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STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: CASTINGS, FORGINGS & FASTNERS REPORTING DATE: 28TH NOVEMBER, 2017

JAYASWAL NECO INDUSTRIES LTD www.necoindia.com

Jayaswal Neco Industries Ltd. NSE Code - JAYNECOIND TABLE 1 - MARKET DATA (STANDALONE) (AS ON 22ND NOVEMBER, 2017)

Sector - Castings, Forgings & Fastners NSE Market Price (`) 9.30 NSE Market Cap. (₹ Cr.) 581.79

Face Value (`) 10.00 Equity (` Cr.) 638.63

Business Group – N.A. 52 week High/Low (₹) 11.75/6.35 Net worth (₹ Cr.)* 1,468.23

Year of Incorporation - 1972 TTM P/E (TTM) N.A. Traded Volume (Shares) 1,45,846

TTM P/BV 0.40 Traded Volume (lacs) 13.56

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, *As on 30th Sept. 2017

F/8 MIDC Industrial Area, COMPANY BACKGROUND

Hingna Road, Jayaswal Neco Industries Limited is an India-based holding company. The Company's

principal products include Iron and Steel Castings, Pig Iron/Skull, Sponge Iron and

Billets/Rolled Products. The Company manufactures and supplies Centrifugal Cast Iron

Pipe & Fitting, Centrifugal Cast Iron Hubless Pipe & Fitting, Sand Cast Iron Pipe & Fitting,

and Cast Iron & Ductile Iron Manhole Covers, Frames & Gratings.

The Company's segments include Steel, Iron & Steel Castings and Others. The Steel

Segment is engaged in manufacture and sale of Pig Iron, Billets, Rolled Products, Sponge

Iron and includes its captive Power Plants at its unit located at Siltara, Raipur and

Mining activities in the state of Chhattisgarh and Maharashtra. The Iron and Steel

Castings Segment comprises of manufacture and sale of Engineering and Automotive

Castings with production facilities at Nagpur, Bhilai and Anjora.

Nagpur – 440 016, Maharashtra

Company Website:

www.necoindia.com

Revenue and Profit Performance

The revenue of the Company increased from ₹630.53 crores to

₹832.44 crores from quarter ending Sep’16 to quarter ending

Sep’17. The Company has made a loss of ₹70.37 crores in quarter

ending Sep’17 vis-a-vis making a loss of ₹99.04 crores in quarter

ending Sep’16.

Source: Moneycontrol

Performance vis-à-vis Market

TABLE 2- Returns

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

Jayaswal Neco Ind. Ltd. 28.28% 17.74% -11.85% -11.85%

Nifty 0.52% 4.21% 7.85% 7.85%

Nifty Metal -2.20% 9.53% 26.34% 26.34%

Source - Capitaline/NSE

832.44699.77 630.53

-70.37 -102.3 -99.04

-500

0

500

1,000

Sep'17 Mar'17 Sep'16

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

0.80

1.30

1.80

Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17

Jayaswal Neco Industries Ltd NIFTY NIFTY METAL

http://www.necoindia.com/




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TABLE 3 - FINANCIALS

(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change

Sep ’17 vs Mar’17 Mar’17 vs Sep’16

Net Worth 1,468.23 1,637.48 1,881.72 -10.34% -12.98%

Current Assets 1,604.20 1,463.00 1,439.56 9.65% 1.63%

Non-Current Assets 5,394.03 5,501.91 5,653.43 -1.96% -2.68%

Total Assets 6,998.23 6,964.91 7,092.99 0.48% -1.81%

Investments 0.58 1.13 1.09 -48.67% 3.67%

Finance Cost 166.31 137.24 138.61 21.18% -0.99%

Long Term Liabilities 2,703.04 2,906.80 3,094.06 -7.01% -6.05%

Current Liabilities 2,826.96 2,420.63 2,117.21 16.79% 14.33%

Turnover 832.44 699.77 630.50 18.96% 10.99%

Profit After Tax -70.37 -102.30 -99.04 N.A. N.A.

EPS (₹) -1.10 -1.65 -1.54 N.A. N.A.

Source - Money Control/Stock exchange filing

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years:

FY 2016-17

As mentioned in Note no. 19.09 to the Ind AS Financial Statements, Non Current Borrowings include an amount of Rs. 275,020.23

Lakhs due to certain banks. As per the arrangements with these banks, the Company is required to comply with certain covenants

as referred in the said note and non-compliance with these covenants may give rights to the banks to demand repayment of the

loans. As at March 31, 2017, the Company has not complied with certain covenants and they have not been provided with any

confirmation from the banks for extension of time to comply with these covenants. The Company has not classified these

liabilities as current liabilities as required by Ind AS.

Management Response:

The Lenders of the Company under Joint Lending Forum mechanism (JLF) have been deliberating restructuring possibilities and

options for resolving the loan servicing default of the Company and the matter is under active consideration of the JLF. The

Management is of the view that the non-compliance of the loan covenants will not affect the continuity of the Company's

operations and hence the Company continues to classify these borrowings as non-current.

Further the advances had been given to the EPC contractor for implementation of various projects / capex. All the project / capex

(except the DRI & CPP unit at Bilaspur) have been completed and have been capitalized.

However, in the past there were some time delay in raising of the Running Account Bills and its certification by the Company for

the completed projects / capex. The same had been rectified already and the Company has already established suitable controls

and checks and balances in place to ensure advances strictly as per the contract terms, ensure prompt completion of project work

by the Contractor, timely raising of Running Account Bills by it and its prompt approval by the Company.

Your Company has been actively pursuing improvement and upgradation of its information and technology systems and has been

working to have an effective mechanism in place to ensure editing of transactions only as per the prescribed Standard Operating

Procedures. There has been marked improvement in the information and technology systems in effecting overall control in this

area.

