume 4.94 5.99 5.17 -17.59% 15.99%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Jun’17 Dec’16 Jun’16 Comments

Shar

eho

ldin

g (%

)

Promoter

shareholding 32.34 32.34 32.34

• No new equity shares were issued during the

period from June 16 to June 17.

• There was no change in the promoter

shareholding during the said period.

• The shareholding of public institution

decreased from 9.09% to 5.87% and that of

public others increased from 58.58% to 61.79%

during the same period.

• The promoters have pledged 17.51% of their

shareholding.

Public - Institutional


Public - Others


Non-Promoter Non-

Public Shareholding 0.00 0.00 0.00

Source - NSE




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MAJOR SHAREHOLDERS (AS ON 30TH JUNE, 2017)

S. No. Promoters Shareholding

S. No. Public Shareholders Shareholding

1 National Bearing Co. (Jaipur) Ltd 10.36% 1 Life Insurance Corporation of India 3.56%

2 Central India Industries Limited 8.82% 2 Anju Baldi 2.16%

3 Amer Investments (Delhi) Limited 4.21% 3 Shiv Narayan Baldi (Huf) 1.71%

4 Bengal Rubber Company Limited 2.57% 4 Shiv Narayan Baldi 1.08%

5 Hindusthan Discounting Co Ltd 1.48% 5 Chandar Kala Baldi 1.01%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last year.

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 in 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 did not issue any shares to the employees under its ESOP Scheme in

last one year.

Source - Annual Report FY 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. Vehicles 31.32%

Source - Annual Report FY 2015-16




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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

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




7 | P A G E



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

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.


http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp

https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



8 | P A G E



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




9 | P A G E



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