Ramsarup Industries Ltd.infrastructure projects. Ramsarup Industries Ltd was incorporated July 9,...
Transcript of Ramsarup Industries Ltd.infrastructure projects. Ramsarup Industries Ltd was incorporated July 9,...
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STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
Ramsarup Industries Ltd www.ramsarup.com
Ramsarup Industries Ltd. 31st May, 2016 TABLE 1 - MARKET DATA (STANDALONE) (As on 27th May, 2016)
NSE Code - RAMSARUP NSE Market Price (₹) 1.70 NSE Market Cap. (₹ Cr.) 4.81
Sector - Steel Face Value (₹) 10.00 Equity (₹ Cr.) 35.08
52-week High/Low (₹) 3.60/0.85 Net worth (₹ Cr.) -1,158.48
Business Group - Indian Private TTM P/E N.A. Traded Volume (Shares) 5,222
Year of Incorporation - 1979 TTM P/BV N.A. Traded Volume (lacs) 0.09
Source - Capitaline
Corporate Office: COMPANY BACKGROUND
7C, Kiran Shankar Roy Rd, 2nd Flr, Ramsarup Industries Limited produces and distributes iron and steel products, wire
products, pig iron, sponge iron, TMT bars, and galvanized and black wires in India. It
operates through three segments: Wire & Steel Products, Power Generation, and
Infrastructure. The Company’s wire products include hot dipped and electroplated
galvanized iron wires, galvanized steel strands, H.B. wires, cable armour wires, cable
armouring formed wires, ACSR core single and stranded wires, P.C. single wires, P.C.
strand 3 ply and 7 ply wires, bright and galvanized spoke wires, cycle accessories wires,
shutter spring wires, spring steel wires, telegraph wires, black and galvanized rope wires,
umbrella rib wires, chain rivet/link wires, cotton bailing wires, and low relaxation pre-
stressed concrete strands/wires. Its wire products are used in various applications,
including general engineering; I.E. netting, fencing, barbing, and other applications;
electrical and transmission lines; re-enforcement of concrete poles and other concrete
structures; springs; and rope making and auto cables, as well as in the nail, cable and
conductor, prestressed concrete, cycle and two wheelers, telecom, umbrella, chain, and
cotton bailing industries. The Company’s TMT bars are used in the railways, power,
housing, roads and bridges, water management, and defence sectors. It is also involved in
the wind power generation activities; and turnkey projects contracts for various
infrastructure projects. Ramsarup Industries Ltd was incorporated July 9, 1979 as a public
limited Company in West Bengal with the name Karunanidhi Investments & Trading
Company Ltd. As per the scheme of amalgamation, Ramsarup Engineering Industries Ltd,
promoted by Ashish Jhunjhunwala amalgamated with the Company with effect from 1st
April, 2001. In 11th June, 2002, the Company changed their name from Karunanidhi
Investments & Trading Company Ltd to Ramsarup Engineering Industries Ltd. In 30th
March, 2005, the name of the Company was changed from Ramsarup Engineering
Industries Ltd to Ramsarup Industries Ltd.
Hastings Chambers, Room No. 1,
Kolkata – 700 001, West Bengal
Company Website:
www.ramsarup.com
TABLE 2 - PRICE PERFORMANCE
27th May, 2016 29th May, 2015 30th May, 2014
% Change CAGR for
2 years 2016 vs 2015 2015 vs 2014
Price (₹) 1.70 1.70 3.65 0.00% -53.42% -31.75%
Trading Volume (Shares)
(yearly avg.) 3,312 4,320 2,099 -23.34% 105.81% -
NSE Market Cap. (in ₹ Cr.) 5.96 5.96 12.8 0.00% -53.44% -31.76%
Source - Money Control
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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
Ramsarup Industries Ltd www.ramsarup.com
TABLE 3 - FINANCIALS
(₹ Cr.) 2015 2014 2013 % Change CAGR for 2
years 2015 vs 2014 2014 vs 2013
Net Worth -1,158.48 -975.46 -486.46 N.A. N.A. N.A.
Current Assets 55.32 62.29 80.82 -11.19% -22.93% -17.27%
Non-Current Assets 2,211.68 2,265.73 2,283.25 -2.39% -0.77% -1.58%
Total Assets 2,267.00 2,328.03 2,364.06 -2.62% -1.52% -2.07%
Investments 66.53 68.69 69.00 -3.14% -0.45% -1.81%
Finance Cost 123.64 455.72 381.40 -72.87% 19.49% -43.06%
Long Term Liabilities 9.67 9.73 10.27 -0.62% -5.26% -2.97%
Current Liabilities 3,415.81 3,293.75 2,840.25 3.71% 15.97% 9.67%
Turnover 4.38 10.30 32.39 -57.48% -68.20% -63.23%
Profit After Tax (PAT, ₹ Cr.) -179.91 -489.00 -430.59 N.A. N.A. N.A.
