stakeholders empowerment services noida ......noida toll bridge comprises the delhi noida toll...
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Stakeholdersβ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 1ST DECEMBER, 2017
NOIDA TOLL BRIDGE COMPANY LTD. www.ntbcl.com
Noida Toll Bridge Company Ltd. NSE Code - NOIDATOLL TABLE 1 - MARKET DATA (STANDALONE) (AS ON 30TH NOVEMBER, 2017)
Sector - Infrastructure Developers NSE Market Price (`) 13.15 NSE Market Cap. (βΉCr.) 246.53
& Operators Face Value (`) 10.00 Equity (` Cr.) 186.20
52 week High/Low (βΉ) 17.15/8.15 Net worth (βΉCr.)* 449.50
Business Group β N. A. TTM P/E (TTM) N.A. Traded Volume (Shares) 86,063
Year of Incorporation - 1996 TTM P/BV 0.55 Traded Volume (lacs) 11.32
Source β Capital line, TTM - Trailing Twelve Months, N.A. - Not Applicable, * As on 30th September, 2017
Registered Office - COMPANY BACKGROUND
2nd Floor Niryat Bhawan, Noida Toll Bridge Company Limited is an infrastructure company. The Company's principal
business activities consist of toll revenue and space for advertisement. The Company has
been promoted by Infrastructure Leasing and Financial Services Ltd. (IL&FS) as a special
purpose vehicle (SPV) to develop construct, operate and maintain the Delhi Noida bridge
(DND Flyway) on a build own operate transfer (BOOT) basis. The DND Flyway is an eight
lane, approximately 7.5 kilometers tolled facility across the Yamuna River, connecting
Noida to South Delhi with a four lane, over 1.7 kilometers link to Mayur Vihar. The Delhi
Noida Toll Bridge comprises the Delhi Noida Toll Bridge, adjoining roads and other related
facilities, Mayur Vihar Link Road and the Ashram flyover, which has been constructed at
the landfall of the Delhi Noida Toll Bridge. It has approximately 32 lane 200 meters wide
computerized toll plaza. The Company's subsidiary is ITNL Toll Management Services
Limited.
Rao Tula Ram Marg Opp Army Hos,
New Delhi β 110 057, New Delhi
Company Website:
www.ntbcl.com
Revenue and Profit Performance
The revenue of the Company decreased from βΉ35.05 crores to
βΉ3.42 crores from quarter ending Sepβ16 to quarter ending
Sepβ17. The Company made a loss of βΉ14.15 crores in quarter
ending Sepβ17 vis-a-vis making a profit of βΉ12.03 crores in
quarter ending Sepβ16.
Source: Money control
Performance vis-Γ -vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Noida Toll Bridge Co. Ltd 1.15% 9.89% 20.64% -9.93%
Nifty -2.05% 3.07% 5.94% 24.01%
Source β Capital line/NSE
0.50
0.70
0.90
1.10
1.30
1.50
Dec 16 Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Dec 17
Noida Toll Bridge Company Ltd NIFTY
3.42 2.92
35.05
-14.15 -14.59
12.03
-20
0
20
40
Sep'17 Mar'17 Sep'16
Quarterly revenue and Profit (βΉ CRORE)
Revenue Profit
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SECTOR: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 1ST DECEMBER, 2017
NOIDA TOLL BRIDGE COMPANY LTD. www.ntbcl.com
TABLE 3 - FINANCIALS
(βΉ Cr.) Sepβ17 Marβ17 Sepβ16 % Change
Sep β17 vs Marβ17 Marβ17 vs Sepβ16
Net Worth 449.50 478.22 502.34 -6.01% -4.80%
Current Assets 16.75 20.23 61.10 -17.20% -66.89%
Non-Current Assets 548.12 571.08 583.72 -4.02% -2.17%
Total Assets 564.87 591.30 644.82 -4.47% -8.30%
Investments 0.03 0.03 17.39 0.00% -99.83%
Finance Cost 1.72 1.60 1.41 7.50% 13.48%
Long Term Liabilities 76.92 81.95 79.39 -6.14% 3.22%
Current Liabilities 38.44 31.13 63.08 23.48% -50.65%
Turnover 3.42 2.92 35.05 17.12% -91.67%
Profit After Tax -14.15 -14.59 12.03 N.A. -221.28%
EPS (βΉ) -0.76 -0.78 0.65 N.A. -220.00%
Source - Money Control/Stock exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Statutory Auditors have not raised any qualified opinion for FY 2014-15, FY 2015-16 &
FY 2016-17.
