Comfort Commotrade Limited - Bombay Stock Exchange€¦ · Commodities play an important role in...
Transcript of Comfort Commotrade Limited - Bombay Stock Exchange€¦ · Commodities play an important role in...
Comfort Commotrade Limited
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COMFORT COMMOTRADE LIMITED Industry: Other Financial Services
Comfort Commotrade Limited
•Other Financial Services Sector
•November 05, 2007 Date of Incorporation
•A-301, Hetal Arch, S. V. Road, Malad (West), Mumbai – 400 064 Registered Office
•Anil Agrawal Managing Director
•Sonia Jain
Company Secretary
•M/s Bansal Bansal & Co Auditor
•www.comfortcommotrade.com Website
40.12
55.79
4.09
Promoters
Public & others
DII
Source: Company DRHP Post issue
The company is headquartered at Malad, Mumbai and a
significant portion of revenue comes from operations in
Western India.
The company is engaged in the business of commodity
trading of bullion (gold, silver), energy (crude oil, natural
gas), metals, food grains (rice, maize), oil, spices and oil
seeds etc and are registered members in the MCX and
NCDEX.
The company proposes to open two regional offices and
increase the margin money maintained at the exchanges.
These will be done out of Rs. 600-lakh fund, to be raised
through the public issue and promoters’ contribution of
Rs. 310 lakh, aggregating to Rs. 910 lakh.
Revenue contribution from brokerage and commission
stood at Rs.29.62 lakh (48.2% of the total revenue),
proprietary trading at Rs.21.73 lakh (35.3% of the total
revenue) and the remaining from interest and other
miscellaneous income at Rs. 10.16 lakh, contributing
16.5% of the total sales respectively during the financial
year 2011-12.
Business Summary (Key Business Highlights)
Background & History
Shareholding Pattern as on September 2012 (in %)
The company was incorporated on November 5, 2007, as Comfort Commotrade Private Limited with the Registrar of Companies, Mumbai. Later, it was converted into a public limited company and its name was changed to Comfort Commotrade Limited. It obtained a fresh certificate of incorporation from the Registrar of Companies, Mumbai and on May 21, 2012. The company is engaged in the business of commodity trading of bullion (gold, silver), energy (crude oil, natural gas), metals, food grains (rice, maize), spices, oil and oil seeds etc and is a registered member in the MCX and NCDEX. Its group companies are Comfort Capital Pvt. Ltd., Comfort Fincap Ltd., Comfort Intech Ltd., Comfort Mines and Minerals Pvt. Ltd., Comfort Securities Ltd., Luharuka Commotrade Pvt Ltd., Luharuka Dealers Pvt. Ltd., Luharuka Exports Pvt. Ltd., Luharuka Investment & Consultant Pvt. Ltd. and Luharuka Sales & Services Pvt. Ltd.
Background & History
No. of Shares Outstanding prior to issue 40,20,000
No. of Shares offered
a. Reserved for Promoters -
b. Reserved for Market Makers 5,10,000
c. Net issue to the Public 54,90,000
Total 60,00,000
Equity Shares outstanding after the issue 1,00,20,000
Minimum Application Size (No. of Shares)
a. For QIB and NII 10,000
b. For Retail Individuals 10,000
Face Value (in Rs.) 10
Issue Price (in Rs.) 10
Issue Size (in Rs.) (Lakhs) 600
Book Value per Share (in Rs.) 32.33
Issue Details
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COMFORT COMMOTRADE LIMITED
Relevant Parties
Lead Manager VC Corporate Advisors Private Limited
Merchant Banker VC Corporate Advisors Private Limited
Underwriter 1. VC Corporate Advisors Private Limited 2. Narayan Securities Limited
Market Maker Narayan Securities Limited
Registrar Sharepro Services (India) Private Limited
The company intends to expand its scale of operations by
setting up two regional offices in Chennai and Hyderabad.
