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Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: STEEL REPORTING DATE: 6TH DECEMBER, 2017
PRAKASH STEELAGE LTD www.prakashsteelage.com
Prakash Steelage Ltd NSE Code - PRAKASHSTL TABLE 1 - MARKET DATA (STANDALONE) (AS ON 04TH DECEMBER, 2017)
Sector - Steel NSE Market Price (`) 0.25 NSE Market Cap. (₹ Cr.) 5.78
Face Value (`) 1.00 Equity (` Cr.) 17.50
Business Group – N.A. 52 week High/Low (₹) 2.00/0.10 Net worth (₹ Cr.)* -293.23
Year of Incorporation - 1991 TTM P/E (TTM) 0.31 Traded Volume (Shares) 70,349
TTM P/BV N.A. Traded Volume (lacs) 0.18
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable,* As on 30th September, 2017
101, 1st Floor Shatrunjay Apts, COMPANY BACKGROUND
28, SindhiLane Nanubhai Prakash Steelage Limited is engaged in manufacturing and trading of stainless steel tubes
and pipes. The Company produces pipes and tubing in stainless steel, duplex, titanium and
other high nickel alloy tubing. The Company produces Pressure Tubing in a variety of alloys
and sizes. Its products are available in various conditions, such as as welded,
Annealed/Unanneled, Bright Annealed, Annealed and Pickled, U-Bent, Bead Rolled and
Straight Lengths. Its tubing is available in a range of grades and specifications. It is used in a
variety of applications in industries, such as automotive, pulp and paper, food, semi-
conductor manufacturing, petro-chemicals, oil and gas, pharmaceutical and sugar industry.
The Company has an advanced tube bending facility with a capacity to cold bend tubes of
19.05-millimeter (mm) outer diameter (OD) to 38.10mm OD and up to approximately
3.38mm wall thickness with 22.20mm to 1,220mm center line radius.
Desai Rd, Mumbai – 400 004
Maharashtra
Company Website:
www.prakashsteelage.com
Revenue and Profit Performance
The revenue of the Company decreased from ₹ 35.50 crores to ₹
14.24 crores from quarter ending Sep’16 to quarter ending
Sep’17. The Company made a profit of ₹ 3.27 crores in quarter
ending Sep’17 vis-a-vis making a loss of ₹ 20.15 crores in quarter
ending Sep’16.
Source: Money control
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Prakash Steelage Ltd -16.67% -20.00% -70.59% -81.48%
Nifty -3.10% 1.91% 4.98% 23.95%
NIFTY METAL -8.12% -0.61% 23.05% 27.04%
Source - Capitaline/NSE
14.24 6.7635.50
3.27
-77.64
-20.15
-100
-50
0
50
Sep'17 Mar'17 Sep'16
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
0.00
0.50
1.00
1.50
2.00
Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17
Prakash Steelage Ltd NIFTY NIFTY METAL
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: STEEL REPORTING DATE: 6TH DECEMBER, 2017
PRAKASH STEELAGE LTD www.prakashsteelage.com
TABLE 3 - FINANCIALS
(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change
Sep ’17 vs Mar’17 Mar’17 vs Sep’16
Net Worth -293.23 -40.89 47.47 N.A. -186.14%
Current Assets 50.86 307.01 375.85 -83.43% -18.32%
Non-Current Assets 23.32 24.82 47.64 -6.02% -47.90%
Total Assets 74.18 331.83 423.49 -77.64% -21.64%
Investments 3.25 3.25 3.35 0.00% -2.99%
Finance Cost 0.01 -11.77 7.97 N.A. -247.68%
Long Term Liabilities 6.94 54.59 67.08 -87.29% -18.62%
Current Liabilities 360.48 318.13 308.93 13.31% 2.98%
Turnover 14.24 7.16 33.07 98.88% -78.35%
Profit After Tax 3.27 -77.64 -20.15 N.A. N.A.
EPS (₹) 0.19 -4.44 -1.15 N.A. N.A.
Source - Money Control/Stock exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Auditors have raised qualification in FY 2016-17. The Auditors have raised concern over
certain matter under Emphasis of matters in their Report for FY 2014-15.
Basis for Qualified Opinion for FY 2016-17 (As stated in Annual Report FY 2016-17):
1.During the current financial year, the account of the Company with its consortium Banks had turned Non-Performing Asset on
various dates. In view of uncertainty the Company has not provided interest including penal interest and other dues for the year
on borrowings, to the extent the same have remained unpaid. Had the interest been provided, loss of the year would have been
higher by ₹ 19.53 Cr with a corresponding increase in liabilities towards interest. Also, the Reserves & Surplus have been
overstated to that extent.
2. The Financial Statement indicates that the Company has accumulated losses resulting in erosion of Net Worth and has
incurred net cash losses in the current and immediately preceding Financial Year. These conditions cast serious doubt about the
company's ability to continue as a going concern. However, the financial statements of the Company has been prepared on a
going concern basis.
Management Response:
1.Due to adverse condition in steel industries on account of drastic fall in the prices of steel, the Company has been suffering
losses since couple of years which is impacting the net worth of the Company. Loan account had been classified as NPA by the
consortium of the banks and Company is not generating revenue to service the loans. Hence in view of uncertainty the Company
has not provided interest including penal interest and other dues for the year on borrowings, to the extent the same have
remained unpaid.
2.The erosion of net worth of the Company should not be constituted as doubt on the continuity of the Company as going
concern. The steel industries is on the revival path. The Company is in the process of coming out of the crisis through business
restructuring and financial arrangement.
