ECTOR REPORTING ATE UGUST McNally Bharat · PDF fileKolkata – 700 001, West Bengal...

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STAKEHOLDERS EMPOWERMENT SERVICES

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SECTOR: ENGINEERING REPORTING DATE: 14TH AUGUST, 2017

McNALLY BHARAT ENGINEERING COMPANY LTD www.mcnallybharat.com

McNally Bharat Engineering Company Ltd NSE Code - MBECL TABLE 1 - MARKET DATA (STANDALONE) (AS ON 10TH AUGUST, 2017)

Sector - Engineering NSE Market Price (`) 61.45 NSE Market Cap. (₹ Cr.) 350.96

Face Value (`) 10.00 Equity (` Cr.) 57.39

Business Group - Khaitan B M 52 week High/Low (₹) 79.45/37.60 Net worth (₹ Cr.)* -478.82

Year of Incorporation - 1961 TTM P/E (TTM) N.A. Traded Volume (Shares) 73,045

TTM P/BV 15.34 Traded Volume (lacs) 44.89

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A – Not Applicable, *As on 30th September, 2016

4 Mangoe Lane, 7th Floor, COMPANY BACKGROUND

Kolkata – 700 001, West Bengal McNally Bharat Engineering Company Limited (MBE) is one of the leading Engineering

Companies in India, which was incorporated on 10th July 1961 under the name of McNally

Bird Engg. Co. Ltd as a joint venture between McNally Pittsburg, USA and Bird & Co. The

Company, headquartered at Kolkata engaged in providing Turnkey solutions in the areas of

Power, Steel, Alumina, Material Handling, Mineral Beneficiation, Coal washing, Ash handling

and disposal, Port Cranes, Civic and Industrial water supply etc.

The Company's name was changed from McNally Bird Engg Co Ltd to the present name

McNally Bharat Engineering Company Limited in the year 1972. In 1999, a Joint Venture was

formed with Eriez Magnetics, USA, world's leading manufacturers of magnetic, vibratory and

metal detection equipment for manufacture of their products in India.

Company Website:

www.mcnallybharat.com

Revenue and Profit Performance

The revenue of the Company decreased from ₹ 737.86 crores to ₹

386.99 crores from quarter ending Sep’15 to quarter ending Sep’16.

The Company made a loss of ₹ 198.54 crores in quarter ending Sep’16

vis-a-vis making a loss of ₹ 79.45 crores in quarter ending Sep’15.

Source - Money Control

Performance vis-à-vis Market

TABLE 2- Returns

1-m 3-m 6-m 12-m

McNally Bharat Eng. Co. Ltd -0.49% 23.92% -10.23% -6.47%

Nifty -0.72% 3.82% 11.69% 13.63%

Source – Capitaline / NSE

-

0.50

1.00

1.50

Aug16

Sep16

Oct16

Nov16

Dec16

Jan17

Feb17

Mar17

Apr17

May17

Jun17

Jul17

McNally Bharat Engineering Company Ltd NIFTY

386.99

683.39 737.86

-198.54

-79.17 -79.45

-300

-100

100

300

500

700

900

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.mcnallybharat.com/




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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 -478.82 119.75 267.81 -499.85% -55.29%

Current Assets 3,859.70 4,650.17 3,950.55 -17.00% 17.71%

Non-Current Assets 396.04 444.99 377.07 -11.00% 18.01%

Total Assets 4,255.74 5,095.16 4,327.62 -16.47% 17.74%

Investments 181.17 28.18 198.33 542.90% -85.79%

Finance Cost 97.15 80.92 75.04 20.06% 7.84%

Long Term Liabilities 289.84 382 245.41 -24.13% 55.66%

Current Liabilities 4,444.72 4,549.66 3,806.90 -2.31% 19.51%

Turnover 367.67 683.39 737.31 -46.20% -7.31%

Profit After Tax -198.54 -79.17 -79.45 N.A. N.A.

EPS (₹) -38.77 -15.65 -19.50 N.A. N.A.