The growth plan envisaged would increase the trading
volume, thereby leading to additional margin money
requirements maintained in the exchanges by the company.
In order to support these objectives, the company plans to
raise Rs. 600 lakh from the issue and the remaining Rs. 310
lakh from internal accruals.
What Drives the Company for Getting Listed?
Improving the status and financial standing of the
company.
Improving client relationship by adding new portfolio of
customers.
Business growth opportunities and nationwide
presence.
Gaining access to additional fund raising in future by
means of new issues of shares.
Company’s Expectations from Listing
Underwriter VC Corporate
Advisors Private Limited
Narayan Securities Limited
No. of Shares Underwritten
54,90,000 5,10,000
Amount Underwritten (Rs. In Lakhs)
549.00 51.00
% Underwritten 91.50% 8.50%
Underwriting Commitment
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COMFORT COMMOTRADE LIMITED
Rs. (lakhs) FY10 FY11 FY12
Revenue 19.01 13.75 51.35
Growth (%) 271.29% (27.67)% 273.45%
EBITDA 6.11 0.85 30.96
EBITDA Margin (%) 32.14% 6.18% 60.29%
Net Profit 0.51 3.62 22.05
NP Margin (%) 2.67% 26.35% 42.95%
EPS (diluted) 1.42 0.23 1.51
EPS# 0.14 0.03 0.67
RONW (%) 4.68 0.77 5.05
ROA (%) 12.61 2.34 30.78
P/BV 0.58 0.52 0.49 # EPS calculated on weighted average number of shares s per draft prospectus
Revenue grew by 273.45% to Rs. 51.35 lakh from Rs.
13.75 lakh for the financial year ending March 2012.
Steep rise in income is mainly attributed to increase in
revenue from brokerage and commission, coupled with
income from proprietary trading in FY12.
Higher revenue growth offset the rise in administration
and employee costs.
Net profit increased by Rs. 18.43 lakh or 508.77% from
Rs. 3.62 lakh in FY11 to Rs. 22.05 lakh in FY12.
Net profit margin improved in FY12 at 42.95% against
26.35% recorded in the previous year.
The world’s financial and commodity derivatives markets have undergone changes at a fast pace post economic
liberalization, industrial deregulation, increasing sophisticated market participants, improvement in technology and
consolidation, leading to change in the way in which the global futures and broader commodities and derivatives exchange
markets operate. The emphasis on greater geographic diversification of investments, investment opportunities in the
emerging markets in Asian economies such as India, Korea and China and increased cross-border commercial activities are
leading to more trading and capital movements.
Commodities have opened up spectacular growth opportunities and advantages not only for large cross section of market
participants like producers, processors, traders, corporate, trading centers, importers, exporters, co-operatives, industry
associations, but also for investors. It provides opportunities to all market participants and investors affording a dynamic field
for diversified investment and trading opportunities, in addition to equity markets. Large end-users and producers of
commodities are permitted to hedge their risk in global markets and have also gradually started using the domestic market.
Although the Indian market is primarily domestic, commodities are global in nature and the Indian commodity derivatives
market is highly correlated with the global commodity derivatives market. The commodity futures exchanges in India have
formed strategic alliances globally to increase the integration of the Indian market with the larger global markets. Foreign
institutional investors, mutual funds and banks may be permitted to participate in the Indian commodity derivatives
markets.
Commodities play an important role in India’s economy and have over 7,000 regulated agricultural markets. India is the
world’s leading producer of several agricultural commodities. At present, 21 commodity exchanges (of these 16 are regional
or localised exchanges) are recognized by the Forward Market Commission (FMC), offering trading in over 60 commodity
futures. The five national multi-commodity exchanges, namely MCX, NCDEX, NMCE, ICEX and ACE offer electronic trading in
numerous commodity futures contracts. They accounted for 99.4% and 99.7% of the turnover of commodity futures
contracts traded in India for the fiscal 2011 and the nine months ended December 31, 2011, respectively.
