STAKEHOLDERS EMPOWERMENT SERVICES Tulsi ...Tulsi Extrusions Ltd 1 st June, 2016 TABLE 1 - MARKET...

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STAKEHOLDERS EMPOWERMENT SERVICES

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SECTOR: PLASTIC PRODUCTS REPORTING DATE: 1ST JUNE, 2016

Tulsi Extrusions Ltd

www.tulsigroup.com

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

NSE Code - TULSI NSE Market Price (₹) 4.05 NSE Market Cap. (₹ Cr.) 11.33

Sector - Plastic products Face Value (₹) 10.00 Equity (₹ Cr.) 27.49

52-week High/Low (₹) 7.00/1.70 Net worth (₹ Cr.) -29.34

Business Group: Indian Private TTM P/E N.A. Traded Volume (Shares) 55

TTM P/BV N.A. Traded Volume (lacs) 0.00

Year of Incorporation - 1994 Source - Capitaline

COMPANY BACKGROUND

Corporate Office: Established in the year September 16, 1994 “Tulsi Extrusions Private Limited” by 2 visionary

people Mr. Pradip Mundhra and Mr. Sanjay Kumar Taparia to become India’s leading and

largest polymer processing company with innovative products in agribusiness.

It was incorporated “public limited company” on June 5, 1995 under the banner “Tulsi

Extrusions Limited (CIN No: L29120MH1994PLC081182)”. Initially it started manufacturing

PVC pipes catering to the demand of rural Agriculture market and today with multiple

products catering not only to rural market but also urban. Aggressive marketing and pace

with demand, company in short span spread its network across the country. Tulsi extended

its portfolio to other sector like potable water supply schemes, sewerage and drainage, Bore

well, Plumbing and construction etc. The company did not stop here, seeing the need for

conserving natural resource and optimum use of water in agriculture entered in to

manufacturing “Micro Irrigation System”. A rapidly growing industry to “SAVE” every drop of

water, Power, Labour & Fertilizer to increase crop yield and make India self-sufficient

country in food supply. The company is accredited ISO 9001-2008 certification to give quality

products & services.

No 99 MIDC Area,

Jalgaon, 425 003, Maharashtra

91-257-2272732/2212276

Company Website:

www.tulsigroup.com

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 (₹) 4.20 2.90 6.75 44.83% -57.04% -21.12%

Trading Volume (Shares)

(yearly avg.) 5,624 29,211 19,275 -80.75% 51.55% -

NSE Market Cap. (in ₹ Cr.) 11.55 7.97 18.56 44.92% -57.06% -21.11%

Source - Money Control

http://www.tulsigroup.com/



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TABLE 3 - FINANCIALS

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

2 years 2015 vs 2014 2014 vs 2013

Net Worth -29.34 54.79 144.36 -153.55% -62.05% N.A.

Current Assets 94.29 119.06 188.12 -20.80% -36.71% -29.20%

Non-Current Assets 120.81 169.67 147.24 -28.80% 15.23% -9.42%

Total Assets 215.09 288.73 335.36 -25.50% -13.90% -19.91%

Investments 8.66 36.98 34.23 -76.58% 8.03% -49.70%

Finance Cost 16.55 19.85 15.13 -16.62% 31.20% 4.59%

Long Term Liabilities 137.09 123.67 50.37 10.85% 145.52% 64.97%

Current Liabilities 107.34 110.28 140.63 -2.67% -21.58% -12.63%

Turnover 88.19 81.38 185.73 8.37% -56.18% -31.09%

Profit After Tax (PAT, ₹ Cr.) -84.13 -91.53 2.21 N.A. -42.41 N.A.

EPS (₹) -31.00 -33.00 1.00 N.A. -34.00 N.A.

Source - Money Control/Annual Report

AUDIT QUALIFICATIONS

The Auditors have not raised any qualification in their report for FY 2015, however they have emphasised on following matters

Bad Debts written off ₹ 36.42 Crores

As on 20th February, 2014 an excise audit was conducted by department wherein the demand has been raised for ₹

1.45 Crores on account of shortage of stock. However, the management has not given effect of this shortage of stock

in previous year. The shortage of stock calculated by department was ₹ 24.29 Crores as per MRP. However, in current

year the company entered in the books 20,80,540 kg for Raw material & 6,51,860 kg of finished goods and ₹13.08

Crores for Raw material & ₹ 6.22 Crores for finished goods in consumption. However, no corresponding production

has been made.

