S EPORTING ATE UGUST Golden Tobacco Ltd. · later diversified into petrochemicals, additives, paper, marine products, etc. Golden Tobacco Ltd was established in the year 1930 by Narsee

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SECTOR: TOBACCO PRODUCTS REPORTING DATE: 14TH AUGUST, 2017

GOLDEN TOBACCO LTD. www.goldentobacco.in

Golden Tobacco Ltd. NSE Code - GOLDENTOBC TABLE 1 - MARKET DATA (STANDALONE) (AS ON 6TH AUGUST, 2017)

Sector - Tobacco Products NSE Market Price (`) 55.00 NSE Market Cap. (₹ Cr.) 96.86

Face Value (`) 10.00 Equity (` Cr.) 17.61

Business Group - Dalmia Sanjay 52 week High/Low (₹) 85.80/39.05 Net worth (₹ Cr.)* -166.41

Year of Incorporation - 1955 TTM P/E (TTM) N.A. Traded Volume (Shares) 10,248

TTM P/BV N.A. Traded Volume (lacs) 5.64

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

Darjipura, Post - Amaliyara, COMPANY BACKGROUND

Vadodara – 390 022, Gujarat Golden Tobacco Ltd, the flagship of Dalmia group is one of the prominent players in the

cigarette market. The company's principal activity is to manufacture and market cigarettes

and processed tobacco. They manufacture various categories of cigarettes, namely full

flavour, lights, ultralights, menthol, menthol lights and extra menthol lights. The company

later diversified into petrochemicals, additives, paper, marine products, etc.

Golden Tobacco Ltd was established in the year 1930 by Narsee Monjee. The company

was changed to a private concern in the year 1955 and went public in the year 1970. In

the year 1979, the company was taken over by the Dalmia Industries.

In July 2008, the company name was changed from GTC Industries Ltd to Golden Tobacco

Ltd. Also, the company decided to de-merge Tobacco and Realty business in two separate

companies.

Company Website:

www.goldentobacco.in

Revenue and Profit Performance

The revenue of the Company increased from ₹11.06

crores to ₹12.21 crores from quarter ending Sep’15 to

quarter ending Sep’16. The Company made a loss of

₹9.44 crores in quarter ending Sep’16 vis-a-vis making

a loss of ₹8.77 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

Golden

Tobacco Ltd 1.85% -20.00% -20.46% 30.80%

Nifty 2.93% 6.53% 14.37% 16.37%

Source - Capitaline

-

0.50

1.00

1.50

2.00

Aug16

Sep16

Oct16

Nov16

Dec16

Jan17

Feb17

Mar17

Apr17

May17

Jun17

Jul17

Golden Tobacco Ltd NIFTY

12.21 11.78 11.06

-9.44 -9.81 -8.77

-15

-10

-5

0

5

10

15

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.goldentobacco.in/




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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 -166.41 -146.72 -127.19 N.A. N.A.

Current Assets 80.05 79.23 89.92 1.03% -11.89%

Non-Current Assets 234.72 236.31 255.01 -0.67% -7.33%

Total Assets 314.77 315.55 344.93 -0.25% -8.52%

Investments 8.64 8.64 8.64 0.00% 0.00%

Finance Cost 6.64 6.36 6.16 4.40% 3.25%

Long Term Liabilities 6.08 19.71 203.62 -69.15% -90.32%

Current Liabilities 475.11 442.56 268.51 7.35% 64.82%

Turnover 12.15 11.71 10.93 3.76% 7.14%

Profit After Tax (PAT) -9.44 -9.81 -8.77 N.A. N.A.

EPS (₹) -5.36 -5.58 -4.99 N.A. N.A.

Source - Money Control/Stock exchange filling

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

The Company's net worth had been entirely eroded and a new reference application u/s 15(1) of the SICA,1985 has been

submitted in May, 2016 before the Hon'ble BIFR which is pending it's directions. The Company has however, prepared these

results on a going concern basis as the management is hopeful to turnaround the Company's business performance in due

course.

The Company had given advances, the balance as on 30th September, 2016 being ₹163.90 Cr. to Golden Realty & infrastructure

Limited (a wholly owned subsidiary Company), which in turn has utilized the same to acquire certain development rights in a plot

of land situated in Delhi for joint Development pursuant to Development Agreement in this regard.

AUDIT QUALIFICATIONS

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

Emphasis of Matter in the Financial year 2015-2016

Without qualifying, we draw attention to the following:

1 (a) Hon’ble Supreme Court vide its order dated May 12, 2016 on the SLP filed by the Income Tax Department (Department)

inter-alia held that:

(i) the scheme sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) was over on March 31, 2011 and

hence, the Company was out of its purview. Accordingly, the Modified Draft Rehabilitation Scheme filed by the Company

is not maintainable.

(ii) the Department shall be entitled to take steps for attachment and sale of Company’s properties including Vile Parle Land

against the disputed principal amount. In respect of waiver of interest and penalties, the same would be decided by the

BIFR. However, such sale shall be subject to payment of undisputed excise demands and the rights of the secured

creditors in respect of the mortgaged properties.

(iii) The Memorandum of Understating entered with M/s Sheth Developers Pvt. Ltd. and Suraksha Realty Ltd. in respect of its

Vile Parle property loses its legal force and no right would accrue under it.

(Also Refer note no. 25 (1) (1.1) (b), 25 (5)(a) and 25 (9) (a) of the standalone financial statements for the year ended March 31,

2016)

2. The appropriateness or otherwise of the preparation of these standalone financial statements on a going concern basis, in

view of the Company’s net worth having been entirely eroded. The Company has however, prepared the financial statements on

a going concern basis as the management is hopeful to turn around the Company’s business performance in due course on

getting necessary approval from BIFR for a fresh reference proposed to be filed shortly.




