Nu Tek India Ltd · 2016. 6. 8. · Stakeholders’ Education | orporate Governance Research | orporate Governance Score | Proxy Advisory STAKEHOLDERS EMPOWERMENT SERVICES 1 | P A

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory

STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: TELECOMM EQUIPMENT & INFRA SERVICES REPORTING DATE: 31ST MAY, 2016

Nu Tek India Ltd. www.nutek.in

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

NSE Code - NUTEK NSE Market Price (₹) 0.60 NSE Market Cap. (₹ Cr.) 9.73

Sector - Telecomm Equipment Face Value (₹) 5.00 Equity (₹ Cr.) 77.26

& Infra Services 52 week High/Low (₹) 1.00/0.40 Net worth (₹ Cr.) 488.38

Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 8,683

Year of Incorporation - 1993 TTM P/BV 0.00 Traded Volume (lacs) 0.05

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

A-213 Road No 4 Gali No 11, Nu Tek India Limited provides telecom infrastructure services in India. The company offers

engineering projects and consultancy services, including OFC route planning; right of way

permissions and civil works, such as excavation of trench, laying of HDPE/GI ducts, and

drawing of nylon to pull fiber; and cable laying and blowing, splicing, jointing, trench less

ducting, in-building installations, electrical works, and FTH installations. Additionally, the

company offers preventive and corrective maintenance services; and IT solutions

comprising PMO, portfolio program and project management, IT, and software

development services. It also trades in telecom equipment and commodities. It serves

third party infrastructure leasing companies, telecom operators, and telecom equipment

manufacturers. The company was incorporated in 1993 and is headquartered in Gurgaon,

India.

Mahipalpur,

New Delhi - 110 037

Company Website:

www.nutek.in

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 (₹) 0.65 0.55 0.80 18.18% -31.25% -9.86%

Trading Volume (Shares)

(yearly avg.) 93,875 1,50,244 1,11,455 -37.52% 34.80% -

NSE Market Cap. (in ₹ Cr.) 10.04 8.50 12.36 18.12% -31.23% -9.87%

Source - Money Control

http://www.nutek.in/




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TABLE 3 - FINANCIALS

(₹ Cr.) 2015 2014 2013 % Change CAGR for 2

years 2015 vs 2014 2014 vs 2013

Turnover 66.05 139.23 119.21 -52.56% 16.79% -25.56%

Net Worth 488.38 488.37 578.82 0.00% -15.63% -8.14%

Current Assets 190.04 235.35 242.53 -19.25% -2.96% -11.48%

Non-Current Assets 365.83 366.42 429.83 -0.16% -14.75% -7.74%

Total Assets 555.87 601.77 672.36 -7.63% -10.50% -9.07%

Investments 481.28 463.51 501.19 3.83% -7.52% -2.01%

Finance Cost 2.95 3.97 4.02 -25.69% -1.24% -14.34%

Long Term Liabilities 1.31 1.57 1.39 -16.56% 12.95% -2.92%

Current Liabilities 66.18 111.83 92.15 -40.82% 21.36% -15.25%

Profit After Tax (PAT - ₹ Cr.) 0.38 -28.04 3.94 N.A. -8.12% -0.69%

EPS (₹) - -2.00 - N.A. - N.A.

Source - Money Control/Annual Report

Discussion as per Company:

"In the Annual Report for FY 2014-15 was a challenging year for the company, wherein the income from operations decreased

by around 52.56% to reach ₹ 66.05 crores as compared to ₹ 139.23 crores during the last financial year. Other income for the

year also decreased to reach ₹ 0.32 crores, compared to ₹ 1.6 crores in the previous year. Operational expenses for the year

were ₹ 65.03 crores as compared to ₹ 137.98 crores in previous year. Exceptional items were nil as against ₹ 29.85 crores in

previous year. As a result, PBDT (Profit before Tax and Depreciation) was ₹ 1.34 crores as against ₹ - 27.04 crores for the

previous year. Consequently, PAT (Profit after Tax) was reported at ₹ 0.38 crores as compared to ₹ - 28.04 crores in last year.

