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Magnum Ventures Ltd www.magnumventures.in

SECTOR: PAPER REPORTING DATE: 1ST JUNE, 2016

Magnum Ventures Ltd 1st June, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 31st May, 2016)

NSE Code - MAGNUM NSE Market Price (₹) 2.75 NSE Market Cap. (₹ Cr.) 9.96

Sector - Paper Face Value (₹) 10.00 Equity (₹ Cr.) 37.60

52-week High/Low (₹) 4.25/ 2.00 Net worth (₹ Cr.) -32.93

Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 2,632

Year of Incorporation - 1980 TTM P/BV N.A. Traded Volume (lacs) 0.07

Source - Capitaline

Corporate Office: COMPANY BACKGROUND

685, Chitla Gate, Chawri Bazar, Magnum Ventures Ltd was incorporated in the year 1980 and taken over in 1984 under the

leadership of Mr. Salek Chand Jain along with his sons Mr. Vinod Jain, Mr. Parmod Jain, Mr.

Pradeep Jain, Mr. Praveen Jain being promoters and Directors of the Company. It is ideally

located at Sahibabad the (NCR region hardly 15 KM from the heart of Delhi i.e. Connaught

place, New Delhi). The Mill has now transformed into one of the largest paper-

manufacturing mill of Northern India having installed capacity of 85000 TPA. This includes

equal quantity of Cream wove Paper, Maplitho, Copier, and Coated Duplex Board. The

Company is having large infrastructures 65000 Square Meter and Five Lacs Square Feet

Building Area in Sahibabad Industrial Area, Ghaziabad (U.P.) NCR (Just 15 KM from

Connaught Place, New Delhi) and engaged in the business of trading and manufacturing of

papers since more than 25 Years and are also having sound financial resources for meeting

large commitments. The existing manufacturing activities cover printing and writing papers,

duplex boards, Xerox paper, Wrapping and packing paper and so on with installed capacity

of 85000 MT per annum based on 3 shift and 330 days working days in a year. The Company

has proposed to set up a 4 Star Business Hotel comprising 212 rooms including 100 Deluxe

rooms, 100 Executive rooms, and 12 Suites, pure vegetarian all-day dining restaurant,

specialty restaurant, banquet hall business center, health club and other amenities and

facilities. The proposed land is located on main Madan Mohan Malviya Marg connecting NH-

24 and Hapur Bypass leading to NH-24. The Hotel will be managed by the Licensor of

Country Inns & Suites by Carlson - Country Development & Management Services Private

Limited (CDMS) and expected to be in operation by April 2009.

New Delhi - 110 006, Delhi

Company Website:

www.magnumventures.in

TABLE 2 - PRICE PERFORMANCE

31st May,

2016

29th May,

2015

30th May,

2014

% Change CAGR for

2 years 2016 vs 2015 2015 vs 2014

Price (₹) 2.65 2.85 2.50 -7.02% 14.00% 2.96%

Trading Volume (Shares)

(yearly avg.) 4,710 4,434 1,544 6.24% 187.15% -

NSE Market Cap. (in ₹ Cr.) 9.96 10.72 9.40 -7.09% 14.04% 2.94%

Source - Money Control

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Magnum Ventures Ltd www.magnumventures.in

SECTOR: PAPER REPORTING DATE: 1ST JUNE, 2016

TABLE 3 - FINANCIALS

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

years 2015 vs 2014 2014 vs 2013

Net Worth -32.93 40.62 59.48 -181.07% -31.71% N.A.

Current Assets 122.13 113.42 102.79 7.68% 10.34% 9.00%

Non-Current Assets 285.58 335.45 311.46 -14.87% 7.70% -4.24%

Total Assets 407.72 448.87 414.25 -9.17% 8.36% -0.79%

Investments 58.28 45.69 9.62 27.56% 374.95% 146.13%

Finance Cost 38.19 36.04 45.19 5.97% -20.25% -8.07%

Long Term Liabilities 356.32 340.38 258.18 4.68% 31.84% 17.48%

Current Liabilities 84.32 67.87 96.60 24.24% -29.74% -6.57%

Turnover 223.60 213.66 190.49 4.65% 12.16% 8.34%

Profit After Tax (PAT, ₹ Cr.) -73.32 -18.86 -0.30 N.A. N.A. N.A.

EPS (₹) -20.00 -5.00 -0.08 N.A. N.A. N.A.

Source - Money Control/Annual Report

Discussion as per Company in the Annual Reports of last three years:

FY 2014-15: During the year under review, total income of the Company was ₹223.92 crores as against ₹216.23 crores in the

previous year reflecting Y-O-Y growth of 3.44%. During the current reporting period, the Company has suffered a loss of

₹45.91 crores. Depreciation of ₹24.80 crores and interest accrued of ₹38.19 crores during the current year forced the

Company to suffer loss after tax of ₹73.32 crores.

FY 2013-14: During the year under review, total income of the Company was ₹216.23 crores as against ₹190.62 crores in the

previous year reflecting Y-O-Y growth of 13.42%. The PBT of the Company during the current reporting period was ₹(-)25.21

crores reflecting 38.46% growth in comparison with the last reporting period. In spite thereof, the depreciation of ₹19.16

crores and interest accrued of ₹36.04 crores during the current year forced the Company to suffer loss of ₹(-) 18.86 crores.

FY 2012-13: During the year under review, total income of the Company was ₹190.62 crores as against ₹197.16 crores in the

previous year. Depreciation of ₹21.10 crores and interest accrued of ₹45.19 crores during the year forced the Company to

suffer loss of ₹(-) 0.30 crores.