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 33% 62%
% of Promoter Directors on the Board - 38%
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 (%) - 94.32%
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 33% Independent Directors as the Chairman of the Board is
an Independent Director. The Company has 62% 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.
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SECTOR: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 1ST DECEMBER, 2017
NOIDA TOLL BRIDGE COMPANY LTD. www.ntbcl.com
TABLE 5 - FINANCIAL RATIOS
Ratios Sepβ17 Marβ17 Sepβ16
% Change
Sep β17 vs
Marβ17
Marβ17 vs
Sepβ16
Turn
ove
r
Rat
ios
Inventory Turnover 4.22 3.60 438.13 17.12% -99.18%
Debtors Turnover 2.28 0.41 8.43 459.85% -95.17%
Fixed asset Turnover 0.01 0.01 0.06 22.03% -91.48%
Current Asset Turnover 0.20 0.14 0.57 41.46% -74.84%
Ret
urn
Rat
ios Operating Profit Margin -55.85% -105.14% 61.26% N.A. -271.64%
Net Profit Margin -413.74% -499.66% 34.32% N.A. -1,555.78%
Return on Assets (ROA) N.A. N.A. 1.87% N.A. N.A.
Return on Equity (ROE) N.A. N.A. 2.39% N.A. N.A.
Return on Capital Employed (ROCE) N.A. N.A. 2.07% N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 0.44 0.65 0.97 -32.95% -32.91%
Quick Ratio 0.41 0.62 0.97 -33.53% -35.51%
Cash Ratio 0.38 0.39 0.90 -4.54% -56.34%
Working Capital Turnover ratio N.A. N.A. -6.08 N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio 0.19 0.09 0.10 101.13% -3.69%
Interest Coverage Ratio N.A. N.A. 15.23 N.A. N.A.
Trad
ing
Rat
ios
Market Cap / Sales 78.94 71.74 11.58 10.04% 519.45%
Market Cap/ Net Worth 0.60 0.44 0.81 37.12% -45.79%
Market Cap/PAT N.A. N.A. 33.74 N.A. N.A.
Market Cap/EBITDA N.A. N.A. 18.91 N.A. N.A.
Source - Money Control/Stock exchange filing
TABLE 6 - TRADING VOLUME
Particulars Sepβ17 Marβ17 Sepβ16
% Change
Sep β17 vs
Marβ17
Marβ17 vs
Sepβ16
Trading Volume (shares) (avg. of 1 qtr) 4,48,896 2,68,954 3,59,466 66.90% -25.18%
Trading Volume (shares) (high in 1 qtr) 30,89,765 8,06,285 14,19,895 283.21% -43.22%
Trading Volume (shares) (low in 1 qtr) 72,824 94,097 1,00,265 -22.61% -6.15%
Ratio - High/low trading volume 42.43 8.57 14.16 395.15% -39.49%
Ratio - High/average trading volume 6.88 3.00 3.95 129.60% -24.11%
Source - Capital line
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Sep-17 Mar-17 Sep-16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 26.37 26.37 26.37 β’ No new equity shares were issued during the
period from 1st Oct, 2016 to 30th Sep, 2017.
β’ There was no change in the promoter
shareholding during the said period.
β’ The shareholding of public institution decreased
from 20.60% to 12.04% and that of public others
increased from 53.03% to 61.59% during the
same period.
β’ The promoters have not pledged any shares.
Public - Institutional
shareholding 12.04 14.05 20.60
Public - Others shareholding 61.59 59.58 53.03
Non-Promoter Non-Public
Shareholding 0.00 0.00 0.00
Source - NSE
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SECTOR: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 1ST DECEMBER, 2017
NOIDA TOLL BRIDGE COMPANY LTD. www.ntbcl.com
MAJOR SHAREHOLDERS (AS ON 30TH SEPTEMBER 2017)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
1 IL & FS Transportation
Network Ltd 26.37%
1
New Okhla Industrial Development
Authority 5.37%
2 Utlico Emerging Markets (Maurities) 2.44%
3 Life Insurance Corporation of India 2.42%
4 General Insurance Corporation of India 1.07%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters The promoters have not sold/bought any shares in FY 2016-17. (Source: Form MGT β 9
Annual Report 2016 -17, page no. - 36)
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 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 Toll Revenue 79.62
2 Space for Advertisement 12.64
Source - Annual Report FY 16-17
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SECTOR: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 1ST DECEMBER, 2017
NOIDA TOLL BRIDGE COMPANY LTD. www.ntbcl.com
Glossary
Equity: The equity shares capital of the Company
Net Worth: The amount by which the Assets exceeds the liabilities excluding shareholdersβ 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
πΈππ =Profit After Tax
Number of outstanding shares
P/E ratio: It is the ratio of the Companyβs share price to earnings per share of the Company
π/πΈ πππ‘ππ =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.
