S C Tamil Nadu Telecommunications Ltd.Promoter shareholding 63.63 63.63 63.63 • No new equity...
Transcript of S C Tamil Nadu Telecommunications Ltd.Promoter shareholding 63.63 63.63 63.63 • No new equity...
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STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: CABLES REPORTING DATE: 14TH AUGUST, 2017
TAMILNADU TELECOMMUNICATION LTD. www.ttlofc.in
Tamil Nadu Telecommunications Ltd. NSE Code - TNTELE TABLE 1 - MARKET DATA (STANDALONE) (AS ON 9TH AUGUST, 2017)
Sector - Cables NSE Market Price (`) 2.20 NSE Market Cap. (₹ Cr.) 10.05
Face Value (`) 10.00 Equity (` Cr.) 45.68
Business Group - Govt. of India 52 week High/Low (₹) 4.20/1.85 Net worth (₹ Cr.) * (62.45)
Year of Incorporation - 1988 TTM P/E (TTM) N.A. Traded Volume (Shares) 1,500
TTM P/BV N.A. Traded Volume (lacs) 0.03
Registered Office Source - Capitaline, TTM - Trailing Twelve Month, N.A. - Not Applicable *As on 30th September, 2016
No 16, 1st Floor, Aziz Mulk, COMPANY BACKGROUND
3rd Street, Thousand Lights, Tamil Nadu Telecommunications Ltd is a Government of India Enterprises. The Company is
engaged in the manufacture of telephone cables. The Company's products include
telecommunication grade optical fiber cables, ribbon cable, composite cables, self supporting
aerial optical fiber cable, armored optical fiber cable and metal free optical fiber cable. The
company is an ISO 9001 certified company, having their optical fibre cable manufacturing
facility at M.M. Nagar. Their clients include BSNL, Tata Teleservices, Indian Railways, Reliance
Infocom, AIRCEL, hathway and Power Grid Corporation of India Ltd.
Tamil Nadu Telecommunications Ltd was incorporated on May 13, 1988 as a public limited
company. The company was set up as a joint venture between Telecommunications
Consultants India Ltd, Tamilnadu Industrial Development Corporation Ltd and Fujikura Ltd of
Japan. In the year 1998, the company embarked upon diversification of their products range
with the manufacture of the state-of-art optical fiber cables, in technical collaboration with
Fujikura Ltd of Japan.
Chennai – 600 006,
Tamil Nadu
Company Website:
www.ttlofc.in
Revenue and Profit Performance
The revenue of the Company increased from ₹ 0.22 crores to ₹
0.61 crores from quarter ending Sep’15 to quarter ending Sep’16.
The Company made a loss of ₹ 4.40 crores in quarter ending
Sep’16 vis-a-vis making a loss of ₹ 3.58 crores in quarter ending
Sep’15.
Source: Moneycontrol
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
Tamil Nadu Tele. Ltd 0.00% -25.00% -34.33% -21.43%
Nifty 0.22% 3.99% 13.56% 14.89%
Source: Capitaline/ NSE
0.00
0.50
1.00
1.50
Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17
Tamil Nadu Telecommunications Ltd NIFTY
0.611.57
0.22
-4.40-5.14
-3.58
-6
-4
-2
0
2
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
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TABLE 3 – FINANCIALS
(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change
Sep ’16 vs Mar’16 Mar’16 vs Sep’15
Net Worth -62.45 -53.50 -44.75 N.A. N.A.
Current Assets 14.99 24.00 29.17 -37.56% -17.72%
Non-Current Assets 9.71 9.87 10.06 -1.59% -1.89%
Total Assets 24.70 33.87 39.23 -27.08% -13.66%
Investments - - - - -
Finance Cost 2.09 1.93 2.11 8.29% -8.53%
Long Term Liabilities 2.53 2.27 2.37 11.23% -4.22%
Current Liabilities 84.62 85.10 81.61 -0.56% 4.28%
Turnover 0.58 1.57 0.20 -63.06% 685.00%
Profit After Tax (PAT) -4.40 -5.14 -3.58 N.A. N.A.
EPS (₹) -0.96 -1.13 -0.78 N.A. N.A.
Source - Money Control/Stock exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Auditors have not made any qualifications in last 3 years viz. FY 2015-16, FY 2014-15 &
FY 2013-14.
However, the Auditors have drawn attention to the following Emphasis of Matter in FY 2015-16:
“Without qualifying our conclusion, we draw, attention to S. No - 3– Note – 25 - Notes to Accounts. As at 31st March 2016, the
Company’s accumulated losses of ₹ 10,996.11 Lakhs has eroded the Net Worth of the Company, indicating the existence of
material uncertainty that may cast a doubt about the Company’s ability to continue as a Going Concern. The Company has
incurred a loss of ₹ 1,595.42 Lakhs for the year under audit. Based on the mitigating factors discussed in the said note, the
Management believes that the Going Concern assumption is appropriate.”
Management reply for the above Emphasis of Matter:
“As mentioned in Note no. 3, The requirement of OFC in the country is huge; however, the delay in procurement is due to various
procedural matters/issues in execution of big projects by the Government Clients. The Company is hoping to get continuous
orders from 2016-17 onwards regularly since the OFC market is picking up. The order booking position is expected to be
continuously good. Considering the scope during the immediate future and TCIL’s continuous financial support, the accounts
have been prepared on going concern basis.”
Other Matters:
• “The Deferred Tax Asset has not been provided for, in the books of account, considering the absence of virtual certainty of
earning profits and prudence concept.