The main reason for non-recovery of Depreciation and Interest in total are as under:

1. High Inflation rate faced by Indian economy. 2. Coal Price, Petroleum Products, Transportation Costs on Peak Levels. 3.

Declining in hotel rooms and occupancy rates. 4. High Competition and low operating Margin.

The Company is taking necessary steps to perform better in coming years.

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Magnum Ventures Ltd www.magnumventures.in

SECTOR: PAPER REPORTING DATE: 1ST JUNE, 2016

AUDIT QUALIFICATIONS

The Auditors have not made any qualification in last two years, however following qualification was made in the Annual

Report for FY 2012-13

Audit Qualifications for the year 2012-13

“subject to Sub Note (A)12 of Note 27 regarding non-compliance with Accounting Standard – 15 in respect of Employee

benefits issued by Institute of Chartered Accountants of India”

Management Response:

“In regard to the auditor’s qualification on non-compliance with Accounting Standard - 15 in respect of Employee Benefit issued

by Institute of Chartered Accountants of India. It is hereby clarified that –

(a) Retirement benefits in the form of provident fund & pension schemes whether in pursuance of law or otherwise, the

Company is regular in depositing these dues to the credit of appropriate authorities in due time.

(b) Liability in respect of gratuity payable to employees has been provided for on the assumption that such benefits are payable

to all employees who have completed five years of service at the end of accounting year.

(c) Liability in respect of leave encashment payable to employees has been provided for leave credit at the year-end.

The provision for gratuity and leave encashment is not based on the actuarial valuation; however, the Company will make

compliance in due course of time.”

Response Comment

Frequency of Qualifications - Appeared only once in financial year 2012-13.

Have the Auditors made any adverse remark in last 3

years? No -

TABLE 4: BOARD PROFILE (As on 31st March, 2015)

Regulatory Norms Company

% of Independent Directors on the Board 50% 36%

% of Promoter Directors on the Board - 36%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Non-Executive Promoter

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

Average attendance of Directors in the Board meetings (%) - 83%

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/Non-Executive Director. The Company as on 31st March, 2015

has 36% of Independent Directors and hence, does not meet the regulatory requirement.

Board Diversity: The Company has 11 directors out of which 10 are male and 1 is female.

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Magnum Ventures Ltd www.magnumventures.in

SECTOR: PAPER REPORTING DATE: 1ST JUNE, 2016

TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 14.14 14.73 14.18 -3.95% 3.81%

Debtors Turnover 2.74 2.46 2.40 11.55% 2.28%

Fixed asset Turnover 0.78 0.64 0.61 22.93% 4.14%

Current Asset Turnover 1.83 1.88 1.85 -2.81% 1.65%

Ret

urn

Rat

ios Operating Profit Margin -20.53% -11.80% -21.37% N.A. N.A.

Net Profit Margin -32.79% -8.83% -0.16% N.A. N.A.

Return on Assets (ROA) -17.98% -4.20% -0.07% N.A. N.A.

Return on Equity (ROE) N.A. -46.43% -0.50% N.A. N.A.

Return on Capital Employed (ROCE) N.A. 2.46% 1.17% N.A. 110.75%

Liq

uid

ity

Rat

ios

Current Ratio 1.45 1.67 1.06 -13.33% 57.05%

Quick Ratio 1.26 1.46 0.93 -13.48% 57.54%

Cash Ratio 0.29 0.18 0.10 66.64% 69.07%

Working Capital Turnover ratio 5.91 4.69 30.77 26.08% -84.76%

Solv

ency

Rat

ios Debt to equity ratio N.A. 9.28 5.41 N.A. 71.70%

Interest Coverage Ratio N.A. 0.30 0.10 N.A. 202.44%

Trad

ing

Rat

ios

Market Cap / Sales 0.05 0.05 0.06 -4.45% -10.84%

Market Cap/ Net Worth N.A. 0.28 0.19 N.A. 46.43%

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

Market Cap/EBITDA 37.66 34.18 44.61 10.18% -23.40%

Trading Volume (shares) (avg. of 1

year) 4,690 4,395 1,367 6.72% 221.55%

Trading Volume (shares) (high in 1

year) 50,074 50,578 20,132 -1.00% 151.23%

Trading Volume (shares) (low in 1 year) 1.00 2.00 1.00 -50.00% 100.00%

Ratio - High/low trading volume 50,074 25,289 20,132 98.01% 25.62%

Ratio - High/average trading volume 10.68 11.51 14.73 -7.23% -21.87%

Source - Money Control

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Magnum Ventures Ltd www.magnumventures.in

SECTOR: PAPER REPORTING DATE: 1ST JUNE, 2016

Source – Annual Report

TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Sep' 2015 Sep' 2014 Sep' 2013 Comments

Shar

eho

ldin

g

Promoter shareholding 53.08% 53.08% 53.08% No new equity shares were issued by the

Company during the two-year period from

Sep’2015 to Sep’2013. There was no

change in the promoter shareholding

during the said period. No major change

was observed in the shareholding pattern

during the said period. The promoters have

pledged 70% of their shareholding and

37.16% of total shareholding.

Public - Institutional

shareholding - - -

Public - Others shareholding 46.92% 46.92% 46.92%

Non Promoter Non Public

Shareholding - - -

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

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 other shareholders in last three years.

GDRs issued by the Company The Company did not issue and GDRs in last three years.

Issue of ESOPs/Issue of shares

other than Preferential allotment The Company does not have any stock option scheme.

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SECTOR: PAPER REPORTING DATE: 1ST JUNE, 2016

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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SECTOR: PAPER REPORTING DATE: 1ST JUNE, 2016

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

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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

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Research Analyst: Waheed Shaikh