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Emphasis of Matter in the financial year 2014-2015

Without qualifying, we draw attention to the following:

a. The appropriateness or otherwise of the preparation of these standalone financial statements on a going concern basis,

in view the Company’s net worth having been entirely eroded as also the restrictions placed by the Hon’ble Supreme

Court to deal with the properties of the Company and also by the Gujarat High Court particularly in respect of Vile Parle

property. The Company has however, prepared the financial statements on a going concern basis as the management is

hopeful to turn around the Company’s business performance and expects favourable decision by the aforesaid courts

and consequential early finalization of Modified Draft Rehabilitation Scheme (MDRS), inter alia, providing for early

disposal of Company’s surplus properties. (Refer note no. 25.(10) of the standalone financial statements)

b. The Company’s Revised MDRS submitted to the Monitoring Agency for their consideration, which is pending and

consequential impact, if any, including provisions/reliefs and payment of interest on various advances taken by the

Company, etc. as and when the scheme is sanctioned (Refer note no. 25(1)(1.1) (c) of the standalone financial

statements).

c. There is substantial diminution in the carrying value of certain long term investments, particularly in respect of quoted

investments- the diminution being ₹2.12 Cr. (Previous year ₹3.55 Cr. ) as compared to its market value which, in the

opinion of the management is temporary and no provisioning is considered necessary at this stage as the same are long

term and of strategic in nature (Refer note no.9.1 of the standalone financial statements).

Emphasis of Matter in the financial year 2013-2014

Without qualifying, we draw attention of the following:

(a) The Company’s Revised Modified Draft Rehabilitation Scheme (MDRS) submitted to the BIFR and consequential

recording of reliefs etc. as and when the scheme is sanctioned (Refer note no. 25(1)(1.1) (e)).

(b) There is substantial diminution in the carrying value of certain long term investments, particularly in respect of quoted

investments- the diminution being ₹3.55 Cr. as compared to its market value which, in the opinion of the management is

temporary and no provisioning is considered necessary at this stage as the same are long term and of strategic in

nature.

(c) Overdue advances of ₹9.99 Cr. and an investment of ₹2.31 Cr. in Western Express Industries Limited (WEIL), a wholly

owned subsidiary company which has accumulated losses far in excess of its paid-up capital and reserves & surplus. As

explained, the management is hopeful of recovering/realizing the same in due course of time in view of expected revival

of activities / developments in the said subsidiary.

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% 60%

% of Promoter Directors on the Board - -

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Independent Director

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

Average attendance of Directors in the Board meetings (%) - 96%

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




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Independent Directors as the Chairman of the Board is a Non-Executive Director. The Company has 60% of Independent

Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 5 directors out of which 1 is Women Director.

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 0.18 0.18 0.14 3.85% 24.27%

Debtors Turnover 1.28 1.31 1.29 -2.68% 1.85%

Fixed asset Turnover 0.05 0.05 0.04 4.46% 15.61%

Current Asset Turnover 0.15 0.15 0.12 2.69% 21.59%

Ret

urn

Rat

ios Operating Profit Margin -27.16% -28.10% -26.35% N.A. N.A.

Net Profit Margin -77.70% -83.77% -80.24% 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 0.17 0.18 0.33 -5.89% -46.54%

Quick Ratio 0.03 0.03 0.05 -0.63% -39.92%

Cash Ratio 0.01 0.01 0.02 -0.51% -46.49%

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 5.88 5.60 5.47 5.05% 2.41%

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

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) 3,005 95,958 15,971 -96.87% 500.82%

Trading Volume (shares) (high in 1 qtr) 17,546 10,38,585 2,61,086 -98.31% 297.79%

Trading Volume (shares) (low in 1 qtr) 55 1,149 146 -95.21% 686.99%

Ratio - High/low trading volume 319.02 903.90 1,788.26 -64.71% -49.45%

Ratio - High/average trading volume 5.84 10.82 16.35 -46.06% -33.79%

Source - Capitaline




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TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Jun'17 Dec'16 Jun'16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 26.02 26.02 26.02 • No new equity shares were issued during the

period from Jun’16 to Jun’ 17.

• There was no change in the promoter

shareholding during the said period.

• No major change was observed in the

shareholding pattern during the said period.

• The promoters have not pledged any shares

Public - Institutional

shareholding 0.10 0.08 0.25

Public - Others

shareholding 73.88 73.90 73.73

Non-Promoter Non-Public

Shareholding 0.00 0.00 0.00

Source: NSE

MAJOR SHAREHOLDERS (AS ON 30TH June 2017 )

S. No. Promoters Shareholding S. No. Public Shareholders Shareholding

1 Wgf Financial Services Ltd 5.45% 1 Noble Communications Pvt Ltd 4.42%

2 Dear Investment Private Ltd 4.54% 2 Aarkay Investments Pvt Ltd 4.10%

3 Lakshmi Vishnu Investment Ltd. 2.84% 3 Rajasthan Global Securities Private Ltd 4.09%

4 Swastik Commercial Private Ltd. 2.29% 4 Fidelity Multitrade Pvt Ltd 3.15%

5 Swagatham Investment Ltd. 2.26% 5 Lend Lease Company (India) Ltd 2.79%

Source: NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last one 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 during in 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 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. Cigarettes & Cigars Manufacturing 100

Source - Annual Report FY 2015-16




6 | P A G E



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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Research Analyst: Kirti Dhokiya


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