Industry Analysis
Financial Snapshot
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COMFORT COMMOTRADE LIMITED
Key Drivers of the
Industry
Progressive & Regulatory
reforms
Indian economy-one of the
fastest-growing in the world
High savings rate of the
working class
Tremendous growth potential of Indian capital
market
Favourable demographic
profile
Technology advancement & online platform
for trading
Key Drivers of the Industry
Michael Porter’s “Five Forces” Analysis
Rivalry among Existing Competitors
Competitors would have greater brand recognition and due to longer operating history, enjoy large customer base in and outside India.
Threat of New Entrants
As the industry is fragmented and relies more on client relationships, the threat of new entrants is high.
Threats of Substitutes
Customers can approach other merchant banking firms, merchant bankers, broking firms and financial advisory firms.
Bargaining Power
of Supplier
With the promoters’ rich expertise in the field and expansion of operations nationwide, the bargaining power would improve in future.
Bargaining Power
of Customers
As the industry is highly fragmented, the customers have wide options in selection of companies offering varied financial services under one roof.
High
High
High
Medium
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COMFORT COMMOTRADE LIMITED
Corporate Governance - The company emphasizes on the corporate governance for establishing and maintaining integrity,
transparency, accountability and emphasizes on communication and transparent reporting. It has complied with the
corporate governance code in accordance with SME Equity Listing Agreement with the stock exchange and SEBI
regulations. The separate committees have been formed like an audit committee and a shareholders’ grievance committee
in compliance with the corporate governance norms. It implements the principles of corporate governance in all its
dealings and activities which help maintain a cooperative, competent, positive, harmonious and productive work
atmosphere and business organization. This also protects long-term interests of the stakeholders.
Expansion Plan - The company intends to expand its operations in south India by setting up regional offices in Chennai
and Hyderabad. It has entered into an agreement with M/s. Sivaswathi Constructions Private Limited to carry out the
construction of office premises. The contractors will construct the same on turnkey basis and also prepare site layout
plans, preliminary sketch, designs, structure drawings etc. The total contract amount is worth Rs. 500 lakh, of which Rs.
190 lakh have already been paid as advance to the contractor from internal accruals. The following are the estimated
capital cost for setting up the regional offices at two cities:
Particulars Amount (Rs. In
Lakhs) Chennai (area of ~3,900 sq ft)
500.00 Hyderabad (area of ~2,600 sq ft)
Furniture and other equipment 160.00
Total 660.00
HR Practices - The company has three permanent employees at present. The Board consists of four directors, comprising
of one whole time director, one non-executive non independent director and two independent non-executive directors.
The company is not providing any others benefits to the employees except for the payment of salaries and yearly bonus
based on their performance.
Risk Management – With a view to improve its operations continuously, the company has implemented appropriate risk
management tools and policies. Risk management is carried out at the following levels:
Client-level – Online surveillance and monitoring tools are developed to multiple client’s requirements, controlling the
overall risk at the same time. Trading parameters are set in order to incorporate charges as required due to market
conditions and clients’ trading potential.
Product-level – Internal product-based margining are used-based on various parameters including impact cost,
liquidity, volatility and market price fundamentals. The product list with new margin rates is revised using established
parameters on a periodic basis.
Company-level – In order to reduce the risk in the business, the company has implemented the following:
Real time risk management – This aid in keeping check over the exposure limit utilized by various clients and
also to take action to mitigate risk in due course.
Compliance - The compliance function is headed by the company secretary, who reports to the Corporate
Governance Committee of the company. This department provides advice on general regulatory matters,
including policy, advertising, anti-money laundering, account opening, personal investment, and maintenance
of Chinese wall, prevention of insider trading and general policies and procedures relating to regulations.
Business Analysis
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Security and disaster recovery – Policy ensuring sufficient number of backup copies are always available for
an important restore operation in case of an emergency or a disaster.