The Auditors have raised following qualification in the AR for FY 2013-14:

Bad Debts written off ₹ 30.28 crores

Raw Material damaged ₹ 6.77 crores

No’s of finished goods converted into Kg as certified by management which are reduced substantially by management.

As on 20th February, 2014 an excise audit was conducted by department wherein the demand has been raised for ₹ 1.45 Crores on account of shortage of stock. However, the management has not given effect of this shortage of stock in current year. The shortage of stock calculated by department was ₹24.29 Crores as per MRP.

The Company’s management has justified Auditors Qualification and mentioned:

The company is exclusively dealing with PNB for entire working capital requirements. In the year 2011 the company was

sanctioned Term loan of 128.50 Crores by consortium of banks led by PNB and other banks Allahabad bank and UCO bank. The

share of PNB was 60 Crores; Allahabad was of 40 Crores and UCO bank Rs 28.50 in the consortium. Term Loan was taken to

undertake expansion by adding the capacity of existing plant by adding new machinery of existing machineries for manufacture

of PVC injection, molded fittings, HDPE Sprinkler System, inline drip irrigation System, Lldpe fittingsfor micro irrigation pellet

including fruits and vegetables crates. Due to delay in getting NA permission of land on account of proposed expansion of

Jalgaon Airport, the company had to acquire an alternate Site at Village Paldhi Dist Jalgaon. The UCO Bank delayed revalidation

of sanction and finally they declined their sanction for the revalidation of their share of the term loan after execution of joint

documents. So the mega project was abnormally delayed and the company suffered huge financial losses of ₹ 91.47 Crores and

Cash loss of ₹ 85.35 Crores on standalone basis and business activity remained on very low scale during the current financial

crunch. This not the single reason for the loss, the following factors also contributes to this figure;

1. Loan burden of Mega project - Company continued to service the loans, including the loans of mega project from the

revenues earned from existing units to keep the account standard despite liquidity problems. It would be interesting to note

that company has paid around 50% of the amount sanctioned in repayment of Interest. Considering the size of the operations

of the existing units, the above amount put a substantial pressure on the liquidity of the company



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2. Delay in assessment of Working Capital - For working capital requirement for 2011-12 papers were submitted in August

2011, was sanctioned in October 2011. For working capital requirement of 2012-13 papers were submitted in May 2013 but

limit enhancement was kept pending due to the delay in Mega Project financial tie-up. Abnormal delay in assessing the

working capital for the existing operations despite our repeated follow-up and also making available only to the extent of 50%

of the assessed limits, assessed in June 2013, disbursed in September 2013, practically paralyzed the activities of the existing

units. Having declared the mega project failed, the sanctioned of additional limit naturally confined to the existing unit where

only PNB was involved. We are still surprised as to how this disbursement of 50% linked to UCO Bank’s share

whose presence was only in Mega project and not in the existing units and that Banks had declared mega project as failed.

3. Monsoon Vagaries - 70% of our sales are to the farmers. Farming in India is largely dependent on Monsoon rains. Last two

years experienced a very erratic Monsoon. The year FY 2012-13 was the year of low rainfall and drought like situation where

underground water levels went down and most of the water resources were dried up. Hence there was a very feeble

requirement for irrigation pipes. Somehow company managed to achieve 90% of its sales target but margins went down and

cash flow was tight. In FY 2013-14 rains started from 1st June. There was an extended spell of rains. Normally 3 months rainy

season lasted for 5 months. The requirement of water in irrigation field was fulfilled by rain water and requirement for PVC

Pipes and fittings was very less. Even after October there was small spell of rains at regular intervals of 15-20 days, negating the

need of water management through pipes in fields. On top of all these adversities, the final bolt from blue came in the month

of March. Month of March when the crops were ready to reap heavy rains, unprecedented in 100 years, hailing jolted the

entire agricultural world. Heavy snowfall and rains resulted in loss of crop and snatched the money from the hands of the

farmers in the last moment. The situation was so worse that various State Govt’ took special permission from Election

commission to distribute special reliefs to dying farme₹ Farmers survived but the industry supplying them agri inputs lost their

business. Our company, like other players in this field, also faced fall in demand, liquidity crunch and loss of profit.