• Item no (vii)(a) of the Annexure to the Independent Auditor’s Report the Company has been generally regular in depositing
with appropriate authorities undisputed statutory dues including Provident Fund, Income Tax, Sales Tax, Service Tax, Duty of
Excise, Duty of Customs, Value added Tax, Cess and other statutory dues with the appropriate authorities during the year as
applicable to it except the Property Tax amounting to Rs.40,34,250/-. We are informed by the Company that efforts are
made to get exemption being a sick Company. We are also informed that there are no employees who are eligible to be
covered under Employees State Insurance scheme.”
Management reply:
• “The Company has disclosed the facts of non-provisioning for deferred tax assets / liabilities vide Note no. 6(b) under “25.
Notes to Accounts”.
• With reference to clause 11.5.3 of the Sanctioned Scheme issued to the company by BIFR, the company had requested and
continuously insisting the concerned authority for waiver of the Property Tax of the past and during the rehabilitation period.
No positive reply from the authority is received. However, provision has been made in the books of accounts every year and
part amount remitted during the year 2014-15. Continuously pursuing for waiver of the balance dues. On waiver, the liability
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will be reversed accordingly.”
Response Comment
Frequency of Qualifications Not Applicable
Have the Auditors made any adverse remark in last 3 years? No -
Are the material accounts audited by the Principal Auditors? Not Applicable* -
Do the financial statements include material unaudited financial statements? Not Applicable* -
* Not applicable as the Company does not have any subsidiary(ies) during the financial year 2015-16.
TABLE 4: BOARD PROFILE (AS PER ANNUAL REPORT 2015-16)
Regulatory Norms Company
% of Independent Directors on the Board 50% 14%
% of Promoter Directors on the Board - 86%
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 (%) - 78.79%
Composition of Board: As per Regulation 17(1)(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 has 14% of Independent
Directors and hence, it does not meet the regulatory requirement.
Management Reply with regards to Board Composition:
The Company is Joint Sector Govt. Company with 49% of its shares held by TCIL, a Govt. of India Enterprise and 14.63% held by
TIDCO, a Govt of Tamilnadu Enterprise. The Board as well as management control of the Company lies with TCIL. Being a Govt.
Company, action already taken for induction of Independent Directors in the Board of the Company through TCIL with the Dept.
of Telecommunications, Ministry of Telecommunications & IT. The same is being followed up through TCIL for early
appointment.
Board Diversity: The Company has 7 directors out of which 6 are male and 1 is female.
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TABLE 5 - FINANCIAL RATIOS
Ratios Sep’16 Mar’16 Sep’15
% Change
Sep ’16 vs
Mar’16
Mar’16 vs
Sep’15
Turn
ove
r
Rat
ios
Inventory Turnover 0.18 0.44 0.03 -58.76% 1,274.85%
Debtors Turnover 0.06 0.13 0.01 -56.35% 841.87%
Fixed asset Turnover 0.06 0.16 0.02 -62.46% 700.11%
Current Asset Turnover 0.04 0.07 0.01 -40.83% 854.10%
Ret
urn
Rat
ios Operating Profit Margin -384.48% -200.00% -690.00% N.A. N.A.
Net Profit Margin -758.62% -327.39% -1,790.00% 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 0.18 0.28 0.36 -37.21% -21.10%
Quick Ratio 0.14 0.24 0.28 -41.99% -14.49%
Cash Ratio 0.02 0.10 0.10 -81.11% -4.90%
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 23.24 8.73 74.25 166.34% -88.25%
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
TABLE 6 - TRADING VOLUME Jun’17 Dec’16 Jun’16
% Change
Jun’17 vs
Dec’16 Dec’16 vs
Jun’16
Trading Volume (shares) (avg. of 1 qtr) 927 2,672 826 -65.29% 223.66%
Trading Volume (shares) (high in 1 qtr) 10,400 16,880 5,592 -38.39% 201.86%
Trading Volume (shares) (low in 1 qtr) 1 15 1 -93.33% 1,400%
Ratio - High/low trading volume 10,400 1,125.33 5,592 824.17% -79.88%
Ratio - High/average trading volume 11.21 6.32 6.77 77.50% -6.73%
Source: Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Mar'17 Sep'16 Mar'16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 63.63 63.63 63.63 • No new equity shares were issued during the
period from Mar’ 16 to Mar’ 17.
• Promoter shareholding remains unchanged
during the above period.
• No other changes were observed in the
shareholding pattern during the said period.
• Promoters have not pledged/ encumbered
any shares.
Public - Institutional shareholding 24.02 24.02 24.02
Public - Others shareholding 12.35 12.35 12.35
Non-Promoter Non-Public
Shareholding 0.00 0.00 0.00
Source: NSE
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MAJOR SHAREHOLDERS (AS ON 31st MARCH, 2017)
S. No. Promoters Shareholding
S. No. Public Shareholders Shareholding
1 Telecommunications Cons. India Ltd. 49.00% 1 State bank of India 9.30%
2 Tamilnadu Industrial Development Corp. Ltd 14.63% 2 Andhra Bank 4.53%
3 Punjab National Bank 2.77%
Source: NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters Promoters have not sold/bought any shares in last one year
Preferential issue to promoters No preferential issue was made to promoters in last one year
Preferential issue to others No preferential issue was made to other shareholders in last one year
GDRs issued by the Company The Company did not issue any GDRs in last one year
Issue of ESOPs/Issue of shares
other than Preferential allotment
The Company does not have any ESOP Scheme. Further, no new equity shares were issued
by the Company in last one year.
Source - Annual Report 2015-16
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
1 Manufacturing of Optical Fiber Cables for Telecommunications 100
Source - Annual Report 2015-16
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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
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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.
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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