EPS (₹) -51.00 -139.00 -123.00 N.A. N.A. N.A.
Source - Money Control/Annual Report
Discussion as per Company:
During the financial year 2014-15, total revenue from operation of the Company is ` 4.38 crores as against ` 10.30 crores in
the previous year. Operating Profit / (Loss) is ` (5.97) crores as against ` (1.86) crores in the previous year. Profit / (Loss) before
taxation is ` (179.91) crores as against ` (489.00) crores in the previous year. Profit / (Loss) after Tax is ` (179.91) crores as
against ` (489.00) crores in the previous year. The Company has incurred substantial losses due to non-operation of all the
manufacturing units and day to day administrative expenses. Interest for the year on funds borrowed has been debited till
June, 2014 and subsequently the Company has not debited interest on borrowed funds as accounts of the Company had
turned NPA in the earlier years. This has led to lower losses to the extent of ` 395.84 crores. Due to change in the method of
depreciation as required by the Companies Act, 2013, the useful life of assets are recomputed on 01.04.2014 and the assets
whose useful life has expired amounting of ` 3,11,76,027/- has been transferred to the opening balance of retained earnings.
Also due to change in method of depreciation, the depreciation for the year is higher by ` 20,00,92,023/- in the Statement of
Profit & Loss Account leading to higher losses to similar extent. Further one of the wind mill was under break down for most
part of the year. During the year ended 31.03.2012 the net worth of the Company had eroded and the Company had become
Sick Industrial Company as per the provisions of Sick Industrial Companies (Special Provision) Act 1985 (SICA) and the Company
was required to make reference with the Board for Industrial and Financial Reconstruction (BIFR).
During the financial year 2013-14, Total Revenue from Operation of the Company is ` 10.30 crores as against ` 32.39 crores in
the previous year. Operating Profit / (Loss) is ` (1.86) crores as against ` (16.70) crores in the previous year. Profit / (Loss)
before taxation is ` (489.00) crores as against ` (430.47) crores in the previous year. Profit / (Loss) after Tax is ` (489.00) crores
as against ` (430.47) crores in the previous year. The Company has incurred substantial losses due to debiting of interest for
the year on funds borrowed for execution of several capital projects and day to day administrative expenses. Further as
suspension of manufacturing activities has taken place in all the manufacturing units, there are indications which suggest
impairment in the value of plant and machineries and other fixed assets of the company, for which the management is in
process of getting the study carried out.
During the financial year 2012-13, Total Revenue from Operation of the Company is ` 32.39 crores as against ` 458.51 crores in
the previous year. Operating Profit / (Loss) is ` (16.70) crores as against ` (23.56) crores in the previous year. Profit / (Loss)
before taxation is ` (430.47) crores as against ` (382.19) crores in the previous year. Profit / (Loss) after Tax is ` (430.47) crores
as against ` (382.19) crores in the previous year. The Company has incurred substantial losses due to debiting of interest for
the year on funds borrowed for execution of several capital projects and day to day administrative expenses.
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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
Ramsarup Industries Ltd www.ramsarup.com
AUDIT QUALIFICATIONS
The Auditors have raised following qualifications in Annual Report for FY 2014-15
“1) The Company has four manufacturing units at Kalyani, Shyamnagar, Kharagpur, and Durgapur, all of which are under the
suspension of work for the last few years and they are under the symbolic /physical possession of lenders due to default of
payment of the outstanding loans. Detail physical verifications of fixed assets and inventories could not be conducted by the
management. Auditors have also not been able to obtain sufficient appropriate audit evidences (SAAE) in respect of existence
and valuation of fixed assets and inventories lying in these factories.
2) Borrowings from banks and financial institutions have been classified as non-performing assets by the lenders. No balance
confirmation of the outstanding loan could be obtained nor has any bank statement been provided by them. In absence of the
same, Auditors are unable to confirm the accuracy of the balances appearing in the books of account. As the borrowings have
been considered as NPA, no interest has been charged by the banks since then. During the year the Company has provided
interest on these borrowings up to 1st quarter June 2014 but interest of ` 395.84 crore for the three quarters from 1st July to
31st March, 2015 has not been provided.
3) The net worth of the Company has been fully eroded and therefore the Company filed an application before the Ld.BIFR
which is still pending. The Company’s ability to continue the business is significantly dependent upon the viability of the
restructuring plan to be approved by the Ld. BIFR”.
Management has given following response on the Auditors qualifications:
“1. Security / watch & ward are being maintained of the plant by the Company and Banker’s / ARC’s have been getting asset
valuation report done from time to time. Impairment, if any will be accounted for at the relevant time and will form part of
the BIFR rehabilitation package.
