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Jai Balaji Industries Ltd S ECTOR: STEEL REPORTING DATE: 31ST MAY, 2016

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Jai Balaji Industries Ltd S ECTOR: STEEL REPORTING DATE: 31ST MAY, 2016 STAKEHOLDERS EMPOWERMENT SERVICES Jai Balaji Industries Ltd www.jaibalajigroup.com S ECTOR: STEEL REPORTING DATE: 31ST MAY, 2016 Jai Balaji Industries Ltd 31st May, 2016 TABLE 1 ‐ MARKET DATA (STANDALONE) (As on 31st May, 2016) NSE Code ‐ JAIBALAJI NSE Market Price (₹) 6.95 NSE Market Cap. (₹ Cr.) 51.96 Sector ‐ Steel Face Value (₹) 10.00 Equity (₹ Cr.) 77.78 52‐week High/Low (₹) 14.15/ 4.80 Net worth (₹ Cr.) ‐180.81 Business Group ‐ Indian Private TTM P/E N.A. Traded Volume (Shares) 8,204 Year of Incorporation ‐ 1999 TTM P/BV N.A. Traded Volume (lacs) 0.57 Source ‐ Capitaline Corporate Office: COMPANY BACKGROUND 5th Bentinck Street, 1st Floor, Jai Balaji Industries Ltd, the flagship company of Jai Balaji Group is one of the largest steel Kolkata – 700 001, West Bengal producers in the private sector in Eastern India. The Company is an integrated steel manufacturer. Their products include sponge iron, pig iron, reinforcement steel TMT bars, Company Website: alloy and mild steel ingots & wire rod and carbon, alloy & mild steel heavy rounds. The www.jaibalajigroup.com Company are having five manufacturing facilities located at Durgapur and Raniganj in West Bengal and Durg in Chhattisgarh. The Company also manufactures Thermex TMT Bars, under the brand name Balaji Shakti, which is a respected name among civil contractors and real estate developers for quality steel. In addition, they have supplied steel to various projects of National importance undertaken by National Hydro‐Electric Power Corporation Ltd., National Highway Authorities of India, etc. Jai Balaji Industries Ltd was incorporated in the year 1999 as Jai Balaji Sponge Ltd. TABLE 2 ‐ PRICE PERFORMANCE 30th May, 29th May, 30th May, % Change CAGR for 2016 2015 2014 2016 vs 2015 2015 vs 2014 2 years Price (₹) 6.70 11.30 25.50 ‐40.71% ‐55.69% ‐48.74% Trading Volume (Shares) (yearly avg.) 23,558 20,503 27,165 14.90% ‐24.53% ‐ NSE Market Cap. (in ₹ Cr.) 52.11 83.37 188.14 ‐37.50% ‐55.69% ‐47.37% Source ‐ Money Control Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 1 | P AGE STAKEHOLDERS EMPOWERMENT SERVICES Jai Balaji Industries Ltd www.jaibalajigroup.com S ECTOR: STEEL REPORTING DATE: 31ST MAY, 2016 TABLE 3 ‐ FINANCIALS (₹ Cr.) Mar’ 2015(12) Mar’ 2014(12) Mar’ 2013(9)* Net Worth ‐180.81 215.92 509.97 Current Assets 1,673.17 1,672.25 1,627.3 Non‐Current Assets 2,301.17 2,335.27 2,373.62 Total Assets 3,974.33 4,007.52 4,000.92 Investments 470.28 407.30 381.93 Finance Cost 375.00 336.36 176.45 Long Term Liabilities 1,964.25 1,596.76 1,728.68 Current Liabilities 2,190.89 2,194.84 1,762.27 Turnover 1,477.74 1,968.10 1,544.84 Profit After Tax (PAT, ₹ Cr.) ‐386.37 ‐318.95 ‐213.13 EPS (₹) ‐53.00 ‐48.00 ‐33.00 Source ‐ Money Control/Annual Report *The Company has changed its financial year from Jun to Mar for a 9 months period, hence, the above numbers are not comparable. Discussion as per Company: During the FY 2014‐15, the Company has been passing through a challenging phase during the past few years. The challenges continued to hamper the performance of the Company in the year under review. The Company recorded a loss before exceptional and extraordinary items of ₹486.94 crores as compared to ₹418.74 crores in the previous year. This deterioration in the performance of the Company is mainly attributable to the fall in demand in the steel product, high cost of raw material and cost of production, delays in implementation of projects on account of reform measures and the overhauling finance cost. The Net Loss for the year under review was ₹386.37 crores against ₹318.95 crores. The Company is betting upon on the boost in the steel industry coming from the new and developing infrastructural projects and the redefining government reforms. The Company is highly hopeful that it will be able to slowly and steadily climb up the step ladders, to cope with all the existing challenges and to come out with better performance in near future. During the financial year 2013‐14, the Company incurred loss which can be mainly attributable to raw material price inflation, rising borrowing costs and other global factors. The Loss before exceptional and extraordinary items and tax was ₹418.74 crore as compared to loss of ₹315.98 crore in the previous year. The net loss for the year under review (twelve months) was ₹318.95 crore against loss after tax of ₹213.13 crore in the previous year (nine months). Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 2 | P AGE STAKEHOLDERS EMPOWERMENT SERVICES Jai Balaji Industries Ltd www.jaibalajigroup.com S ECTOR: STEEL REPORTING DATE: 31ST MAY, 2016 AUDIT QUALIFICATIONS Audit Qualifications in last 3 years: The Auditors have not raised any qualification in last three years. Emphasis of Matter for the FY 2014‐15 (Standalone): Auditors have drawn attention to the following matters in the Notes to the financial statements: ‐ Note‐ 31 in the Notes to the financial statements which indicate that the Company has been incurring losses and its net worth is fully eroded, however, the financial statements of the Company have been prepared on a going concern basis for the reasons stated in the said note. Emphasis of Matter for the FY 2014‐15 (Consolidated): Auditors have drawn attention to the following matters in the Notes to the financial statements: ‐ Note‐ 31 in the Notes to the financial statements which indicates that the company has been incurring losses and its net worth is fully eroded; and Note ‐ 41(b) in the Notes to the financial statements which indicates that coal blocks allotted to its joint venture companies have been cancelled pursuant to the order of the Hon’ble Supreme Court; However, the financial statements of the Company have been prepared on a going concern basis for the reasons stated in the said note. Response Comment Frequency of Qualifications None 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% 40% % of Promoter Directors on the Board ‐ 40% Number of Women Directors on the Board Atleast 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 (%) ‐ 94% 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 an Executive/Promoter Director. The Company has 40% of Independent Directors and hence, it does not meet the regulatory requirement. Board Diversity: The Company has 10 directors out of which 9 are male and 1 female. The Company is compliant as per Clause 17 of the Listing Regulations, 2015 regarding the requirement of at least one women director. Holding of position of MD/ CEO & Chairman by same person: The Company has appointed Mr. Aditya Jajodia 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. Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 3 | P AGE STAKEHOLDERS EMPOWERMENT SERVICES Jai Balaji Industries Ltd www.jaibalajigroup.com S ECTOR: STEEL REPORTING DATE: 31ST MAY, 2016 TABLE 5 ‐ FINANCIAL RATIOS % Change Ratios 2015(12) 2014(12) 2013(9) 2015 vs 2014 vs 2014 2013 Inventory Turnover 2.97 3.86 3.47 ‐23.04% 11.50% Debtors Turnover 1.94 2.49 2.98 ‐22.17% ‐16.39% Fixed asset Turnover 0.64 0.84 0.87 ‐23.80% ‐2.88% Ratios Turnover Current Asset Turnover 0.88 1.18 1.27 ‐24.96% ‐7.02% Operating Profit Margin ‐32.95% ‐21.28% ‐20.45% N.A. N.A. Net Profit Margin ‐26.15% ‐16.21% ‐13.80% N.A. N.A. Return on Assets (ROA) ‐9.72% ‐7.96% ‐7.10% N.A. N.A. Return on Equity (ROE) N.A. ‐147.72% ‐55.72% N.A. N.A. Return Ratios Return on Capital Employed (ROCE) N.A. N.A. N.A. N.A. N.A. Current Ratio 0.76 0.76 0.92 0.24% ‐17.49% Quick Ratio 0.54 0.53 0.59 1.33% ‐9.61% Cash Ratio 0.19 0.17 0.19 11.29% ‐12.38% Ratios Liquidity Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A. Debt to equity ratio N.A. 10.69 4.42 N.A. 141.98% Ratios Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A. Solvency Market Cap / Sales 0.04 0.03 0.03 33.18% 4.66% Market Cap/ Net Worth N.A. 0.28 0.09 N.A. 214.91% Market Cap/PAT N.A. N.A. N.A. N.A. N.A. Market Cap/EBITDA 374.83 336.14 N.A. 11.51% N.A. Trading Volume (shares) (avg. of 1 23,236 23,521 24,425 ‐1.21% ‐3.70% year) Trading Volume (shares) (high in 1 6,22,530 1,93,918 397,493 221.03% ‐51.21% Trading Ratios year) Trading Volume (shares) (low in 1 year) 2 974 34 ‐99.79% 2,764.71% Ratio ‐ High/low trading volume 3,11,265 199.09 11,691 1,56,240% ‐98.30% Ratio ‐ High/average trading volume 26.79 8.24 16.27 224.96% ‐49.34% Source ‐ Money Control Note: ‐ The financial ratios of the Company and percentage change have been calculated considering 12 months period Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 4 | P AGE STAKEHOLDERS EMPOWERMENT SERVICES Jai Balaji Industries Ltd www.jaibalajigroup.com S ECTOR: STEEL REPORTING DATE: 31ST MAY, 2016 TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS Mar' 2016 Mar' 2015 Mar' 2014 Comments Promoter shareholding 60.76% 58.64% 54.57% The promoter shareholding increased from Public ‐ Institutional 4.01% 4.23% 4.36% 54.57% as on Mar' 2014 to 60.76% as on Mar' shareholding 2016 due to preferential allotment of equity Public ‐ Others shareholding 35.23% 37.14% 41.07% shares and conversion of warrants.
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