Bartronics India Ltd

Transcription

1 Bartronics India Ltd NSE Code BARTRONICS TABLE 1 MARKET DATA (STANDALONE) (AS ON 22 ND NOVEMBER, 2017) Sector IT Software NSE Market Price (`) NSE Market Cap. ( Cr.) Face Value (`) Equity (` Cr.) Business Group N.A. 52 week High/Low ( ) 25.00/11.70 Net worth ( Cr.)* Year of Incorporation 1990 TTM P/E (TTM) N.A. Traded Volume (Shares) 84,105 TTM P/BV 0.70 Traded Volume (lacs) Registered Office Source Capitaline, TTM Trailing Twelve Months, N.A. Not Applicable, * As on 30 Sept, 2017 Survey No 351 Raj Bollaram Village, Medchal Mandal, Ranga Reddy Dist , Telangana Company Website: COMPANY BACKGROUND Bartronics India Ltd is the leading Automatic Identification and Data Collection (AIDC) solution provider in India. They are also the oldest and the leading Identification technology specialist in India. The company offers Automatic Identification and Data Capture (AIDC) technologies, Radio Frequency Identification (RFID), smart cards and point of sale (POS) solutions. The company started with providing solutions in Bar coding, one of the oldest AIDC technologies and now they are providing solutions based on emerging technologies like Radio Frequency Data Collection and Biometrics. The company has been selected for supply of Smart Cards to the RSBY scheme in the State of Bihar. The implementation of the scheme envisages issue of cards to about 3.9 million families who are identified as BPL. In June 2008, the company made a tieup with LG Electronics of USA for their IRIS recognition technology and products. The agreement allows Bartronics to deploy LG Iris Access as part of their solutions in Europe, Africa and Middle East and South Asia. In July 2008, the company signed an agreement with the Government of Rajasthan signifying commencement of the Bhamashah project. Revenue and Profit Performance Quarterly revenue and Profit ( CRORE) Sep'17 Mar'17 Sep'16 Revenue Profit The revenue of the Company decreased from crores to crores from quarter ending Sep 16 to quarter ending Sep 17. The Company made a loss of 7.40 crores in quarter ending Sep 17 vis a vis making a loss of 15.8 crores in quarter ending Sep 16. Source: Moneycontrol Nov 16 Jan 17 Mar 17 May 17 Jul 17 Sep 17 Bartronics India Ltd NIFTY NIFTY IT Performance vis à vis Market TABLE 2 Returns 1 m 3 m 6 m 12 m Bartronics India Ltd 12.95% 10.19% 1.62% 1.62% Nifty 1.32% 4.43% 7.79% 7.79% NIFTY IT 2.14% 5.62% 3.56% 3.56% Source Capitaline/NSE 1 P AGE

2 TABLE 3 FINANCIALS ( Cr.) Sep 17 Mar 17 Sep 16 % Change Sep 17 vs Mar 17 Mar 17 vs Sep 16 Net Worth % 25.75% Current Assets % 2.52% Non Current Assets % 0.83% Total Assets 1, , , % 1.92% Investments % 0.00% Finance Cost % 1.46% Long Term Liabilities % 12.62% Current Liabilities 1, , , % 0.21% Turnover % 2.58% Profit After Tax N.A. N.A. EPS ( ) N.A. N.A. Source Money Control/Stock exchange filing AUDIT QUALIFICATIONS Audit Qualifications in last 3 years: There are no qualifications, reservations or adverse remarks made by Statutory Auditors, in their report for the financial year ended 31 st March, 2017, 31 st March, 2016 & 31 st March, Response Comment Frequency of Qualifications NA 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 PER ANNUAL REPORT FY ) Regulatory Norms Company % of Independent Directors on the Board 50% 50% % of Promoter Directors on the Board 25% Number of Women Directors on the Board At least 1 2 Classification of Chairman of the Board Not disclosed Is the post of Chairman and MD/CEO held by the same person? No Average attendance of Directors in the Board meetings (%) 80% Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 "Listing Regulations, 2015", the Company should have at least 50% Independent Directors as the Company has not disclosed the Chairman of the Board. The Company has 50% of Independent Directors and hence, it meets the regulatory requirements. Board Diversity: The Company has 4 directors out of which 2 are male and 2 are female. 2 P AGE