Limited access to confidential information - As the commodity trading activity is one of the main area which
handles price sensitive information, the work areas and personnel engaged in the commodity trading
activity have been physically segregated and have a secure and distinct network access.
Preservation of price sensitive information – The company maintains the confidentiality of all unpublished
price sensitive information.
Receivables management - In order to facilitate fund movement, the company has adopted a centralized
funds management system.
Technology and network support system – The company has set up a data centre in Malad, Mumbai with huge
investment in the high-performance trading software which includes: a) managing a complex multi-product/multi-
architecture system serving the needs of customers b) balanced approach to IT combined with a quick response to
business needs c) scalable platforms for order management and risk management requiring minimal human
intervention d) sophisticated server and network infrastructure e) redundancy (alternate connectivity) for network f)
data back-up is taken on an incremental basis on hard disk drives and sent to another location.
Products – The company is currently is currently engaged in the business of commodity broking and is a trading cum
clearing member of MCX and NCDEX. It offers trading in many commodities such as bullion (gold, silver), energy
(crude oil, natural gas), metals, food grains (rice, maize), spices, oil and oil seeds besides others.
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COMFORT COMMOTRADE LIMITED
SWOT Analysis
Adverse changes in Indian economy or the financial condition of the company.
Stiff competition in the industry due to its fragmented nature.
Geographical diversification risk.
Client relationships / fluctuations in customer base.
Fluctuating interest rate scenario.
Downturns or disruptions in the commodity markets leading to reduction in the transaction volumes.
Increase in capital commitments in trading activities might lead to significant losses owing to market fluctuations.
Key Risks
E
xte
rnal
Strengths
Significant experience of promoters in
the field of capital market.
Emphasis on building strong
relationship with customers.
Expanding its business in Southern India
to grow client base
Weakness
Limited geographical presence.
Downturn in the commodity market
affects the trading volumes.
Exposed to risks attributable to
derivatives trading by clients.
Opportunities
Improvement in market sentiments
would provide growth opportunities.
Vibrant Indian capital market.
Growing rural market and knowledge
on capital markets among urban youth.
Threats
Slowdown in economy and business
growth.
Stringent economic measures by the
Government and the RBI
Fluctuations in interest rates.
Stiff competition from foreign financial
service companies in the industry due
to low entry barrier
In
tern
al
Favorable Unfavorable
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COMFORT COMMOTRADE LIMITED
New Initiatives
India being the fastest growing economy and with its growing population, is expected to drive the demand for
commodities with increased consumption. This in turn leads to growth in the commodity market volumes, which is likely
to increase the hedging requirements of market participants, which influences derivative trading volumes. With this
regard, the increase in consumption of physical commodities in India, the volumes of commodity derivatives being
traded might also increase.
The company derives the benefit of its group companies as they are involved in other financial service activities covering
primary market, investment solution, debt services, capital markets, equity, derivatives, commodity futures, currency
derivatives, project financing, wholesale financing, merchant banking and other array of services to the client's
community. This aids the company to broaden its customer mix among the individual / retail investors in the commodity
market as well as extend its business to corporate clients, which is expected to add stability to CCL’s business.
CCL is keen in establishing its market in the neighboring states as well as increase the business in the existing facility. The
company envisages future growth in the business through a pan-India footprint. It plans to expand its operations either
through branches or business associates in different locations and are looking for setting up more regional offices in
Bangalore, Delhi, Chennai and Hyderabad. With the proposed expansion in the operation and branch network and the
growth plan envisaged, trading volumes are expected to increase, leading to additional margin capital requirements
owing to rise in the clientele base.
Growth Drivers
Expanding its geographical
reach
Develop client relationship
The company intends to expand its operations in Southern parts of
India by setting up regional offices in Chennai and Hyderabad. This
helps the company in expanding its scale of operations as well as
growing its network base in southern India.