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
3 | P A G E
SECTOR: STEEL REPORTING DATE: 6TH DECEMBER, 2017
PRAKASH STEELAGE LTD www.prakashsteelage.com
Response Comment
Frequency of Qualifications Not Applicable
Have the auditors made any adverse
remark in last 3 years? Yes
The Auditors has raised qualification and raised concern about the
Company's ability to continue as a going concern.
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 - FY 2016-17)
Regulatory Norms Company
% of Independent Directors on the Board 50% 50%
% of Promoter Directors on the Board - 50%
Number of Women Directors on the Board At least 1 1
Classification of Chairman of the Board - Executive Promoter Director
Is the post of Chairman and MD/CEO held by the same person? - Yes
Average attendance of Directors in the Board meetings (%) - 87.50%
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 Executive Director. The Company has 50% 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 is female.
Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Prakash Kanugo as the Chairman
and Managing Director of the Company. Appointment of a single person as the Chairman and Managing Director of the
Company is not a good governance practice as this may lead to concentration of power in a single person.
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
4 | P A G E
SECTOR: STEEL REPORTING DATE: 6TH DECEMBER, 2017
PRAKASH STEELAGE LTD www.prakashsteelage.com
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 1.31 0.38 1.40 244.91% -72.92%
Debtors Turnover 1.07 0.05 0.12 1931.67% -56.16%
Fixed asset Turnover 0.61 0.29 0.69 111.63% -58.44%
Current Asset Turnover 0.28 0.02 0.09 1100.52% -73.49%
Ret
urn
Rat
ios Operating Profit Margin 8.64% -18.99% -18.02% N.A. N.A.
Net Profit Margin 22.96% -1,084.36% -60.93% N.A. N.A.
Return on Assets (ROA) 4.41% N.A. N.A. N.A. N.A.
Return on Equity (ROE) -1.12% N.A. N.A. N.A. N.A.
Return on Capital Employed (ROCE) -1.14% N.A. N.A. N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 0.14 0.97 1.22 -85.38% -20.68%
Quick Ratio 0.11 0.91 1.14 -87.76% -20.56%
Cash Ratio 0.07 0.48 0.25 -84.52% 94.22%
Working Capital Turnover ratio -0.01 N.A. N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio N.A. N.A. 5.16 N.A. N.A.
Interest Coverage Ratio 123.00 N.A. N.A. N.A. N.A.
Trad
ing
Rat
ios
Market Cap / Sales 0.31 3.18 0.85 -90.32% 275.27%
Market Cap/ Net Worth N.A. N.A. 0.59 N.A. N.A.
Market Cap/PAT 1.34 N.A. N.A. N.A. N.A.
Market Cap/EBITDA 3.56 N.A. N.A. N.A. N.A.
Source - Money Control/Stock exchange filing
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) 89,164 3,82,371 14,42,429 -76.68% -73.49%
Trading Volume (shares) (high in 1 qtr) 3,25,298 34,44,909 1,30,39,449 -90.56% -73.58%
Trading Volume (shares) (low in 1 qtr) 334 28,955 57,637 -98.85% -49.76%
Ratio - High/low trading volume 973.95 118.97 226.23 718.62% -47.41%
Ratio - High/average trading volume 3.65 9.01 9.04 -59.51% -0.34%
Source - Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Sep-17 Mar-17 Sep-16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 48.18 48.18 49.59 • No new equity shares were issued during the
period from 1st Oct, 2016 to 30th Sept 17.
• The promoter shareholding decreased from
49.59% as on Sept 16 to 48.18% as on Sept 17 due
to sale of shares.
• The shareholding of others increased from
43.11% to 44.52% during the same period.
• The promoters have pledged 32.09% of their
shareholding.
Public - Institutional
shareholding 7.30 7.30 7.30
Public - Others shareholding 44.52 44.52 43.11
Non-Promoter Non-Public
Shareholding 0.00 0.00 0.00
Source - NSE
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5 | P A G E
SECTOR: STEEL REPORTING DATE: 6TH DECEMBER, 2017
PRAKASH STEELAGE LTD www.prakashsteelage.com
MAJOR SHAREHOLDERS (AS ON 30TH SEPTEMBER 2017)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
1 Prakash C Kanugo 20.19% 1 General Insurance Corporation of India 3.08%
2 Seth Iron and Steel Private Ltd 7.14% 2 Avani Impex Private Limited 2.62%
3 Kirti P Kanugo 3.33% 3 LTS Investment Fund Limited 2.18%
4 Hemant Prakash Kanugo 3.21% 4 Emerging India Focus Funds 2.04%
5 Kamal Prakash Kanugo 3.19% 5 Logisys Advisors Private Limited 2.05%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The Promoters of the Company sold 3,29,46,667 shares in the secondary market during FY
2016-17.
Preferential issue to promoters No preferential issue of shares was made to the promoters during 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 did not issue any shares to the employees under its ESOP Scheme during FY
2016-17.
Source - Annual Report FY 16-17
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1 Manufacturing and trading of stainless steel tubes and pipes 98.62%
2 Others 1.38%
Source - Annual Report FY 16-17
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6 | P A G E
SECTOR: STEEL REPORTING DATE: 6TH DECEMBER, 2017
PRAKASH STEELAGE LTD www.prakashsteelage.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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7 | P A G E
SECTOR: STEEL REPORTING DATE: 6TH DECEMBER, 2017
PRAKASH STEELAGE LTD www.prakashsteelage.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: STEEL REPORTING DATE: 6TH DECEMBER, 2017
PRAKASH STEELAGE LTD www.prakashsteelage.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: STEEL REPORTING DATE: 6TH DECEMBER, 2017
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DISCLAIMER
Sources Company Information
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Research Analyst: Sumit Tank