FY 2015-16

As mentioned in Note No. 12.11 to the standalone financial statements, during the year the Hon'ble Supreme Court of India

cancelled 3 coal blocks of the Company and subsequently these blocks have been allotted to different bidders in the Eauction by

the Ministry of Coal, Government of India. The Company has filed a writ petition before the Hon'ble Delhi High Court challenging

the provision of ordinance and tendering process and no adjustments have been made in the value of these 3 coal mining assets

for the reasons mentioned therein. We were unable to determine whether any adjustments to these amounts were necessary.




3 | P A G E



Management Response:

i. That the Hon'ble Supreme Court of India by its Order dated 24th September, 2014 had cancelled number of coal blocks

allotted to various entities which included three coal blocks of the Company consisting of one operational coal block at

Gare Palma IV/4, Raigarh, Chhattisgarh and two under development coal blocks at Gare Palma IV/8, Raigarh,

Chhattisgarh and Moitra at North Karanpura, Jharkhand allotted by the Ministry of Coal, Government of India.

ii. That subsequently, the Government of India, issued Second Ordinance on 26th December, 2014 for implementing the

order of the Hon'ble Supreme Court and fixation of Compensation etc.

iii. That the above mines of the Company were allotted to other bidders in the e-auction, of the Schedule II (Operational)

and Schedule III (Under Advanced Development Stage) of the coal blocks, conducted by the Nominated Authority,

Ministry of Coal, Government of India.

iv. That the Company had filed a Writ Petition (WP) before the Hon'ble Delhi High Court, challenging the provisions of

above Ordinance and Tender process. The Hon'ble Delhi High Court was pleased to issue Notice to the Central

Government (Union of India) on its WP. Subject to outcome of the WP, no adjustment was made in the value of the

mining assets by the Company as the value of compensation to be received could not be determined at that stage. In the

opinion of your Directors the losses/gains, if any on account of transfer of mining assets would be recognized as and

when determined.

Your Directors wish to inform that as on 30th June, 2015, the Company's net investment in the value of mining assets in

the three coal blocks was Rs. 22,013.39 lacs and it had also made provision for Rs. 2,694.95 lacs for site restoration

expenses.

Response Comment

Frequency of Qualifications No -

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 - 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 2

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 (%) - 90.00%

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 Director. The Company has 50% of Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 12 directors out of which 10 are male and 2 are female.




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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 1.15 1.03 0.92 11.60% 11.03%

Debtors Turnover 1.49 1.70 1.67 -12.35% 1.74%

Fixed asset Turnover 0.15 0.13 0.11 21.34% 14.04%

Current Asset Turnover 0.52 0.48 0.44 8.49% 9.21%

Ret

urn

Rat

ios

Operating Profit Margin 9.99% 8.19% 14.71% 21.91% -44.31%

Net Profit Margin -8.45% -14.62% -15.71% 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 0.57 0.60 0.68 -6.11% -11.11%

Quick Ratio 0.31 0.32 0.36 -3.83% -9.80%

Cash Ratio 0.11 0.15 0.18 -26.03% -14.95%

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

Solv

ency

Rat

ios Debt to equity ratio 2.51 2.35 2.02 6.87% 16.57%

Interest Coverage Ratio 0.50 0.42 0.67 19.68% -37.58%

Trad

ing

Rat

ios

Market Cap / Sales 0.57 0.75 0.70 -24.14% 6.31%

Market Cap/ Net Worth 0.32 0.32 0.24 0.65% 35.58%

Market Cap/PAT N.A. N.A. N.A. N.A. N.A.

Market Cap/EBITDA 5.68 9.14 4.79 -37.77% 90.89%

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) 87,221 68,779 54,623 26.81% 25.92%

Trading Volume (shares) (high in 1 qtr) 3,98,814 3,86,995 1,95,676 3.05% 97.77%

Trading Volume (shares) (low in 1 qtr) 17,975 5,631 9,241 219.22% -39.07%

Ratio - High/low trading volume 22.19 68.73 21.17 -67.72% 224.56%

Ratio - High/average trading volume 4.57 5.63 3.58 -18.73% 57.07%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Sep-17 Mar-17 Sep-16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 68.78 68.78 68.78 • No new equity shares issued during the

period from Sep’16 to Sep’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 pledged 13.71% of their

shareholding.

Public - Institutional shareholding 2.07 2.15 2.19

Public - Others shareholding 29.15 29.07 29.03

Non-Promoter Non-Public

Shareholding - - -

Source - NSE




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MAJOR SHAREHOLDERS (AS ON 30TH SEPTEMBER 2017)

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

1 Jayaswal Holdings Pvt. Ltd. 8.31% 1 Efficient Structures Pvt. Ltd. 4.36%

2 Karamveer Impex Pvt. Ltd. 7.40% 2 Rajvardhan Trade Zone Pvt. Ltd. 3.99%

3 Nine Star Plastic Packaging

Services Pvt. Ltd. 6.94%

3 Costal Multitrading Pvt. Ltd. 3.91%

4 Jayaswal Neco Metallics Pvt. Ltd. 6.37% 4 Salmon Developers Pvt. Ltd. 2.64%

5 Jayaswal Neco Energy Pvt. Ltd. 6.22% 5 Darshan Gems Pvt. Ltd. 2.59%

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 last 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 in 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 Billets/Rolled Products 54.11

2 Pig Iron/Skull 15.44

3 Iron and Steel Castings 14.50

4 Sponge Iron 10.64

Source - Annual Report FY 16-17




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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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Malad East, Mumbai – 400 097

Tel +91 22 4022 0322

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[email protected]

www.sesgovernance.com

Research Analyst: Sudarshan Shetty


mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/