The company plans to expand its business by increasing the number of clients, which is expected to add volumes. CCL focuses to augment its clientele portfolio with the envisaged expansion in Southern India.
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Financial Analysis
5.12
19.01 13.75
51.35
0
20
40
60
2009 2010 2011 2012
Rs
in L
akh
s
Total Revenue
2.93
19.76
13.15
29.62
0
5
10
15
20
25
30
35
2009 2010 2011 2012
Rs
in L
akh
s
Brokerage & Commission
The Company has reported revenue of Rs. 51.35 lakh
during 2011-12 against Rs. 13.75 lakh in the previous
year, reflecting a growth of 273.45% on Y-o-Y basis. This
steep increase is mainly attributed to rise in the income
generated from brokerage and commission activities.
Apart from this, the company had earned income from
proprietary trading activities which also had shown a
significant improvement from Rs. 0.60 lakh in FY11 to Rs.
21.73 lakh for FY12.
Brokerage and commision income turned out to be the
major revenue contributor for the company in FY12.
Brokerage and commission income grew from Rs. 13.15
lakh during FY11 to Rs. 29.62 lakh in FY12, a jump of
125.25% on Y-o-Y basis. Close relationship with the
exisitng clients as well as business from new clients as a
result of expansion in the customer base, coupled with
increase in the trading volumes due to improved market
conditions have helped in achieving sharp growth.
Income from proprietary trading is the second highest
revenue contributor for the company during FY12 as a
result of direct involvement in trading of commodities to
make profit from the market instead of relying on brokerage and commission.
Sharp growth in revenue
Brokerage & Commission - Major Revenue
Contributor
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3.11 3.22 2.73
4.65
0
1
2
3
4
5
2009 2010 2011 2012
Interest Income
Par
ticu
lars
in(R
s.la
khs)
2.95 4.13
0.78
20.26
57.6%
21.7%
5.7%
39.5%
-10%
0%
10%
20%
30%
40%
50%
60%
0
5
10
15
20
25
2009 2010 2011 2012
Net Profit Net Profit Margin (%)
Ne
t p
rofi
t in
Rs.
Lak
hs
Ne
t p
rofi
t M
argi
n (%
)
The company also earns interest income, which is
generated by giving loans and advances. In FY12, interest
income grew 70.33% on Y-o-Y basis to Rs. 4.65 lakh. Over
the years, loans and advances grew at a compounded
annual growth rate (CAGR) of 10.58% during 2008-2012
on account of increased deposits and loans and
advances.
The company’s botom-line has improved from Rs. 0.78
lakh in FY11 to Rs. 20.26 lakh in FY12 on the back of
significant contribution from brokerage and commission
income. This expansion in net profit was due to higher
base of revenue and optimal utilisation of resources.
The net profit margin grew from 5.67% in 2010-11 to
39.45% in 2011-12.
Interest Income Growth
Impressive Growth in Net Profit
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Peer Comparison
Peers Total Revenue
(in Rs. Cr) RONW (%) P/E Ratio# EPS (in Rs.)
Book Value Per Share
Available Finance Limited 1.58 2.65 47.64 0.36 15.03
R.B. Gupta Financials Limited 2.39 -7.5 10.09 0.42 10.77
Chartered Investment & Capita Limited 3.15 7.59 9.36 4.98 68.14
Inani Securities Limited 2.31 1.68 27.61 0.47 28.03
B.N. Rathi Securities Limited 6.25 4.88 10.82 1.39 31.9
Market Creators Limited 4.87 0.53 96.83 0.06 11.28
Comfort Commotrade Limited 0.62 4.68 10.85 1.51 32.33
#P/E based on closing price of December 17, 2012 ; *P/E based on Basic EPS as at March 31, 2012
Source: Capitaline Database
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COMFORT COMMOTRADE LIMITED
Broking activities are becoming common in many cities and are not limited within metro regions. Backed by growing broking
practices across the country and the onset of IT have enabled many equity broking firms to expand their network across the
country. In order to take advantage of this and tap the market, the management started focusing on expanding its business
beyond Western region with an intention of setting up regional offices in Chennai and Hyderabad. Moreover, the company
also plans to increase its scale of operations by expanding its reach in Bangalore and Delhi either through branches or
business associates, which will facilitate growth in client base and revenue.