3 TABLE 5 FINANCIAL RATIOS Ratios Sep 17 Mar 17 Sep 16 Turnover Ratios Return Ratios Liquidity Ratios Sep 17 vs Mar 17 % Change Mar 17 vs Sep 16 Inventory Turnover % 5.04% Debtors Turnover % 5.89% Fixed asset Turnover % 3.43% Current Asset Turnover % 5.23% Operating Profit Margin 9.47% 31.24% 15.29% 69.70% % Net Profit Margin 47.01% % 88.52% 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. Current Ratio % 2.73% Quick Ratio % 2.78% Cash Ratio % 6.78% Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A. Solvency Ratios Debt to equity ratio % 33.41% Interest Coverage Ratio % % Trading Ratios Market Cap / Sales % 10.97% Market Cap/ Net Worth % 53.30% Market Cap/PAT N.A. N.A. N.A. N.A. N.A. Market Cap/EBITDA % 45.67% Source Money Control/Stock exchange filing TABLE 6 TRADING VOLUME Particulars Sep 17 Mar 17 Sep 16 Sep 17 vs Mar 17 % Change Mar 17 vs Sep 16 Trading Volume (shares) (avg. of 1 qtr) 1,00,090 94,368 2,52, % 62.59% Trading Volume (shares) (high in 1 qtr) 9,55,812 5,05,237 24,85, % 79.67% Trading Volume (shares) (low in 1 qtr) 15,250 34,273 45, % 24.45% Ratio High/low trading volume % 73.10% Ratio High/average trading volume % 45.67% Source Capitaline TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS Shareholding (%) Promoter shareholding Public Institutional shareholding Source NSE Public Others shareholding Non Promoter Non Public Shareholding Sep 17 Mar 17 Sep 16 Comments No new equity shares were issued during the period from 1 st October, 2016 to 30 th September, The promoter shareholding decreased from 12.54%to 10.55% due to invocation of pledge. No other major change was observed in the shareholding pattern during the said period. The promoters have pledged 0.42% of their shareholding. 3 P AGE

4 MAJOR SHAREHOLDERS (AS ON 30 TH SEPTEMBER 2017) S. No. Promoters Shareholding S. No. Public Shareholders Shareholding 1 2 Info Tech Infin And Trading Private Limited Satya Straps And Packing Technologies Ltd 6.46% 1 Indian Overseas Bank 1.95% 2.99% 2 3 Avulabalaiagari Satyavas Reddy 1.09% 3 Source NSE Profitmart Securities Private Limited Naman Finance and Investment Private Limited 1.80% 1.30% 4 Sudhir Sundar Rao 1.18% TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS Market Activity of Promoters The promoters holding decreased due to invocation of pledge of shares during FY Preferential issue to promoters No preferential issue of shares was made to the promoters during FY Preferential issue to others No preferential issue of shares was made to other shareholders during FY GDRs issued by the Company The Company did not issue any GDRs during FY Issue of ESOPs/Issue of shares other than Preferential allotment None Source Annual Report FY TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY Sr. No. Name and Description of main products / services % to Total turnover of the Company 1 Engaged in the manufacturing of Smart cards and RFID (Radio Frequency Identification) equipment s 36.58% 2 Financial Inclusion Project and Services 63.42% Source Annual Report FY P AGE

5 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 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 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 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 Accounts recievables Fixed Asset Turnover: The fixed asset turnover ratio is a financial ratio of net sales to fixed assets Fixed Assets Current Asset Turnover: The current asset turnover ratio is a financial ratio of net sales to fixed assets 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 Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales Net profit 5 P AGE

6 Return on Assets: ROA tells you what earnings were generated from invested capital (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. 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. 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 Assets Current Liabilities Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities. Current Assets Inventories Current Liabilities Cash ratio: The ratio of the liquid assets of a Company to its current liabilities. 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. 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. 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. 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 pershare stock price by the per share revenue. / Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company s market cap to net worth. / Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company s market cap to net profit. / Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company s market cap to EBITDA. 6 P AGE

7 / 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 7 P AGE

8 DISCLAIMER Sources Only publicly available data has been used while making the factsheet. Our data sources include: BSE, NSE, SEBI, Capitaline, Moneycontrol, Businessweek, Reuters, Annual Reports, IPO Documents and Company Website. Company Informa on Analyst Cer fica on The analysts involved in development of this factsheet certify that no part of any of the research analyst s compensation was, is, or will be directly or indirectly related to the contents of this factsheet. Disclaimer While SES has made every effort and has exercised due skill, care and diligence in compiling this factsheet based on publicly available information, it neither guarantees its accuracy, completeness or usefulness, nor assumes any liability whatsoever for any consequence from its use. This factsheet does not have any approval, express or implied, from any authority, nor is it required to have such approval. The users are strongly advised to exercise due diligence while using this factsheet. This factsheet in no manner constitutes an offer, solicitation or advice to buy or sell securities, nor solicits votes or proxies on behalf of any party. SES, which is a not for profit Initiative or its staff, has no financial interest in the companies covered in this factsheet except what is disclosed on its website. The factsheet is released in India and SES has ensured that it is in accordance with Indian laws. Person resident outside India shall ensure that laws in their country are not violated while using this factsheet; SES shall not be responsible for any such violation. All disputes subject to jurisdiction of High Court of Bombay, Mumbai. SEBI Reg. No. INH This factsheet or any portion hereof may not be reprinted, sold, reproduced or redistributed without the written consent of Stakeholders Empowerment Services Contact Informa on Stakeholders Empowerment Services A 202, Muktangan, Upper Govind Nagar, Malad East, Mumbai Tel research@sesgovernance.com info@sesgovernance.com Research Analyst: Sumit Tank 8 P AGE