4. High Cost of Funds - In the absence of adequate working capital, dwindling sales and servicing the lenders, the company had

no option but to resort funds from NBFC which cost very heavily i.e. 20-24% pa.

5. Dues from Farmers - Company sold the goods to Farmers on credit as a regular business practice. A big lot of debtors were

stuck up due to non-payment of subsidy by Govt. to farmers, drought in the year 2012-13 and change in Govt. policies. These

payments were outstanding for long time and regular follow-ups were done to recover the money. Strict reminder letters and

in some cases legal notice were also issued. Case of suicide by farmers due to non-repayment of loan and reverend us from

taking any harsh action. Finally, therefore the company has to book these dues of ₹ 29.46 Crore as Bad Debts at the end of

March 2014 on the recommendation of the Auditor and Audit committee.

6. Loss of Materials - Company stores PVC Resin in newly built godown. Last year rain was heavy and was extended over for a

longer period of time. On some of these heavy rain days rain water entered into our godown damaging the raw material. The

PVC resin lost its properties and was unfit for production of ISI standard pipes. Around 1500 Mt. of PVC Resin got damaged. It

was an unexpected and rare event happened first time in 20 years life of Company. The matter was reported. A CA report was

also made. The insurance claim was put by the Company but it was rejected by Insurance Company as our Insurance cover was

for fire, theft, flood and other regular risks. Unfortunately, the cause did not come under either of this cover. Based on the test

conducted by an independent Agency “Delhi Test House, Delhi, certified by Govt. of India, the wet resin was not fit for ISI

production. This incidence though one time also put pressure on working capital.

The management took following steps to reduce the effect of this loss in future:

1. Installation of Imported Machine - Despite all the trouble right form getting the machine on

time to solving all the technical problems, the company has ultimately installed the machine,

which is now working satisfactorily.

2. Agri Loan Tie up with SBI - Anticipating non-cooperation and delay by PNB in signing the MOU

for secured finance (Govt. Subsidy), the company approached State Bank of India. SBI is not our

financiers but still Tulsi finance team was able to convince them about this financing. SBI signed

a MoU at its HO allowing Company to bring agro credit proposals from all over India for unlimited

amount. This has opened a big business line to benefit farmers as well as Company.

3. Reduction in Overhead/ Employee Cost - To reduce the input cost Management decided to go

for reduction in expenses. Expensive man power was relived from job and charge was given to

second line. New recruitments were put on hold. Overtime working of employees was also

discouraged. The contract labour bill was substantially reduced and at time it was nil. Hire of four



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wheelers for marketing and admin purpose was reduced substantially. No increment was given

to staffs for last two years. In this exercise company could save good amount of money. Similarly,

Company winded up most of the Depots and Stock points. In the year of 2013 we had 18 Depot

/ Stock point which in 2014 reduced to 8 only. The existing depots were asked to cut down the

cost by moving to smaller godowns and offices.

4. Change in MIS Policy - After experiencing the unusual delay in payment by farmers due to non-payment

of subsidy by Govt. to farmers, drought in the year 2012-13 and change in Govt. policies,

the Company has changed its sales policy. Now the Company is selling its product mainly through

dealers or cash-n-carry. The macro financing by nationalized bank like SBI is designed to avoid

the delay and bad debts.

5. Inter Corporate Deposits - The working Capital was draining out to maintain the Mega project

and various other reasons. The banks apathy towards the financial needs of the Company forced

the management to arrange ICD at higher rate of interest from NBFCs. For securing this even

the promoter’s shareholding was also pledged. At one instance in September 2013 to keep the company account

standard a fund of ₹ 5 Crore was arranged from a local Pat Pedi by pledging personal land of one of its employee. This

shows the commitment of Tulsi Management’s & its employees to run the factory at any cost.

6. Case on UCO Bank – The company filled a case against the UCO bank for putting company in

such a critical position. To arrest further losses and to ensure that the unit starts generating profit

again, the company decided to shelve Mega project and utilise the machinery purchased at

existing project.

Response Comment

Frequency of Qualifications - The qualifications were raised in Annual report for FY 2013-14.

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 33% 80%

% of Promoter Directors on the Board

40%

Number of Women Directors on the Board Atleast 1 0

Classification of Chairman of the Board - Non-Executive Director

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

Average attendance of Directors in the Board meetings (%) - 83.33%

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 33%

Independent Directors as the Chairman of the Board is a Non-Executive Director. The Company as on 31st march, 2015 has 80%

of Independent Directors and hence, it meets the regulatory requirements/does not meet the regulatory requirement.