The Government’s initiatives to modernize the commodity futures markets are expected to further stimulate trading
interest. New participants are expected to enter the commodity trading markets as exchanges become more accessible,
availability of market information increases and awareness regarding the benefits of hedging becomes more widespread.
The company’s initiatives in developing risk management tools, price transparency and real time information through the
use of improved technology will also lead to increased participation in the commodity futures markets which in turn are
likely to drive the business volumes and client base. Given the growing interest in commodities trading by the public and
continued de-regulation in the stock market by the Government, volumes are likely to continue surging in this segment.
Management Outlook
.
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Financial Summary
SUMMARY STATEMENT OF ASSETS AND LIABILITIES ( In Lakhs)
Particulars As at March 31
2012 2011 2010 2009 2008
I. Equity and Liabilities
(1) Shareholder's Funds 445.10 107.95 82.58 80.13 27.78
(a) Share Capital 134.00 34.00 29.00 29.00 14.50
(b) Reserves and Surplus 311.10 73.95 53.58 51.13 13.28
(2) Miscellaneous Expenditure -11.93 -6.61 -0.74 -0.99 -1.23
(3) Current Liabilities & Provisions 75.40 18.33 28.96 18.09 0.06
(a) Current liabilities 62.48 17.88 24.25 15.45 0.06
(b) Provisions 12.44 0.45 4.70 2.46 0.00
(c) Deferred tax liability 0.48 0.00 0.01 0.18 0.00
Total (1+2) 508.58 119.67 110.80 97.23 26.61
II. Assets
(1) Non-Current Assets 22.74 22.17 22.19 21.10 7.50
(a) Fixed Assets 22.74 21.77 22.19 21.10 7.50
(b) Deferred Tax Assets (Net) 0.00 0.40 0.00 0.00 0.00
(2) Investments 32.00 0.00 0.00 0.00 0.00
(3) Current Assets 453.84 97.50 88.61 76.13 19.11
(a) Deposits, loans & Advances 48.83 42.34 31.43 23.72 0.40
(b) Sundry Debtors 12.18 3.99 5.69 9.26 0.00
(c) Cash and Cash Equivalents 392.83 51.17 51.49 43.15 18.71
Total (1+2) 508.58 119.67 110.80 97.23 26.61
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STATEMENT OF PROFIT AND LOSS ACCOUNT (Rs. in Lakhs)
Particulars As at March 31
2012 2011 2010 2009 2008
I. Revenue Income 51.35 13.75 19.01 5.1 -
II. Other Income 10.16 2.85 4.21 5.10 -
III. Total Revenue (I +II) 61.51 16.60 23.22 10.22 0.00
IV. Expenses: - - - - -
V. Employee Benefit Expense (5.49) (5.38) (2.45) (2.37) -
VI. Other Expenses (24.81) (10.13) (14.41) (3.01) -
VII. Preliminary expenditure w/off (0.25) (0.24) (0.25) (0.24) (0.22)
VIII. Total Expenses (30.55) (15.75) (17.11) (5.62) (0.22)
IX. Profit Before depreciation Interest & tax 30.96 0.85 6.11 4.60 (0.22)
X. Depreciation and Amortization Expense (0.47) (0.42) (0.24) (0.17) -
XI. Profit Before Interest & tax 30.49 0.43 5.87 4.43 (0.22)
XII. Interest (Financial) Costs (0.01) 0.00 (0.01) (0.19) -
XIII. Profit before tax & Extraordinary items (VII - VIII) 30.48 0.43 5.86 4.24 (0.22)
XIV. Tax Expense:
(1) Less: Current Tax (9.33) (0.05) (1.90) (1.10) -
(2) Less: Deferred Tax (0.89) 0.40 0.17 (0.18) -
(3) Less: Fringe Benefit Tax - - - (0.01) -
XV. Profit/(Loss) for the period (XI + XIV) 20.26 0.78 4.13 2.95 (0.22)
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Cash Flow Statement