2. Since the accounts have become NPA the Bankers do not provide statement of accounts and confirmation / certificates in
relation to various facilitation. However, the Company had been providing interest and other charges on the accounts as per
last sanctioned limit till June, 2014. There may be differences between the bank balance & Company’s balance due to
estimation. Company is not expecting any major variation between the outstanding of the lenders & the Company. There was
no difference between the outstanding of the banks and Company as on the date of NPA. Company has debited nearly ` 1,325
crores on account of interest since the account has turned NPA. Impact of past and future interest if any will form part of the
package to be submitted to Ld. BIFR and at the relevant time.
3. The Company is in active discussion with ARC’s & Lenders for settlement & rehabilitation/ revival of the Company under the
aegis of Ld. BIFR. The Company is confident of getting the support from its lending banks / FI’s / ARC’s.”
Response Comment
Frequency of Qualifications - Appeared only once in FY 2014-15
Have the Auditors made any adverse remark in last 3
years? No -
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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
Ramsarup Industries Ltd www.ramsarup.com
TABLE 4: BOARD PROFILE (As on 31st March, 2015)
Regulatory Norms Company
% of Independent Directors on the Board 50% 0%
% of Promoter Directors on the Board - 33.33%
Number of Women Directors on the Board Atleast 1 0
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 (%) - 100%
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 does not have a single
Independent Director on the Board and hence, it does not meet the regulatory requirement.
Board Diversity: The Company has 3 directors of which all are male. The Company does not have a single woman Director on
the Board. The Company is non-compliant as per 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. Aashish Jhunjhunwala 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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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
Ramsarup Industries Ltd www.ramsarup.com
TABLE 5 - FINANCIAL RATIOS
Ratios 2015 2014 2013 % Change
2015 vs 2014 2014 vs 2013
Turn
ove
r
Rat
ios
Inventory Turnover 1.25 1.47 3.46 -14.95% -57.48%
Debtors Turnover 1.48 3.14 1.88 -52.88% 67.43%
Fixed asset Turnover 0.00 0.00 0.01 -56.44% -67.95%
Current Asset Turnover 0.08 0.17 0.40 -52.12% -58.74%
Ret
urn
Rat
ios Operating Profit Margin -4107.53% -4747.57% -1329.39% N.A. N.A.
Net Profit Margin -4107.53% -4747.57% -1329.39% N.A. N.A.
Return on Assets (ROA) -7.94% -21.00% -18.21% 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 0.02 0.02 0.03 -14.36% -33.54%
Quick Ratio 0.02 0.02 0.03 -9.63% -33.28%
Cash Ratio 0.01 0.02 0.02 -9.41% -17.24%
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 1.44 0.61 0.19 135.16% 214.47%
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.
Trading Volume (shares) (avg. of 1
year) 3,619 4,207 2,405 -13.98% 74.93%
Trading Volume (shares) (high in 1
year) 50,240 57,819 21,237 -13.11% 172.26%
Trading Volume (shares) (low in 1
year) 1.00 2.00 1.00 -50.00% 100.00%
Ratio - High/low trading volume 50,240 28,910 21,237 73.78% 36.13%
Ratio - High/average trading volume 13.88 13.74 8.83 1.02% 55.64%
Source - Money Control
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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
Ramsarup Industries Ltd www.ramsarup.com
TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS
Mar' 2016 Mar' 2015 Mar' 2014 Comments
Shar
eho
ldin
g
Promoter shareholding 37.60% 39.38% 40.29%
No new equity shares were issued by the
Company during the two-year period from
Mar’2014 to Mar’2016. The promoter
shareholding decreased from 40.29% as on
Mar’ 2014 to 37.60 % as on Mar’ 2016 due to
pledged Shares sold by IFCI Ltd. No other
major change was observed in the
shareholding pattern during the said period.
The promoters have pledged 59.85% of their
shareholding.
Public - Institutional
shareholding 4.34% 4.34% 8.90%
Public - Others shareholding 58.06% 56.28% 50.81%
Non Promoter Non Public
Shareholding
0.00% 0.00% 0.00%
TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters
The Promoters of the Company have sold their shares in the secondary market in
last two years. Total number of shares sold by promoter and promoter group during
the two-year period is approximately 3,19,557 shares.
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 others 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. Further, no new equity
shares were issued by the Company in last three years
Source - Annual Report
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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
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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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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
Ramsarup Industries Ltd www.ramsarup.com
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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SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
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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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P A G E
SECTOR: STEEL REPORTING DATE: 31ST MAY, 2016
Ramsarup Industries Ltd www.ramsarup.com
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