S :T EPORTING ATE TH UGUST Alps Industries Ltd.€¦ · 57/2, Site-IV Industrial Area, COMPANY BACKGROUND Sahibabad, Ghaziabad – 201 010, Alps Industries Ltd (formerly Alps Textiles

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: TEXTILES REPORTING DATE: 14TH AUGUST, 2017

ALPS INDUSTRIES LTD. www.alpsindustries.com

Alps Industries Ltd. NSE Code - ALPSINDUS TABLE 1 - MARKET DATA (STANDALONE) (AS ON 11TH AUGUST, 2017)

Sector - Textiles NSE Market Price (₹) 5.40 NSE Market Cap. (₹ Cr.) 21.12

Face Value (₹) 10.00 Equity (₹ Cr.) 39.11

Business Group - N.A. 52 week High/Low (₹) 10.20/4.50 Net worth (₹ Cr.)* -407.06

Year of Incorporation - 1972 TTM P/E (TTM) N.A. Traded Volume (Shares) 28,118

TTM P/BV N.A. Traded Volume (lacs) 1.52

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

57/2, Site-IV Industrial Area, COMPANY BACKGROUND

Sahibabad, Ghaziabad – 201 010, Alps Industries Ltd (formerly Alps Textiles Pvt Ltd), is into manufacture and selling of home

furnshings, made-ups, window coverings and architechtural products like venetion blinds,

vertical blnds, artifical ceilings, drapery rods, etc. under the brand name Vista Levolor.

Alps Industries(AIL) which started as a partnership in 1962 was converted into a Private

Limited Company in 1972 and became a public limited company.

AIL has set up a spinning, weaving, processing and fabrication unit in Ghaziabad, UP,

which is producing vegetable dyes, cotton, yarn, and fabricate and dye cotton fabric and

fibre. The company has been supplying to Park B Smith, US, for over 20 years.

AIL has been steadily exporting to Japan, Canada, the US, Germany, the UK, etc. Its

products find a regular place in Harrods, Bloomingdales and Macy's departmental stores.

In 2000, the company has started manufacturing of Pashmina Shawls and fashion

accessories which was exported to Europe, Hong Kong, Japan and U.S.A. It has also

enhanced its fibre dyeing capacity by adding a plant imported from Italy.

Uttar Pradesh

Company Website:

www.alpsindustries.com

Revenue and Profit Performance

The revenue of the Company decreased from ₹ 155.22 crores to

₹ 135.81 crores from quarter ending Sep’15 to quarter ending

Sep’16. The Company made a loss of ₹ 15.34 crores in quarter

ending Sep’16 vis-a-vis making a loss of ₹ 15.07 crores in

quarter ending Sep’15.

Source: Money Control

Performance vis-à-vis Market

Source: Capitaline

TABLE 2- Returns

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

Alps Industries Ltd -14.96% -29.63% -27.52% -16.92%

Nifty -0.67% 4.00% 11.87% 12.97%

-

0.50

1.00

1.50

2.00

Aug16

Sep16

Oct16

Nov16

Dec16

Jan17

Feb17

Mar17

Apr17

May17

Jun17

Jul17

Alps Industries Ltd NIFTY

135.81 129.60155.22

-15.34

55.69

-15.07-50

0

50

100

150

200

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.alpsindustries.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 -407.06 -379.97 -420.08 N.A. N.A.

Current Assets 179.77 214.28 548.86 -16.11% -60.96%

Non-Current Assets 429.87 442.15 468.86 -2.78% -5.70%

Total Assets 609.64 656.43 1017.72 -7.13% -35.50%

Investments 9.84 9.84 9.84 0.00 0.00

Finance Cost 0.01 -2.20 0.89 N.A. -347.19%

Long Term Liabilities 833.47 834.78 925 -0.16% -9.75%

Current Liabilities 183.23 201.61 512.8 -9.12% -60.68%

Turnover 129.49 120.24 147.18 7.69% -18.30%

Profit After Tax (PAT) -15.34 55.69 -15.07 -127.55% N.A.

EPS (₹) -0.56 -0.59 -3.85 N.A. N.A.

Source - Money Control / stock Exchange filing

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years:

The Auditors have not raised any qualifications for FY 2015-16:

However, the Auditors have drawn attention to following emphasis of matters with respect to notes to Financial Statements:

1. To Note No. 38 related to preparation of financial statement on going concern basis on belief of the company on its ability

to meet its financial obligations as per restructuring consented to by the majority secured, forming part of the Draft

Rehabilitation Scheme which is pending for consideration before Hon'ble Board for Industrial and Financial Reconstruction.

2. To Note No.39 related to non-provision of interest on loans from subsidiary companies and loans from minority secured

lenders pending their consent to the restructuring which has been consented to by the majority secured lenders.

Audit Qualifications for FY 2014-15:

The company has not made any provision towards losses amounting to ₹ 392.05 Cr. on derivative contracts (refer to note

nos. 36 (A) (c) I, II and III to the notes to account) and towards claim amounting to ₹ 62.59 Cr. against the corporate

guarantee provided by the company on behalf of one of its subsidiary company (Refer to note no. 36 (A) (c) IV to the notes

to account), hence to these extent the loss as shown in the statement of profit and Loss, accumulated losses and current

liabilities are understated. This matter was also qualified in our report on the financial statements for the year ended on 31st

March 2014.

