Bangalore Fort Farms Limited

Transcription

1 8 February 2016 CMP: Rs Industry: Miscellaneous BSE Group/Index: XT Promoters Revati Holding Private Ltd. Year of incorporation 1965 Registered office 18th K M Stone, Delhi Moradabad Rd, Village Amhera, Distt. J P Nagar, Moradabad Uttar Pradesh Company website Key Data (as on 23 Dec 15) BSE code ISIN INE578R01011 Face Value (Rs.) 10.0 Mkt Cap (Rs.mn) 79.5 Current P/E Current P/BV week highlow (Rs.) day avg daily trading vol. (shares) 283 Equity capital (Rs.mn) 26.1 Net worth (Rs.mn) 30.3 Company Business Bangalore Fort Farms Limited (BFFL) was incorporated in the year 1966 and is engaged in manufacture and export of jute products such as jute yarn, jute ropes and also custom made products to cater to the individual client requirements. Further, the company is also engaged in procurement of different agro products such as fruits, vegetables and storing the same in the cold storage facilities for selling the same primarily in West Bengal. Revati Holdings Finance Ltd. took over the management of the company via an open offer for sale in Peer group analysis The company has not carried out any manufacturing activity over the past couple of years. A new management has taken over the company and the focus has been shifting towards agro products. Financials Particulars (FY15, Bangalore Fort Ken Financial Unimin India Ltd. Rs.mn) Farms Ltd. Services Ltd. Total Income EBIDTA EBIDTA margin PAT 0.0 (14.9) (0.2) PAT margin EPS 0.0 (0.7) (0.1) Cash accruals (0.2) Debt/EBIDTA (x) Debt/Equity (x) 0.0 (2.4) 0.1 ROANW (%) 0.2 (1.4) ROACE (%) 0.2 (18.0) P/E (TTM) P/BV (TTM) Peers based on industry Page 1 of 5

2 Share Price Performance Change in Shareholding Pattern (%) 90.9% 90.9% 1 Yr0.9% 3 Yr 40.1% Bangalore Fort Farms Ltd. S&P BSE 500 As on Promoters DII FII Others 30Sep Jun Mar Mar14 31Mar13 31Mar12 31Mar11 Top Public Shareholders with >1% shareholding Sl. No. Name of the Shareholder No. of Shares held (in 000s) Shares as % of Total No. of Shares 1 M N Ramu Nagraj K Raghu C Ramaswamy Iyengar Arun C S Clivia Investments Ltd Total Page 2 of 5

3 Key concerns and risks No manufacturing activity over the past couple of years Bangalore Fort Farms Limited The company is focusing on agro products business for growth; however, they cater primarily to different markets in West Bengal thereby leading to high concentration risk. Textile industry as a key contributor to the economy Government intervention Industry overview The Indian textile industry plays a major role in the economy and contributes 5% to the GDP and 14% to the overall industrial production in the country. The industry is also one of the largest exporters (11% of total export earnings) and provides direct employment to over 45 million people. The industry is highly regulated with excess government intervention in export policies of cotton and cotton yarn. Towards the end of FY11, the Government allowed export of cotton and introduced a temporary ban on the export of cotton yarn. While this raised cotton prices, it created a huge stock of unsold cotton yarn. When the ban was lifted in April 2011, the accumulated stock caused a 30% crash in cotton yarn prices, which impacted the profitability of cotton yarn manufacturers. Page 3 of 5

4 Quarterly results Bangalore Fort Farms Limited Particulars (Rs. in mn) Jul'15 to Sep'15 Jul'14 to Sep'14 % Change 1 Apr'15 to Jun'15 % Change 2 Total income Total expenditure EBITDA 0.0 (0.1) PBT 0.0 (0.1) PAT 0.0 (0.1) EPS (Rs.) compared to corresponding quarter in the previous year 2 sequential comparison Book Value per share Key ratios Dividend per share (Rs.) EPS (Rs.) Profitability Leverage ratios 2, , , , Debt free Debt free RONW (%) ROCE (%) Debt/EBITDA (x) Debt/Networth (x) Page 4 of 5

5 Financials P&L (Rs. mn) Balance Sheet (Rs. mn) Total income Share Capital EBITDA Share Application Money EBITDA margin (%) Reserves & Surplus Depreciation Net worth EBIT Borrowings 1.2 Interest Current Liabilities & Provisions PBT Total liabilities Tax Net fixed assets 0.0 PAT Capital WIP PAT Margin (%) Investments Dividend 1.9 Inventories 7.3 Dividend Payout (%) 3.7 Sundry Debtors Cash & Bank Cash Flow (Rs.mn) Other Current Assets PBT Loans and Advances CF from Operation (17.1) (2.6) (8.0) Miscellaneous Expenses not w/off CF from Investment 34.8 (4.8) 4.6 Deferred Tax Assets/(Liabilities) CF from Financing (8.5) (1.9) 3.1 Total assets Inc/(dec) Cash 9.2 (9.3) (0.3) Closing Balance Disclaimer The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. Our company shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation which may affect their investment in the securities of companies referred to in this document (including the merits and risks involved). The discussions or views expressed may not be suitable for all investors. This information is strictly confidential and is being furnished to you solely for your information. Page 5 of 5