Source - Money Control/ Stock Exchange filling

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years (FY 2015-16, FY 2014-15 & FY 2013-14):

Qualified Opinion – 2016 (Consolidated) (as Stated by the Auditors)

Auditors draw Shareholders attention to the following qualification to the audit opinion of the financial statement of MBE

Minerals Technologies Pte Limited, a subsidiary of the Holding Company issued by an independent firm of Chartered Accountants

vide its Report dated May 27, 2016 reproduced by us as under:

1. “On 24th of March 2015, the company sold its investment in subsidiary for Euro 14,000,000. As per terms of agreement

with the buyer, the consolidation is to be received on or before 30th September 2015. A new agreement signed with

buyer on 7th January 2016 which states that the Euro 1,000,000 will be paid by 30th June 2016 and balance of Euro

13,000,000 by 30th September 2016. As this is after the date of our audit report we are not in a position to determine

whether any provision is required for doubtful debts. As the sales consideration was not received by the Company till to

date, we are not in a position to determine that whether the sale of subsidiary is constitute valid transaction and

accordingly we are not in a position to comments if any needed to the financial statements.

2. The company’s trade receivables US$803,972 and other receivables of US$19,988,800 have not been received for over

one year. The management considers the receivable will be fully received and hence no provision for doubtful debts has

been made in the financial statements. However, we have not found any substantive evidence or alternative audit

procedure to go along with the view of the management. We are not in a position to establish or the amount to be

provided in the financial statement towered bad and doubtful debts if any.”

Management Response for the year 2016

1. The auditor has expressed qualified opinion with regard to the sale transaction of one investment for Euro 14 mio. In terms

Agreement with the buyer, notarized in Germany, the contract has been extended from time to time. The Directors firmly

believe since the extension is in line with the agreement, the transaction is valid and the amount is fully recoverable.

2. The trade receivables of USD 803,972 are from its own subsidiary and associates. Directors feel they are fully collectible since

part receivable has been collected (USD 120,000) during the year and the balance would also be collected in the current year

2016-17. The other receivable of USD 15,190,184 (Euro 14 mio) included in USD 19,980,800 has already been explained as

fully recoverable against Qualification 1. Another receivable of USD 4.49 mio from an erstwhile subsidiary, accepted as due

by the company is legally claimable as per the agreement.

Qualified Opinion – 2015 (Standalone)

Auditors draw Shareholders attention to Note 44 (III) to the financial statements regarding remuneration aggregating ₹ 5.60

Cr. Paid/payable to two whole-time directors and an erstwhile Chairman of the Company in excess of the limits prescribed

under Section 197 of the Act read with Schedule V to the Act for which requisite approval from shareholders by way of




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special resolution is pending; and in case of the aforesaid Chairman, the Company is yet to obtain approval from the Central

Government. The consequential impact of this matter on financial statements is presently not ascertainable.

Qualified Opinion – 2015 (Consolidated)

Auditors draw Shareholders attention to the following matters

Auditors draw Shareholders attention to Note 44 (III) to the financial statements regarding remuneration aggregating ₹

5.60 Cr. Paid/payable to two whole-time directors and an erstwhile Chairman of the Company in excess of the limits

prescribed under Section 197 of the Act read with Schedule V to the Act for which requisite approval from shareholders

by way of special resolution is pending; and in case of the aforesaid Chairman, the Company is yet to obtain approval

from the Central Government. The consequential impact of this matter on financial statements is presently not

ascertainable.

Qualification in the audit report of MBE Mineral Technologies Pte Ltd, a subsidiary of the Company incorporated outside

India, issued by its independent auditors, vide its report dated May 28, 2015:

"The Company on 24th March 2015 disposed 70% of investments in one of the subsidiaries for Euro 14,000,000 As per

the terms of agreement with the buyer, sales consideration is to be received on or before 30th September 2015. As this

is after the date of our audit report, we are not in a position to determine whether any provision is required for doubtful

debts, if at all."

Management Response for the year 2015

1. The Company has taken necessary approval from its shareholder through a special resolution at the Extra Ordinary

eneral Meeting held on July 30, 2015 and has applied to the Central Government/National Company Law Tribunal for

waiver of such excess payment of remuneration to its managerial personnel.

2. The Company on 24th March 2015 disposed 70% of its investment in one of its step-down subsidiaries in Germany for

EURO 14 mio. As per the amended agreement with the buyer, the sales consideration is to be received on or before 30th

September 2015 or any other extended date as may be agreed by both the parties. Management feels the sales

consideration will be received within the due date in relation to which the Auditor has expressed qualified opinion/

reservation in his Report.