The main reason for decrease in Income from Operation as compared to previous year because earlier the company was

executing capital intensive products with lower margin but in current year focus was on projects having more profits even if it

does not have volume. The Company has carried balance of ₹ 0.38 Crores to the Reserve & Surplus Account of the Balance

Sheet as on 31st March 2015. The total investment as on date in 100% subsidiaries ₹ 348.62 Crores and investment in equity

shares & mutual funds are ₹ 13.71 Crores.

In the Annual Report for FY 2013-14 was a challenging year for the company, wherein the income from operations increased

by around 16.80% to reach ₹ 139.23 crores as compared to ₹ 119.21crores during the last financial year. Other income for the

year was stable at Rs1.6crores, compared to ₹ 1.6 crores in the previous year. Operational expenses for the year were

₹ 137.98 crores as compared to ₹ 112.83 crores in previous year. Exceptional items were ₹ 29.85 crores as against ₹ 0.74 crores

in previous year due to liquidity damages of ₹ 15.03crores and Unserviceable projects under progress of ₹ 14.82 crores were

written off during the year. As a result, PBDT (Profit before Tax and Depreciation) was ₹ - 27.04 crores as against ₹ 7.21 crores

for the previous year. Consequently, PAT (Profit after Tax) was reported at ₹ - 28.04 crores as compared to ₹ 3.94crores in last

year. The Company has carried balance of ₹ - 28.04 Crores to the Reserve & Surplus Account of the Balance Sheet as on 31st

March 2014. The total investment as on date in 100% subsidiaries ₹ 348.62 Crores and investment in equity shares & mutual

funds are ₹ 13.88 Crores.

In the Annual Report for FY 2012-13 was an encouraging year for the company, wherein the income from operations increased

by around 45% to reach ₹ 119.21crores as compared to ₹ 82.26 crores during the last financial year. Project related expense for

the year was ₹ 85.27crores compared to ₹ 59.1 crores, a rise of 44.3% from the previous year. As a result, PBIT (profit from

operations before other income and finance cost) was reported at ₹ 8.6 crores as against ₹ 2.5 crores for the previous year.

Other income for the year was ₹ 1.6 crores, compared to ₹ 6.7 crores in the previous year. The Company has carried balance of

₹ 3.94 Crores to the Reserve & Surplus Account of the Balance Sheet as on 31st March 2013. The total investment as on date in

100% subsidiaries ₹ 411.15 Crores and investment in equity shares & mutual funds are ₹ 13.97 Crores. The interest free loan

provided to 100% subsidiary was converted into equity on 1st June, 2012."




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AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Auditors have not raised any qualifications, however, they have emphasised on the

following matter

Matter of Emphasis:

In the Annual Report for the FY 2013, 2014 & 2015 :-

The Auditors has observed while reporting under CARO that Company has not deposited statutory dues during the period under

review: Due to exceptional losses during FY 2013-14, there was liquidity issue, however the Company has paid service tax and

other dues including TDS and is trying to pay other outstanding dues at earliest.

Management Response:

In the Annual Report for the FY 2013,2014 & 2015 :-

“Since the Company suffered huge losses during last Financial Year i.e. FY 2013-14, there was some liquidity issues, due to which

some statutory dues have not been paid. The Company has discharged full service tax liability and substantial amount of other

taxes including TDS have been paid. The Directors are taking effective steps so that the rest of the liabilities are paid at the

earliest.”

Company Comment

Frequency of Qualifications Not Applicable

Have the auditors made any adverse

remark in last 3 years? No

As per Auditor FY 2014-15 there are no qualifications,

reservation or adverse remark relating to maintenance of

accounts and other matter connected therewith. FY 2013-14

& FY 2013-12 not disclosed any adverse remark.

