Birla Cotsyn India LtdBirla Cotsyn India Ltd Birla Cotsyn India Ltd 31st May, ... Management Response: ... of its default on repayment of dues to financial institutions and the need

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STAKEHOLDERS EMPOWERMENT SERVICES

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SECTOR: TEXTILES REPORTING DATE:31ST MAY, 2016

Birla Cotsyn India Ltd www.birlacotsyn.com

Birla Cotsyn India Ltd 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)

NSE Code - BIRLACOT NSE Market Price (₹) 0.05 NSE Market Cap. (₹ Cr.) 16.01

Sector - Textiles Face Value (₹) 1.00 Equity (₹ Cr.) 266.86

52-week High/Low (₹) 0.15/0.05 Net worth (₹ Cr.) -24.68

Business Group - Birla Yash TTM P/E N.A. Traded Volume (Shares) 5,24,209

Year of Incorporation - 1941 TTM P/BV N.A. Traded Volume (lacs) 0.26

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

1st Floor Dalamal House, The company belongs to the Yash Birla Group (YBG) of companies and was incorporated on

24th September 1941 by Mr. R.D. Birla under the name and style of M/s. Jamod Ginning

Company Private Limited. It was renamed on 8th October 1998 as M/s Birla Agro Private

Limited. Subsequently, the company name was changed to Birla Cotsyn (India) Pvt. Ltd on 9th

December 2005 and converted into Public Limited Company. The Company was earlier

engaged in Cotton Ginning, Pressing and Oil expelling and after the acquisition of assets of

Khamgaon Syntex (I) Ltd at MIDC, Khamgaon with a spindle capacity of 18,304 spindles, with

effect from August 2006, has entered into manufacturing of Synthetic yarn.

Nariman Point,

Mumbai - 400 021

Company Website:

www.birlacotsyn.com

TABLE 2 - PRICE PERFORMANCE

30th May,

2016

29th May,

2015

30th May,

2014

% Change CAGR for

2 years 2016 vs 2015 2015 vs 2014

Price (₹) 0.05 0.15 0.10 -66.67% 50.00% -29.29%

Trading Volume (Shares)

(yearly avg.) 22,40,382 18,03,102 8,68,425 24.25% 107.63% -

NSE Market Cap. (in ₹ Cr.) 13.34 40.03 26.69 -66.67% 49.98% -29.30%

Source - Money Control

http://www.birlacotsyn.com/




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TABLE 3 - FINANCIALS

(₹ Cr.) Mar’ 2015 #Mar’ 2014 *Jun’ 2013

Net Worth -24.68 134.45 179.45

Current Assets 19.26 23.75 48.99

Non-Current Assets 372.8 481.17 471.77

Total Assets 392.06 504.92 520.76

Investments 202.97 295.98 283.75

Finance Cost 53.46 36.47 53.56

Long Term Liabilities 5.59 59.72 59.8

Current Liabilities 411.14 310.76 281.5

Turnover 112.45 93.63 343.69

Profit After Tax (PAT ₹ Cr.) -164.41 -54.55 -139.69

EPS (₹) -0.62 -0.20 -0.52

Source - Money Control/Annual Report

* The Company has changed its financial year end from March to June for a 15 months’ period, hence, the above numbers are not comparable. # The Company has changed its financial year end from June to March for a 9 months’ period, hence, the above numbers are not comparable.

Discussion as per Company:

During the Fiscal year ended 31st march, 2015, turnover of the Company ₹ 112.45 Crore as compared to the turnover of ₹

93.63 Crore during previous accounting period of 9 months. The loss of the Company has increased to ₹ 164.12 Crore during

the year ended 31st march, 2015 compared to net loss of ₹ 54.55 Crore in previous accounting period of 9 months due to

adverse market conditions and global recession and also due to provision of unrecoverable capital advances / writing off

capital work in progress in respect of projects which could not take off. The company is relentlessly putting all its efforts to

reduce the cost and improve the operating margins but the profit of the company is still negative during the current financial

year.




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AUDIT QUALIFICATIONS

Audit Qualifications in Annual Report 2014-15

“1. With reference to note no. 7(B)(b) in regarding inter corporate deposits of ₹ 17,96,88,787/- taken from various parties as at

31st March, 2015 in the absence of third party confirmation, reconciliation, if any and other supportive audit evidence, we are

unable to comment upon such balances.

