STAKEHOLDERS EMPOWERMENT SERVICES MOSER BAER … · MOSER BAER (INDIA) LTD. principles generally accepted in India, of the state of affairs of the Company as at March 31, 2017, its

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STAKEHOLDERS EMPOWERMENT SERVICES

1 | P A G E

SECTOR: - IT - HARDWARE REPORTING DATE: 31ST JANUARY, 2018

MOSER BAER (INDIA) LTD. www.moserbaer.in

Moser Baer (India) Ltd. NSE Code - MOSERBAER TABLE 1 - MARKET DATA (STANDALONE) (AS ON 22ND JANUARY 2018)

Sector - IT - Hardware NSE Market Price (`) 5.25 NSE Market Cap. (₹ Cr.) 115.32

Face Value (`) 10.00 Equity (` Cr.) 221.77

Business Group - MNC Associate 52 week High/Low (₹) 8.50/3.95 Net worth (₹ Cr.)* -3,125

Year of Incorporation - 1983 TTM P/E (TTM) N.A. Traded Volume (Shares) 2,94,761

TTM P/BV N.A. Traded Volume (lacs) 15.47

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

43-B, COMPANY BACKGROUND

Okhla Industrial Estate, Moser Baer India Limited is a tech-manufacturing company. The Company is engaged in the

manufacturing of optical storage media, such as compact discs (CDs) and digital versatile

discs (DVDs); storage formats, such as blu-ray discs, and high definition DVD (HD-DVD). Its

products include LED lighting, flash drive, and pen drive and cards. Its segments include

storage media products, solar products and other activities. Its geographical segments are

India and Outside India. The storage media products segment includes CDs, magnetic discs

and other storage media products. The solar products segment includes photovoltaic cells,

modules and thin films. Its media replication services include tech manufacturing, product

concept, product design and materials analysis. Its other activities comprise

creation/replication and distribution of content, sales of consumer electronic products, and

operations and maintenance of sector specific special economic zone for non-conventional

energy.

New Delhi - 110020

Company Website:

www.moserbaer.in

Revenue and Profit Performance

The revenue of the Company decreased from ₹ 154.13 crores

to ₹ 67.59 crores from quarter ending Sep’16 to quarter ending

Sep’17. The Company made a loss of ₹ 121.67 crores in quarter

ending Sep’17 vis-a-vis making a loss of ₹ 223.63 crores in

quarter ending Sep’16.

Source: Moneycontrol

Performance vis-à-vis Market

TABLE 2- Returns

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

Moser Baer 15.38% 21.90% -1.87% -35.19%

Nifty 4.51% 5.86% 9.44% 27.03%

Nifty IT 12.11% 15.77% 21.51% 26.79%

Source - Capitaline/NSE

67.59115.48

154.13

-121.67 -151.06-223.63

-300

-200

-100

0

100

200

Sep'17 Mar'17 Sep'16

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

0.40

0.60

0.80

1.00

1.20

1.40

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

Moser Baer (India) Ltd NIFTY NIFTY IT



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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 -3,125.00 -2,905.54 -2,074.41 N.A. N.A.

Current Assets 543.57 563.95 817.26 -3.61% -31.00%

Non-Current Assets 665.12 701.92 1,174.77 -5.24% -40.25%

Total Assets 1,208.69 1,265.87 1,992.03 -4.52% -36.45%

Investments 80.73 95.30 430.31 -15.29% -77.85%

Finance Cost 80.53 52.72 53.01 52.75% -0.55%

Long Term Liabilities 194.08 209.04 208.44 -7.16% 0.29%

Current Liabilities 4,139.61 3,962.37 3,858.00 4.47% 2.71%

Turnover 67.59 111.68 151.91 -39.48% -26.48%

Profit After Tax -121.67 -151.06 -223.63 N.A. N.A.

EPS (₹) -5.49 -6.81 -10.08 N.A. N.A.

Source - Money Control/Stock exchange filing

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Statutory Auditors have raised qualifications in their Report for the FY 2016-17. No

qualifications were raised for FY 2014-15 and FY 2015-16.

Basis for Qualified Opinion (Annual Report 2016-17): As explained in note 45 to the standalone financial statements, the

Company’s short term borrowings and other current liabilities as at March 31, 2017 include balance payable to various lender

banks amounting to Rs. 7,586,441,082 and Rs.15,700,359,440 respectively. These lender banks have taken an exit from

Corporate Debt Restructuring Cell on October 10, 2016. As a result, the accounting for these balances should be as per the

original agreements entered with such lender banks. However, in absence of definitive agreement with the banks with respect to

calculation of interest and loan liability and reconciliation of outstanding debt with the lender banks, we are unable to comment

upon the possible impact of such exit in carrying value of aforesaid short term borrowings, other current liabilities as on March

31, 2017 and interest expense (including penal interest, if any) for the year ended March 31, 2017 and the consequential impact

on the accompanying standalone financial statements.

As explained in note 13(b) to the standalone financial statements, the Company has fixed assets aggregating to Rs.

4,170,872,372 in respect of which management recorded an impairment loss of Rs.610,000,000 in year ended March 31, 2017. In

the absence of sufficient and appropriate audit evidence with respect to the uncertainty underlying the assumptions used in the

long term projections referred to in note 13(b), we are unable to comment on the carrying value of aforesaid fixed assets as at

March 31, 2017 and the consequential impact, if any, on the accompanying standalone financial statements.

