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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: PHARMACEUTICALS REPORTING DATE: 25TH NOVEMBER, 2017
KREBS BIOCHEMICALS & INDUSTRIES LTD.
www.krebsbiochem.com
Krebs Biochemicals & Industries Ltd. NSE Code - KREBSBIO TABLE 1 - MARKET DATA (STANDALONE) (AS ON 24TH NOVEMBER, 2017)
Sector - Pharmaceuticals NSE Market Price (`) 107.20 NSE Market Cap. (₹ Cr.) 151.94
Face Value (`) 10.00 Equity (` Cr.) 13.74
Business Group - Indian Private 52 week High/Low (₹) 120.75/73.50 Net worth (₹ Cr.)* -9.75
Year of Incorporation - 1991 TTM P/E (TTM) N.A. Traded Volume (Shares) 10,293
TTM P/BV N.A. Traded Volume (lacs) 11.03
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, * As on 30th Sept 2017
Kothapalli Village, COMPANY BACKGROUND
Kasimkota Mandal, Anakapalli, Krebs Biochemicals & Industries Ltd, (Formerly Krebs Biochemicals Ltd), promoted by Mr.
R. T. Ravi in 1991 is engaged in the manufacture of Active Pharmaceutical
Ingredients(API) through Fermentation process.
Krebs Biochemicals & Industries Limited develops biotechnology processes for application
in medicine, agriculture and industry. The Company undertakes both contract
manufacturing for pharmaceutical and multinational companies, and develops products
for sale in global markets. The Company manufactures various products, such as
Androstenedione for use as Steroid Intermediate, and Lovastatin and Simvastatin for anti-
cholesterol. The Company's products in either pilot or research and development stages
include Amlodipine, Cetirizine, Orlistat, Serratiopepetidase, Telmisartan and
Phenylephrine. The Company's manufacturing plants, which are located in Nellore and
Vizag, are equipped for chemical synthesis, fermentation and enzymatic technologies.
The Unit I located at Nellore is a 60-acre site with an effluent treatment plant. The Unit II
located at Vizag is a 48-acre site and has a 3.1-megawatt cogeneration power plant.
Visakapatnam,
Andhra Pradesh - 531031
Company Website:
www.krebsbiochem.com
Revenue and Profit Performance
The revenue of the Company increased from ₹ 0.39 crores to ₹ 3
crores from quarter ending Sep’16 to quarter ending Sep’17. The
Company made a loss of ₹4.86 crores in quarter ending Sep’17 vis-a-
vis making a loss of ₹4.16 crores in quarter ending Sep’16.
Source: Moneycontrol
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Krebs Biochemicals &
Industries Ltd -6.02% 15.57% 9.17% 34.33%
Nifty 0.44% 5.71% 8.17% 26.81%
NIFTY Pharma -0.68% 5.33% 6.93% -15.88%
Source - Capitaline/NSE
0.50
0.75
1.00
1.25
1.50
1.75
Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Nov 17
Krebs Biochemicals & Industries Ltd
NIFTY
NIFTY PHARMA
3.00 2.270.39
-4.86 -3.65 -4.16
-10
-5
0
5
Sep'17 Mar'17 Sep'16
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: PHARMACEUTICALS REPORTING DATE: 25TH NOVEMBER, 2017
KREBS BIOCHEMICALS & INDUSTRIES LTD.
www.krebsbiochem.com
TABLE 3 - FINANCIALS
(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change
Sep ’17 vs Mar’17 Mar’17 vs Sep’16
Net Worth -9.75 1.47 5.13 -763.27% -71.35%
Current Assets 14.44 13.19 10.67 9.48% 23.62%
Non-Current Assets 108.94 108.89 107.34 0.05% 1.44%
Total Assets 123.38 122.08 118.01 1.06% 3.45%
Investments 0.00 0.00 0.00 N.A. N.A.
Finance Cost 1.24 1.41 0.70 -12.06% 101.43%
Long Term Liabilities 97.48 88.88 83.54 9.68% 6.39%
Current Liabilities 35.65 31.72 29.34 12.39% 8.11%
Turnover 2.61 1.88 0.00 38.83% N.A.
Profit After Tax (PAT) -4.86 -3.65 -4.16 N.A. N.A.
EPS (₹) -3.70 0.62 -3.03 -696.77% N.A.
Source - Money Control/ Stock exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Statutory Auditors in their Report have made qualification for FY 2014-15 and FY 2015-
16. No Audit qualifications was made for FY 2016-17.
Basis for Qualified Opinion for FY 2015-16:
“Reference is invited to Note 14 of the financial statements, The Company's Non-Current Assets consist of Long Term Trade
Receivables of Rs. 21.74 crores and Other Loans and advances of Rs 1.78 crores. We are unable to ascertain whether such
balances as at balance sheet date are fully recoverable. Accordingly, we are unable to ascertain the impact, if any, that may arise
in case any of these receivables are subsequently determined to be doubtful of recovery. Had the Company made a provision for
the same, the loss of the period would have been higher by the said amount.”
Qualified Opinion for FY 2015-16:
“In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of
the matters described in the Basis for Qualified Opinion paragraph, the financial statements give the information required by the
Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2016;
b) In the case of the Statement of Profit and Loss, of the loss for the year ending 31st March, 2016;
c) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date.”
Similar Audit Qualifications relating to trade receivables, were made by Auditors for FY 2014-15.
Response Comment
Frequency of Qualifications For FY 2014-15 & FY 2015-16 related to Trade Receivables.