Board Diversity: The Company has 5 directors out of which 5 are male. The Company is non-compliant as per Clause 17 of the

Listing Regulations, 2015 regarding the requirement of at least one woman director.

http://www.sebi.gov.in/cms/sebi_data/attachdocs/1441284401427.pdf



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TABLE 5 - FINANCIAL RATIOS

Ratios 2015 2014 2013 % Change

2015 vs 2014 2014 vs 2013

Turn

ove

r

Rat

ios

Inventory Turnover 4.15 1.16 2.18 258.95% -47.00%

Debtors Turnover 1.36 2.26 2.41 -39.82% -6.54%

Fixed asset Turnover 0.73 0.48 1.26 52.20% -61.98%

Current Asset Turnover 0.94 0.68 0.99 36.84% -30.77%

Ret

urn

Rat

ios Operating Profit Margin -72.41% -103.01% 1.67% N.A. -6271.66%

Net Profit Margin -95.40% -112.47% 1.19% N.A. -9552.26%

Return on Assets (ROA) -39.11% -31.70% 0.66% N.A. -4910.50%

Return on Equity (ROE) N.A. -167.06% 1.53% N.A. -11012.31%

Return on Capital Employed (ROCE) N.A. N.A. 10.22% N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.88 1.08 1.34 -18.64% -19.29%

Quick Ratio 0.68 0.44 0.73 54.26% -39.75%

Cash Ratio 0.08 0.11 0.18 -34.07% -38.35%

Working Capital Turnover ratio N.A. 9.27 3.91 N.A. 137.00%

Solv

ency

Rat

ios Debt to equity ratio N.A. 3.71 1.04 N.A. 255.08%

Interest Coverage Ratio N.A. N.A. 1.20 N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.31 0.34 0.15 -7.72% 128.23%

Market Cap/ Net Worth N.A. 0.50 0.19 N.A. 163.48%

Market Cap/PAT N.A. N.A. 12.44 N.A. N.A.

Market Cap/EBITDA N.A. N.A. 18.84 N.A. N.A.

Trading Volume (shares) (avg. of 1 year) 4,450 34,344 15,256 -87.04% 125.12%

Trading Volume (shares) (high in 1 year) 65,151 2,04,693 1,92,579 -68.17% 6.29%

Trading Volume (shares) (low in 1 year) 1.00 328.00 552.00 -99.70% -40.58%

Ratio - High/low trading volume 65,151.00 624.06 348.88 10339.79% 78.88%

Ratio - High/average trading volume 14.64 5.96 12.62 145.63% -52.78%

Source - Money Control



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TABLE 6 (A): OWNERSHIP & MANAGEMENT RISKS

Dec' 2015 Dec' 2014 Dec' 2013 Comments

Shar

eho

ldin

g

Promoter shareholding 26.13% 26.18% 26.02% No new equity shares were issued

during the period from 2013 to 2015.

There was no substantial 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 47.50 % of their shareholding.

Public - Institutional

shareholding 0.37% 0.37% 0.37%

Public - Others

shareholding 73.5% 73.45% 73.61%

Non Promoter Non Public

Shareholding 0.00% 0.00% 0.00%

TABLE 6 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have sold 14,300 equity shares during the period from Dec’14 to Dec’15.

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 during last three years

GDRs issued by the Company

The Company did not issue and GDRs during last three years. However, During the FY 2010-

11, the Company has issued 12,50,000 Global Depository Receipts representing 1,25,00,000

equity shares of ₹ 10/- each at a premium of ₹ 44/- each and has raised ₹ 6750.00 lacs which

has been primarily utilized for modernization of machinery/equipment/technology,

establishment of overseas subsidiary and investments in other entities through subsidiary

and working capital for the general and ongoing needs of the company. These GDR's are

listed at the Luxembourg Stock Exchange.

Issue of ESOPs/Issue of shares

other than Preferential

allotment

The Company does not have any ESOP Scheme.

Source - Annual Report



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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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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

http://www.investopedia.com/terms/i/invested-capital.asp

http://www.investopedia.com/articles/stocks/05/04405.asp



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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

https://en.wikipedia.org/wiki/Stock

https://en.wikipedia.org/wiki/Market_cap

https://en.wikipedia.org/wiki/Stock



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