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 - 33%

Number of Women Directors on the Board Atleast 1 2

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 (%) - 77.78%

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 Chairman of the Board is a Promoter Executive Director. The Company currently has 50% of

Independent Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 6 directors out of which 4 are male and 2 are females.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Inder Sharma 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.




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TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover - 180.82 63.41 - 185.16%

Debtors Turnover 1.76 1.75 1.17 0.52% 49.58%

Fixed asset Turnover 0.18 0.38 0.28 -52.48% 37.01%

Current Asset Turnover 0.35 0.59 0.49 -41.25% 20.36%

Ret

urn

Rat

ios Operating Profit Margin 0.97% -20.18% 5.11% N.A. -495.07%

Net Profit Margin 0.58% -20.14% 3.31% N.A. -709.34%

Return on Assets (ROA) 0.07% -4.66% 0.59% N.A. -895.16%

Return on Equity (ROE) 0.08% -5.74% 0.68% N.A. -943.48%

Return on Capital Employed (ROCE) 3.81% N.A. 9.76% N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 2.87 2.10 2.63 36.45% -20.04%

Quick Ratio 2.87 2.10 2.61 36.89% -19.68%

Cash Ratio 2.30 1.39 1.51 66.19% -7.95%

Working Capital Turnover ratio 0.53 1.13 0.79 -52.69% 42.19%

Solv

ency

Rat

ios Debt to equity ratio 0.03 0.05 0.05 -36.22% 19.56%

Interest Coverage Ratio 1.22 N.A. 2.51 N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.15 0.07 0.08 110.79% -14.38%

Market Cap/ Net Worth 0.02 0.02 0.02 0.00% 18.52%

Market Cap/PAT 25.61 N.A. 2.47 N.A. N.A.

Market Cap/EBITDA 18.15 N.A. 5.37 N.A. N.A.

Trading Volume (shares) (avg. of 1 year) 60,833 1,29,322 1,02,076 -52.96% 26.69%

Trading Volume (shares) (high in 1 year) 18,15,788 20,39,709 12,11,273 -10.98% 68.39%

Trading Volume (shares) (low in 1 year) 9 1,194 25 -99.25% 4676.00%

Ratio - High/low trading volume 2,01,754.22 1,708.30 48,450.92 11710.24% -96.47%

Ratio - High/average trading volume 29.85 15.77 11.87 89.25% 32.92%

Source - Money Control




5 | P A G E



TABLE 6: OWNERSHIP & MANAGEMENT RISKS

Dec' 2015 Dec' 2014 Dec' 2013 Comments

Shar

eho

ldin

g

Promoter shareholding 9.55% 9.51% 9.51% No new equity shares were issued during

the period from Dec' 2013 to Dec' 2015.

The shareholding of Promoter increased

from 9.51% to 9.55% during the Dec’14 to

Dec’15 due to reclassification of the

shareholders as per the SEBI circular dated

30th November, 2015. The promoters have

not pledged any shares

Public - Institutional

shareholding 0.00% 0.04% 0.10%

Public - Others shareholding 90.45% 90.45% 90.39%

Non-Promoter Non Public

Shareholding 0.00% 0.00% 0.00%

Oth

er Is

sues

(in

pas

t 3

yea

rs)

Market Activity of Promoters The promoters have not sold/bought any shares in last 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 shareholders other than the

promoters during last three years

GDRs issued by the Company The Company did not issue and 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



6 | P A G E



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




7 | P A G E



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



8 | P A G E



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



9 | P A G E



DISCLAIMER

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data sources include: BSE, NSE, SEBI, Capitaline, Moneycontrol, Businessweek,

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Stakeholders Empowerment Services

Contact Information

Stakeholders Empowerment Services

A 202, Muktangan,

Upper Govind Nagar,

Malad East,

Mumbai – 400 097

Tel +91 22 4022 0322

[email protected]

[email protected]

www.sesgovernance.com.

Research Analyst: Kirti Dhokiya


mailto:[email protected]

mailto:[email protected]

http://www.sesgovernance.com/