Further, few such parties have already filed winding up petition under section 271 and 272 of the Companies Act, 2013 (“the

Act”) against the Company for non-payment of dues (Section 433 & 434 of the Companies Act, 1956). These matters are

subjudice and the impact, if any, of the outcome is unascertainable of this stage.

2. With reference to note no. 7(B)(c) regarding dues to related parties of ₹ 9,15,49,878/- and note no. 8(A)(a) trade payables of

₹ 22,69,36,818/- as at 31st March, 2015, in the absence of third party confirmation, reconciliation, if any and other supportive

audit evidence, we are unable to comment upon such balances.

3. No provision has been made in the current year for interest payable of ₹ 37,73,961/- on loans taken from related parties by

the Company and no provision has been made for interest receivable of ₹.1,89,20,004/- on loans given to related parties by the

Company. Consequently, the loss for the year is higher by ₹ 1,51,46,043/-, Other Current Liabilities (Note No 8) is understated

by Rs.37,73,961/- and Other Non-Current Assets (Note 13) is understated by ₹ 1,89,20,004/-.

4. With reference to Fixed Deposits accepted by the Company, the Company has defaulted in repayment of dues of Rs.

4,33,29,363/- as at 31st March, 2015. However, on Company’s petition / application under section 58A(9) of the Companies Act,

1956, the Hon’ble Company Law Board has passed an order dated 19th May, 2015 for rescheduling the repayment of the

deposits for a specified period under section 58A(9) read with section 74(2) of the Companies Act, 2013.

5. With reference to note no 12(a) regarding capital advances of ₹ 94,55,65,044/- as at 31st March, 2015 given to various

parties, the Company has made a provision of ₹ 94,32,23,851/-given to various equipment suppliers and other parties mainly

towards implementing Weaving Project. The amount represents balances outstanding for more than five years in respect of

projects of the Company which have not taken off. In the absence of third party confirmation, reconciliation, if any and other

supportive audit evidence, we are unable to comment upon its recoverability in cash or kind, if any.

6. With reference to note no. 17(a) regarding loan of ₹ 7,29,98,404/- given to one related party, which has incurred losses and

also has negative net worth as at 31st March 2013, in the absence of latest audited accounts and detailed information of

projected cash flows as at 31 March, 2015 or other supportive audit evidence, we are unable to comment upon its impairment,

if any. With reference to note no.12(d) regarding loans given to other related parties of Rs.33,89,08,208/- as at 31st March,

2015, in the absence of third party confirmation, reconciliation if any and other supportive audit evidence, we are unable to

comment upon such balances

7. With reference to note no. 10(D) regarding Plant & Machinery of ₹ 37,35,48,883/- situated at one factory unit of the

company has been generally operating at lower capacity. In the absence of future cash flow projection and information about

the value in use, we are unable to comment upon its impairment provision, if any as per Accounting Standard 28 “Impairment

of Assets”.

Management Response:

“1. The Company has not obtained the confirmation from all the ICD parties as all the ICD parties have filed legal cases against

the Company including winding up petitions for recovery of their dues. The Company is contesting all the legal cases and also

trying for out of court settlement by way of reschedulement, concessions or one-time settlement.

2. The Company is in process of getting confirmation of dues of related parties.

3. Over the past few years the Company has been providing for interest receivable on loans given to related parties. However,

none of the related party has paid the interest amount to the Company resulting in unrealized income which further increases

the receivable amount from the parties. Similarly, the Company has not been paying interest on loan taken from related parties

in view of its default on repayment of dues to financial institutions and the need to preserve the scarce working capital

resources. As such, the management has decided that it is prudent and conservative to not provide for such interest receivable

and payable from the related parties till such time as they are settled in cash.

4. The Company has filed a petition before the Company Law Board, Mumbai for reschedulement of re-payment of fixed




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deposits and interest thereon. The Hon’ble Company Law Board has passed an order dated 19th May, 2015 for rescheduling the

repayment of the fixed deposits and interest thereon for a specified period. The Company is now making payments as per order

dated 19th May, 2015.

5. The Company has made provision for capital advances given to various equipment suppliers and other parties mainly towards

implementing the Weaving Project and other projects which have not taken off. The parties are neither giving confirmation of

outstanding amount nor repaying the advance amount. The Company is pursuing with the vendors for recovery of such

advances. Pending such recovery, out of prudence the Company has decided to make provision for such advances totaling to ₹

94,32,23,851/-. In addition the Company had also incurred certain expenses for the above weaving project which had been

capitalized. Given that the Company does not plan to pursue the project, such expenses amounting to ₹ 4,62,00,730/- have

been written off.