Emphasis of Matter – 2014

We draw your attention to Note 44 (III) to the financial statements regarding remuneration paid to two whole-time

directors and Chairman of the Company, in excess of the limits prescribed under Section 198 of the Act, for which

approval from Central Government is awaited. Our opinion is not qualified in respect of this matter.

Response Comment

Frequency of Qualifications Yes -

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 2015-16)

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 0*

Classification of Chairman of the Board - Non-Executive Promoter Director

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

Average attendance of Directors in the Board meetings (%) - 68.82%

Source - Money Control/Annual Report

* Ms. Nandini Khaitan has resigned from the Board of Directors w.e.f. 19th May, 2016.




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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 Director. The Company has 50% of Independent Directors

and hence, it meets the regulatory requirements.

Board Diversity: The Company has 8 directors and all are males.

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 3.46 2.28 4.93 51.90% -53.80%

Debtors Turnover 0.28 0.40 0.50 -28.89% -20.42%

Fixed asset Turnover 0.93 1.54 1.96 -39.55% -21.46%

Current Asset Turnover 0.10 0.15 0.19 -35.18% -21.26%

Ret

urn

Rat

ios Operating Profit Margin -42.23% 0.10% -0.34% -43,172% N.A.

Net Profit Margin -54.00% -11.58% -10.78% 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 0.87 1.02 1.04 -15.04% -1.51%

Quick Ratio 0.84 0.96 1.00 -11.68% -4.24%

Cash Ratio 0.55 0.58 0.61 -4.52% -5.32%

Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio N.A. 18.41 6.78 N.A. 171.46%

Interest Coverage Ratio N.A. 0.01 N.A. N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 0.84 0.57 0.66 48.86% -13.54%

Market Cap/ Net Worth N.A. 3.24 1.81 N.A. 79.22%

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

Market Cap/EBITDA N.A. 578.76 N.A. N.A. N.A.

Source - Money Control

TABLE 6 - TRADING VOLUME

Jun’17 Dec’16 Jun’16

% Change

June 17 vs

Dec 16

Dec 16 Vs

June 16

Trading Volume (shares) (avg. of 1 qtr) 1,50,572 28,664 28,319 425.30% 1.22%

Trading Volume (shares) (high in 1 qtr) 9,28,348 2,11,529 5,09,695 338.88% -58.50%

Trading Volume (shares) (low in 1 qtr) 28,908 3,795 2,253 661.74% 68.44%

Ratio - High/low trading volume 32.11 55.74 226.23 -42.39% -75.36%

Ratio - High/average trading volume 6.17 7.38 18.00 -16.45% -59.00%

Source - Capitaline




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TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Jun’17 Dec’16 Jun’16 Comments

Shar

eho

ldin

g (%

)

Promoter

shareholding 67.33 72.11 70.74

• The Company issued 25 lacs equity shares under

conversion of warrants & 38 lacs during the period

from June 16 to June 17.

• The promoter shareholding decreased from 70.74%

as on June 16 to 67.33% as on 67.33% on preferential

basis.

• The shareholding of public institution decreased from

1.04% to 0.50% and that of public others increased

from 28.22% to 32.16% during the same period.

• The promoters have pledged 23.57 % of their

shareholding.

Public - Institutional


Public - Others


No-Promoter Non-

Public Shareholding 0.00 0.00 0.00

Source – NSE

MAJOR SHAREHOLDERS (AS ON 30TH June, 2017)

S. No. Promoters Shareholding

S. No. Public shareholders Shareholding

1 EMC Limited 24.89%

No major public shareholders

2 Williamson Magor & Co. Ltd 21.72%

3 MKN Investment Private Limited 8.71%

4 McLeod Rusel India Limited 5.32%

5 Williamson Financial Services Limited 2.70%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The Promoters shareholding of the Company increase 2,40,75,378 shares in FY 2015-16.

• The Company issued 1.00 Crore shares to the promoters of the Company through preferential basis.

• 5 lacs shares have been allotted on conversion of warrants. Preferential issue to promoters

Preferential issue to others No preferential issue of shares was made to other shareholders during last one years

GDRs issued by the Company The Company did not issue any GDRs during last one year

Issue of ESOPs The Company does not have any ESOP Scheme.

Source - Annual Report FY 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 Construction and maintenance of power plants 36.50

2 Construction and maintenance of industrial facilities 14.70

Source - Annual Report FY 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.


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

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

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

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

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



8 | P A G E



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




9 | P A G E



DISCLAIMER

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