Have the auditors made any adverse remark in last 3 years? No -
Are the material accounts audited by the Principal Auditors? N.A. No Subsidiary / Associate / Joint Venture
Do the financial statements include material unaudited financial
statements? N.A. No Subsidiary / Associate / Joint Venture
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3 | P A G E
SECTOR: PHARMACEUTICALS REPORTING DATE: 25TH NOVEMBER, 2017
KREBS BIOCHEMICALS & INDUSTRIES LTD.
www.krebsbiochem.com
TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT - FY 2016-17)
Regulatory Norms Company
% of Independent Directors on the Board 50% 50%
% of Promoter Directors on the Board - 25%
Number of Women Directors on the Board At least 1 1
Classification of Chairman of the Board - Non - Executive Promoter Director
Is the post of Chairman and MD/CEO held by the same person? - No
Average attendance of Directors in the Board meetings (%) - 90%
Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 "Listing Regulations, 2015", the Company should have at least 50% Independent Directors as the Chairman of the Board is
a Promoter Non - Executive Director. The Company has 50% of Independent Directors and hence, it meets the regulatory
requirements.
Board Diversity: The Company has 8 directors out of which 7 are male and 1 is female.
TABLE 5 - FINANCIAL RATIOS
Ratios Sep’17 Mar’17 Sep’16
% Change
Sep ’17 vs
Mar’17
Mar’17 vs
Sep’16
Turn
ove
r
Rat
ios
Inventory Turnover
0.39 0.34 N.A. 13.10% N.A.
Debtors Turnover
1.85 1.18 N.A. 56.55% N.A.
Fixed asset Turnover
0.02 0.02 N.A. 38.77% N.A.
Current Asset Turnover
0.18 0.14 N.A. 26.81% N.A.
Ret
urn
Rat
ios Operating Profit Margin -99.62% -40.43% N.A. N.A. N.A.
Net Profit Margin -186.21% -194.15% 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
0.41 0.42 0.36 -2.59% 14.34%
Quick Ratio
0.22 0.24 0.17 -10.91% 45.81%
Cash Ratio
0.18 0.19 0.16 -8.27% 17.78%
Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio N.A. 29.11 15.48 N.A. 88.02%
Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.
Trad
ing
Rat
ios
Market Cap / Sales
47.63 65.80 N.A. -27.61% N.A.
Market Cap/ Net Worth N.A. 84.15 85.91 N.A. -2.05%
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/Stock exchange filing
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STAKEHOLDERS EMPOWERMENT SERVICES
4 | P A G E
SECTOR: PHARMACEUTICALS REPORTING DATE: 25TH NOVEMBER, 2017
KREBS BIOCHEMICALS & INDUSTRIES LTD.
www.krebsbiochem.com
TABLE 6 - TRADING VOLUME
Particulars Sep’17 Mar’17 Sep’16
% Change
Sep ’17 vs
Mar’17
Mar’17 vs
Sep’16
Trading Volume (shares) (avg. of 1 qtr) 1,316 529 N.A. 148.90% N.A.
Trading Volume (shares) (high in 1 qtr) 10,880 2,503 N.A. 334.68% N.A.
Trading Volume (shares) (low in 1 qtr) 5 2 N.A. 150.00% N.A.
Ratio - High/low trading volume 2,176.00 1,251.50 N.A. 73.87% N.A.
Ratio - High/average trading volume 8.27 4.73 N.A. 74.64% N.A.
Source - Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Sep-17 Mar-17 Sep-16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 59.77 59.77 59.77 • No new equity shares were issued during the
period from 1st Oct, 2016 to 30th Sep, 2017.
• 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 pledged or encumbered
4.87% of their shareholding.
Public - Institutional shareholding 0.01 0.01 0.01
Public - Others shareholding 40.22 40.22 40.22
Non-Promoter Non-Public Shareholding 0.00 0.00 0.00
Source - NSE
MAJOR SHAREHOLDERS (AS ON 30TH SEPTEMBER 2017)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
1 IPCA Laboratories Limited 29.83% 1 Sun Pharmaceutical Industries Limited 7.64%
2 Hemalata Ravi 16.18% 2 Pinky Ventures Private Limited 4.36%
3 Avinash Ravi 12.87% 3 K Satish 1.56%
4 Ajay Ravi 0.68% 4 Shaaji Palliyath 1.46%
5 R T Ravi 0.14% 5 Edelweiss Asset Reconstruction Co. Ltd. 1.09%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The promoters have not sold/bought any shares in FY 2016-17
Preferential issue to promoters No preferential issue of shares was made to the promoters in FY 2016-17
Preferential issue to others No preferential issue of shares was made to other shareholders during FY 2016-17
GDRs issued by the Company The Company did not issue any GDRs during FY 2016-17
Issue of ESOPs/ Issue of shares other than
Preferential allotment The Company does not have any ESOP Scheme.
Source - Annual Report FY 2016-17
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1 Lovastatin Nil
2 Simvastatin 100%
Source - Annual Report FY 2016-17
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SECTOR: PHARMACEUTICALS REPORTING DATE: 25TH NOVEMBER, 2017
KREBS BIOCHEMICALS & INDUSTRIES LTD.
www.krebsbiochem.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
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
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SECTOR: PHARMACEUTICALS REPORTING DATE: 25TH NOVEMBER, 2017
KREBS BIOCHEMICALS & INDUSTRIES LTD.
www.krebsbiochem.com
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.
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SECTOR: PHARMACEUTICALS REPORTING DATE: 25TH NOVEMBER, 2017
KREBS BIOCHEMICALS & INDUSTRIES LTD.
www.krebsbiochem.com
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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SECTOR: PHARMACEUTICALS REPORTING DATE: 25TH NOVEMBER, 2017
KREBS BIOCHEMICALS & INDUSTRIES LTD.
www.krebsbiochem.com
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.
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Research Analyst: Mukesh Solanki