6. The Company is trying to obtain confirmation / reconciliation of such loans. The Company is confident of recovery of the loan

amount from all the related parties.

7. One factory unit of the Company is operating at low capacity due to shortage of need based working capital as bankers have

stopped providing working capital facility as their working capital accounts have become Non-Performing Assets. As per

valuation carried out by bankers, there is no diminution in the value of fixed assets of this unit.”

Response Comment

Frequency of Qualifications The above qualifications were raised by the Auditors in last three Annual Report

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 on 31st March, 2015)

Regulatory Norms Company

% of Independent Directors on the Board 50% 50%

% of Promoter Directors on the Board - 0%

Number of Women Directors on the Board Atleast 1 1

Classification of Chairman of the Board - Not Disclosed

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

Average attendance of Directors in the Board meetings (%) - 100.00%

Source - Money Control/Annual Report

Composition of Board: As per Regulation 17(i)(b) of the Listing Regulations, 2015, the Company should have at least 50%

Independent Directors as the Company does not have Chairman on the Board. The Company as on 31st March, 2015 has 50% of

Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 4 directors out of which 3 are men and 1 is woman.




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TABLE 5 - FINANCIAL RATIOS

Ratios Mar’ 2015 Mar’ 2014 Jun’ 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 13.08 10.88 17.83 20.14% -38.96%

Debtors Turnover 624.72 277.42 20.89 125.19% 1227.82%

Fixed asset Turnover 0.30 0.26 0.58 16.26% -55.48%

Current Asset Turnover 5.84 5.26 5.61 11.07% -6.34%

Ret

urn

Rat

ios Operating Profit Margin -57.88% -58.26% -43.93% N.A. N.A.

Net Profit Margin -146.21% -58.26% -40.64% N.A. N.A.

Return on Assets (ROA) -41.93% -14.40% -21.46% N.A. N.A.

Return on Equity (ROE) N.A. -54.10% -62.27% 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 0.05 0.08 0.17 -38.70% -56.09%

Quick Ratio 0.03 0.04 0.12 -34.39% -66.86%

Cash Ratio 0.03 0.04 0.07 -33.04% -47.50%

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

Solv

ency

Rat

ios Debt to equity ratio N.A. 1.69 1.19 N.A. 42.13%

Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.12 0.11 0.05 -11.02% 120.24%

Market Cap/ Net Worth N.A. 0.07 0.09 N.A. -19.92%

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

Market Cap/EBITDA 53.20 N.A. N.A. N.A. N.A.

Trading Volume (shares) (avg. of 1

year) 21,41,259 19,49,072 6,80,065 9.86% 186.60%

Trading Volume (shares) (high in 1

year) 2,59,82,749 3,62,54,599 87,69,631 -28.33% 313.41%

Trading Volume (shares) (low in 1

year) 67,027 1,06,184 54,951 -36.88% 93.23%

Ratio - High/low trading volume 387.65 341.43 159.59 13.54% 113.94%

Ratio - High/average trading volume 12.13 18.60 12.90 -34.76% 44.25%

Source - Money Control

Note: - The financial ratios of the Company and percentage change have been calculated considering 12 months’ period.




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TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Mar' 2016 Mar'2015 Mar'2014 Comments

Shar

eho

ldin

g

Promoter

shareholding 17.58% 17.58% 17.58%

No new equity shares were issued during the period

from Mar'2014 to Mar' 2016.There was no change in

the promoter shareholding during the said period. The

shareholding of non-promoter non-public decreased

from 23.64% to 0% during the above mentioned period

due to reclassification of the shareholders as per the

SEBI circular dated 30th November, 2015. The

promoters have pledged 48.43 % of their shareholding.

Public - Institutional

shareholding 1.07% 1.07% 1.94%

Public - Others

shareholding 81.35% 58.94% 55.9%

Non Promoter Non

Public Shareholding 0.00% 22.41% 23.64%

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in three years

Preferential issue to promoters No preferential issue of shares was made to the promoters in last three years

Preferential issue to others No preferential issue of shares was made to other shareholders during last three years

GDRs issued by the Company The Company did not issue any GDRs during last three years

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 last

three years.

Source - Annual Report


http://www.bseindia.com/downloads1/Regulation_31_Shareholding_Pattern.pdf



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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




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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

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


http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp



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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.

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


https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



10 |

P A G E



DISCLAIMER

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