Particulars As at March 31
2012 2011 2010 2009 2008
A) Cash Flow From Operating Activities
Net Profit Before Tax 30.48 0.42 5.86 4.24 (0.22)
Adjustment for :
Depreciation 0.47 0.42 0.24 0.17 0.00
Preliminary Expenses written off 0.25 0.24 0.24 0.24 0.00
Interest Expenses 0.01 0.00 0.01 0.19 0.00
(Profit)/ Loss on Sale of Investments
Operating Profit before Working Capital Changes
31.21 1.08 6.35 4.84 (0.22)
Adjustment for :-
Deposits, Loans & Advances 3.65 (13.63) (4.79) (22.67) (0.40)
Other Receivables (8.19) 1.70 3.57 (9.26) 0.00
Current Liabilities 44.60 (6.37) 8.80 15.39 0.06
Cash Generated from Operations 40.06 (18.30) 7.58 (16.54) (0.34)
Direct Taxes Paid (10.19) (0.29) (2.91) (0.65) 0.00
Net cash from /(used in) Operating Activities (A) 61.08 (17.51) 11.02 (12.35) (0.56)
B) Cash Flow from Investing Activities
Purchase of Fixed Assets (1.45) 0.00 (1.32) (13.77) (7.50)
Purchase of Investments (32.00) 0.00 0.00 0.00 0.00
Net cash from/(used in) Investing activities (B) (33.45) 0.00 (1.32) (13.77) (7.50)
C) Cash Flow from Financing Activities
Proceeds From Issue of Share Capital + Premium 320.00 25.00 0.00 50.75 28.00
Interest Paid (0.01) 0.00 (0.01) (0.19) 0.00
Preliminary Expenses Paid (5.57) (6.11) 0.00 0.00 (1.23)
Dividend paid including dividend tax thereon (0.40) (1.69) (1.36) 0.00 0.00
Net cash from/(used in) financing activities (C) 314.02 17.20 (1.37) 50.56 26.77
Net (Decrease)/Increase in Cash and Cash Equivalents (A+B+C) 341.65 (0.31) 8.33 24.44 18.71
Cash and cash equivalents at beginnings of year (D) 51.17 51.49 43.15 18.71 0.00
Cash and cash equivalents at end of year (E) 392.82 51.18 51.48 43.15 18.71
Net (Decrease)/Increase in cash and cash equivalent (D-E) 341.65 (0.31) 8.33 24.44 18.71
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COMFORT COMMOTRADE LIMITED
Statement of Accounting Ratios
Particulars As at March 31
2012 2011 2010 2009 2008
Total Income 61.51 16.60 23.22 10.22 0.00
EBIDTA 30.96 0.85 6.11 4.60 0.22
EBIT 30.49 0.43 5.87 4.43 0.22
PBT 30.48 0.43 5.86 4.24 (0.22)
Net Profit 20.26 0.78 4.13 2.95 (0.22)
EBIDTA Margin (%) 50.33 5.12 26.31 45.01 -
EBIT Margin (%) 49.57 2.59 25.28 43.35 -
Net Profit Margin (%) 32.94 4.70 17.79 28.86 -
Face Value per Equity share (Rs.) 10 10 10 10 10
Basic earnings /(loss) per share (Basic EPS) 1.51 0.23 1.42 1.02 0.15
Diluted earnings /(loss) per share (Dil. EPS) 1.51 0.23 1.42 1.02 0.15
Weighted Average no of Shares (WAS in lakhs) 30.22 29.72 29.70 29.60 28.06
Basic earnings /(loss) per share (Basic EPS) on WAS 0.67 0.03 0.14 0.10 (0.01)
Book Value per Share (Rs.) 32.33 29.81 28.22 27.29 18.31
Price to Book Value (P/BV) 0.51 0.55 0.58 0.60 0.90
Price to Earnings Ratio (P/E)* 10.85 71.49 11.52 16.12 108.09
Average Total Assets 38.46 22.18 21.65 14.30 3.75
ROA (Net profit to average total assets) (%) 52.68 3.52 19.08 20.63 5.87
RONW (Net profit to networth) (%) 4.68 0.77 5.05 3.73 (0.83)
* P/E and P/BV based on closing price of December 17, 2012
Initiative of the BSE Investors’ Protection Fund P a g e | 1 7
COMFORT COMMOTRADE LIMITED
Contact Details
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Disclaimer
Analyst Email ID Contact No.