As explained in note 47(a) to the standalone financial statements, the Company has an investment of Rs. 166,865,334, trade

receivables amounting Rs. 344,190,858 and short term loans and advances (net of payables of Rs. 14,409,834) amounting to

Rs.4,270,919 in a wholly owned subsidiary as at March 31, 2017, being considered good and recoverable by the management.

These balances are after netting off provision for diminution in value of investment and provision for doubtful trade receivables

of Rs. 247,643,000 and Rs.574,834,277 respectively already recorded by the Company during the year ended March 31, 2017.

However, in the absence of sufficient appropriate audit evidence in respect of uncertainty underlying the assumptions used in the

long term projections as referred to in the said note, we are unable to comment on the carrying value of these investments, trade

receivables and short term loans and advances as at March 31, 2017, and provision for diminution in value of investment and

doubtful trade receivable for the year ended March 31, 2017 and the consequential impact on the accompanying standalone

financial statements.

Qualified Opinion:

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of

the matters described in the Basis for Qualified Opinion paragraph, the aforesaid standalone financial statements give the

information required by the Act in the manner so required and give a true and fair view in conformity with the accounting



3 | P A G E



principles generally accepted in India, of the state of affairs of the Company as at March 31, 2017, its loss and its cash flows for

the year ended on that date.

Management Response:

In absence of definitive agreement with banks with respect to calculation of interest on loan liability, management is unable to

comment upon the impact of exit from CDR on the carrying value of short term borrowings, other current liabilities and interest

expense for the financial year ended March 31, 2017 and the consequential impact on the financial statements.

In view of the numerous uncertainty and accumulated losses, Auditor’s shows inability to uncertain of quantum of impairment in

respect of carrying value of fixed assets. However, the Company feels that in view of impairment recorded based on valuation

report done by independent valuer no further impairment is necessary.

The matter has been evaluated and the Company is of the view that the diminution, if any, even if it exists is only temporary and

that sufficient efforts are being undertaken to revive the said subsidiaries in the foreseeable future so as to recover carrying value

of the investment. Further, management believes that the loans and advances given to the company and trade receivables are

considered good and recoverable based on the future projections of the said subsidiary and accordingly no provision other than

those already accounted for, has been considered necessary. In view of the above, the impact of the above stated qualifications

on the financial statements cannot be quantified. For details please refer Annexure placed next to respective Auditors’ report.

Response Comment

Frequency of Qualifications NA -

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% 60%

% of Promoter Directors on the Board - 20%

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 (%) - 84%

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 60% of Independent Directors and hence, it meets the regulatory

requirements.

Board Diversity: The Company has 5 directors out of which 4 are male and 1 is female.

Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Deepak Puri 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 Sep’17 Mar’17 Sep’16

% Change

Sep ’17 vs

Mar’17

Mar’17 vs

Sep’16

Turn

ove

r

Rat

ios

Inventory Turnover 1.00 1.18 1.01 -15.39% 16.83%

Debtors Turnover 0.17 0.28 0.30 -40.72% -6.12%

Fixed asset Turnover 0.10 0.16 0.13 -36.13% 23.04%

Current Asset Turnover 0.12 0.20 0.19 -37.21% 6.54%

Ret

urn

Rat

ios Operating Profit Margin -45.91% -26.07% -3.94% N.A. N.A.

Net Profit Margin -180.01% -135.26% -147.21% 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 0.13 0.14 0.21 -7.74% -32.81%

Quick Ratio 0.11 0.12 0.17 -2.93% -31.48%

Cash Ratio 0.02 0.02 0.04 -6.41% -55.55%

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

Solv

ency

Rat

ios Debt to equity ratio N.A. N.A. N.A. N.A. N.A.

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

Trad

ing

Rat

ios Market Cap / Sales 1.57 0.86 0.99 82.33% -12.34%

Market Cap/ Net Worth N.A. N.A. N.A. N.A. N.A.

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

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

Source - Money Control/Stock exchange filing

TABLE 6 - TRADING VOLUME

Particulars Dec’17 June’17 Dec’16

% Change

Dec ’17 vs

June’17

June’17 vs

Dec’16

Trading Volume (shares) (avg. of 1 qtr) 5,42,007 7,45,476 2,94,295 -27.29% 153.31%

Trading Volume (shares) (high in 1 qtr) 39,20,651 46,30,279 17,77,963 -15.33% 160.43%

Trading Volume (shares) (low in 1 qtr) 80,240 1,85,260 55,626 -56.69% 233.05%

Ratio - High/low trading volume 48.86 24.99 31.96 95.50% -21.80%

Ratio - High/average trading volume 7.23 6.21 6.04 16.46% 2.81%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Dec-17 Jun-17 Dec-16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 36.47 36.47 36.47 • No new equity shares issued during the period from 1st

Jan 2017 to 31st Dec 2017.

• No change in the promoter shareholding during the

said period.

• The shareholding of public institution decreased from

0.53% to 0.32% and that of public others increased

from 63% to 63.21% during the same period.

• The promoters have pledged 83.37 % of their

shareholding.

Public - Institutional

shareholding 0.32 0.48 0.53

Public - Others

shareholding 63.21 63.05 63.00

Non-Promoter Non-Public

Shareholding 0.00 0.00 0.00

Source - NSE



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MAJOR SHAREHOLDERS (AS ON 31st DECEMBER 2017)

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

1 Deepak Puri 28.41%

No Major Individual Public Shareholder

2 Microgreen Electronics Pvt Limited 6.06%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last FY 2016-17.

Preferential issue to promoters No preferential issue of shares was made to the promoters in last 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 The Company does not have any ESOP Scheme.

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 Optical Media Product 79.75%

2 Pen Drive and Cards 16.99%

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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