πΌππ£πππ‘πππ¦ ππ’ππππ£ππ πππ‘ππ =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
π·πππ‘πππ ππ’ππππ£ππ πππ‘ππ =Sales Turnover
Accounts recievables
Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets
πΉππ₯ππ π΄π π ππ‘ ππ’ππππ£ππ πππ‘ππ =Sales Turnover
Fixed Assets
Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets
πΆπ’πππππ‘ π΄π π ππ‘ ππ’ππππ£ππ πππ‘ππ =Sales Turnover
Current Assets
Operating Profit Margin: Operating margin is a measurement of what proportion of a Companyβs revenue is left over after
paying for variable costs of production such as wages, raw materials etc. It can be calculated by dividing a Companyβs operating
income (also known as βoperating profitβ) during a given period by its sales during the same period.
ππππππ‘πππ ππππππ‘ ππππππ =Operating profit
Sales Turnover
Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales
πππ‘ ππππππ‘ ππππππ =Net profit
Sales Turnover
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SECTOR: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 1ST DECEMBER, 2017
NOIDA TOLL BRIDGE COMPANY LTD. www.ntbcl.com
Return on Assets: ROA tells you what earnings were generated from invested capital (assets)
π ππ‘π’ππ ππ π΄π π ππ‘π =Net profit
Total Assets
Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholdersβ
equity.
π ππ‘π’ππ ππ πΈππ’ππ‘π¦ =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.
π ππ‘π’ππ ππ πΆππππ‘ππ πΈπππππ¦ππ =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.
πΆπ’πππππ‘ πππ‘ππ =Current Assets
Current Liabilities
Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.
ππ’πππ πππ‘ππ =Current Assets β Inventories
Current Liabilities
Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.
ππ’πππ πππ‘ππ =Current Assets β Inventories β 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.
πππππππ πΆππππ‘ππ ππ’ππππ£ππ πππ‘ππ =πππππ ππ’ππππ£ππ
Current Assets β 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.
π·πππ‘ π‘π πΈππ’ππ‘π¦ πππ‘ππ =πβπππ‘ ππππ π·πππ‘ + πΏπππ ππππ π·πππ‘
πππ‘ ππππ‘β
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.
πΌππ‘ππππ π‘ πΆππ£πππππ π ππ‘ππ =πΈππππππ π΅πππππ πΌππ‘ππππ π‘ πππ πππ₯
πΉππππππ πΆππ π‘
Market Cap/Sales ratio: Market Cap/sales ratio, Priceβsales 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.
ππππππ‘ πΆππ/πππππ πππ‘ππ =ππππππ‘ πΆππ
πππππ ππ’ππππ£ππ
Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Companyβs market cap to net worth.
ππππππ‘ πΆππ/πππ‘π€πππ‘β πππ‘ππ =ππππππ‘ πΆππ
πππ‘π€πππ‘β
Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Companyβs market cap to net profit.
ππππππ‘ πΆππ/ππ΄π πππ‘ππ =ππππππ‘ πΆππ
πππ‘ ππππππ‘
Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Companyβs market cap to EBITDA.
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SECTOR: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 1ST DECEMBER, 2017
NOIDA TOLL BRIDGE COMPANY LTD. www.ntbcl.com
ππππππ‘ πΆππ/πΈπ΅πΌππ·π΄ πππ‘ππ =ππππππ‘ πΆππ
πΈπ΅πΌππ·π΄
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: INFRASTRUCTURE DEVELOPERS & OPERATORS REPORTING DATE: 1ST DECEMBER, 2017
NOIDA TOLL BRIDGE COMPANY LTD. www.ntbcl.com
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Research Analyst: Kirti Dhokiya