Head of Research
Tarun Chaturvedi [email protected] + 91 33 4017 0170
Manager
Lahar Bhasin [email protected] + 91 22 6781 6100
Senior Analysts & Team Leads
Abhijit Shirke [email protected] + 91 22 6781 6159
Amol Wakekar [email protected] + 91 22 6781 6163
Niraj Agarwal [email protected] + 91 33 4017 0145
Sumit Somani [email protected] + 91 33 4017 0144
Analysts
Mohit Almal [email protected] + 91 33 4017 0427
Mogana Priya [email protected] +91 44 3006 1711
Moumita Pal [email protected] + 91 33 4017 0104
Priyanka Banerjee [email protected] + 91 33 4017 0180
Rachna Gurnani [email protected] + 91 22 6781 6106
Rahul Jain [email protected] + 91 22 6781 6125
Rajalakshmi [email protected] +91 44 3006 1711
Sonali Rani Rustagi [email protected] + 91 33 4017 0427
Soumitra Banerjee [email protected] + 91 33 4017 0103
Sweta Sinha [email protected] + 91 22 6781 6125
Tanusree Mukherjee [email protected] + 91 33 4017 0103
Published on behalf of BSE Investors' Protection Fund
BSE Investor’s Protection Fund
1st Floor, P J Towers, Dalal Street, Mumbai. Tel: 2272 3817
www.bsesme.com
Head Sales
Name Email Id Contact No.
Debabrata Majumdar [email protected] +91 98197 85027
Sales Team Details
Region Name Email Id Contact No.
West Atul Sharma [email protected] +91 96191 12544
East Prantik Dasgupta [email protected] +91 98361 09030
North Pramod Kumar [email protected] +91 99993 95783
South Jayakannan Singamuthu [email protected] +91 95000 40495
Our Offices
Mumbai
Atul Sharma
107, Raheja Arcade, 1st Floor
Plot No. 61, Sector XI, CBD Belapur
Navi Mumbai- 400614, India
Tel: +91-22-6781 6100
Fax: +91-22-2756 3057
Kolkata
Prantik Dasgupta
2nd, 3rd, 5th & 6th Floor,
Convergence Contact Centre
Plot D2/2, Block EP & GP
Sector V, Salt Lake City
Kolkata—700091, India
Tel: +91-33-4017 0100, 4017 0315
Fax: +91-33-4017 0101
New Delhi
Pramod Kumar
1105, Kailash Building, 11th Floor
26, Kasturba Gandhi Marg
New Delhi- 110001, India
Tel: +91-11-2335 7940-50
Fax: +91-11-2335 7014
Chennai
Jayakannan Singamuthu
5th Floor, JVL Plaza 626
Anna Salai, Teynampet
Chennai—600018, India
Tel: +91-44-2432 1856
Fax: +91-44-2434 3663