Emphasis of Matters for FY 2014-15:

Auditors have drawn attention to the following matters in the Notes to Financial Statements:

1. To the Note no. 37 relating to non provision of interest amounting to ₹ 122.91 Cr. for the financial year 2014-15 on loans

taken from banks/Financial Institution/ARC/Subsidiary companies pursuant to consent of the secured lenders, constituting

more than 83% of the outstanding secured debt of the company, to the Draft Rehabilitation Scheme (DRS) which is pending

consideration before the Hon'ble BIFR, which inter alia envisages the complete waiver of all outstanding interest from these

lenders.

2. To note no 42 regarding pending confirmation of balances from trade receivable, loans & Advances and trade payables and

reconciliation thereof and ascertainment of slow, non-moving and damaged inventory and impact thereof, if any.

3. To the Note no. 43 relating to non-adjustment of amounts paid to secured lenders in terms of settlement reached with

them, under consideration of the DRS by the Hon'ble BIFR.

4. To the Note no. 45 which briefs the status of the reference of the company filed with the Hon'ble Board of Industrial &

Financial Reconstruction (BIFR) u/s 15 of the Sick Industrial Companies (Special Provisions) Act, 1985. The financial

statements have been prepared by the company on going concern basis pending sanction of the rehabilitation scheme by

the Hon'ble BIFR.




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Audit Qualifications for FY 2013-14:

The company has not made any provision towards losses amounting to ₹ 389.79 Cr. on derivative contracts crystallized

(refer to note nos. 36 (A) (d) I, II and III to the notes to account) and towards claim amounting to ₹ 60.09 Cr. against the

corporate guarantee provided by the company on behalf of one of its subsidiary company (Refer to note no. 36 (A) (d) IV to

the notes to account), hence to these extent the loss as shown in the statement of profit and Loss, accumulated losses and

current liabilities are understated.

Response Comment

Frequency of Qualifications Same qualification appeared in FY2013-14 and FY2014-15

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 50% 57.14%

% of Promoter Directors on the Board - 28.57%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Non-Executive Promoter

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

Average attendance of Directors in the Board meetings (%) - 91.43%

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 Non-Executive Promoter Director. The Company has 57% of

Independent Directors on the Board and hence, it meets the regulatory requirements.

Board Diversity: The Company has 7 directors out of which 6 are male and 1 female.




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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 1.66 1.08 0.39 53.24% 175.38%

Debtors Turnover 1.60 1.46 1.50 9.71% -2.88%

Fixed asset Turnover 0.30 0.27 0.31 10.77% -13.37%

Current Asset Turnover 0.72 0.56 0.27 28.37% 109.26%

Ret

urn

Rat

ios Operating Profit Margin -5.56% -9.21% -3.95% N.A. N.A.

Net Profit Margin -11.85% 46.32% -10.24% -125.58% N.A.

Return on Assets (ROA) N.A. 8.48% N.A. N.A. N.A.

Return on Equity (ROE) N.A. -14.66% N.A. N.A. N.A.

Return on Capital Employed (ROCE) N.A. 12.24% N.A. N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.98 1.06 1.07 -7.69% -0.70%

Quick Ratio 0.55 0.51 0.34 8.46% 50.60%

Cash Ratio 0.11 0.10 0.15 10.30% -31.22%

Working Capital Turnover ratio N.A. 4.40 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 0.18 0.15 0.13 23.83% 10.14%

Market Cap/ Net Worth N.A. N.A. N.A. N.A. N.A.

Market Cap/PAT N.A. 0.32 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’15

% Change

Jun ’17 vs

Dec’16

Dec’16 vs

Jun’16

Trading Volume (shares) (avg. of 1 qtr) 61,454 131,337 66,310 -53.21% 98.07%

Trading Volume (shares) (high in 1 qtr) 630,650 1,170,221 551,059 -46.11% 112.36%

Trading Volume (shares) (low in 1 qtr) 5,480 14,066 6,848 -61.04% 105.40%

Ratio - High/low trading volume 115.08 83.20 80.47 38.33% 3.39%

Ratio - High/average trading volume 10.26 8.91 8.31 15.18% 7.22%

Source: Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Jun'17 Dec'16 Jun'16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 27.06 27.06 27.06 • No new equity shares were issued during the

period from Jun’ 2016 to June’ 2017.

• Promoter shareholding remains unchanged

during the said period.

• The shareholding of public institution

decreased from 0.80% to 0.00% and that of

public others increased from 72.14% to 72.94%

during the same period.

• The promoters have pledged 38.60% of their

shareholding.

Public - Institutional

shareholding 0.00 0.00 0.80

Public - Others

shareholding 72.94 72.94 72.14

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 Pacific Texmark Private Limited 7.25%

1 Shree Naman Securities

and Finance Private

Limited

1.82%

2 Padam Precision Dies and Components Pvt Ltd 4.32%

3 K K Agarwal 2.93%

4 Coronation Spinning India Pvt Ltd 2.30% 2 Kinnari Rakesh Pujara 1.26%

5 Sandeep Agarwal 1.67% 3 Subramanian P 1.11%

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 in last one year.

GDRs issued by the Company The Company did not issue any GDRs in last one year.

Issue of ESOPs/Issue of shares other than

Preferential allotment

The Company does not have any ESOP Scheme. Further, no new equity shares were

issued by the Company in last one year.

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 Yarn 65.17

2 Fabrics 28.80

Source - Annual Report 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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