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STAKEHOLDERS EMPOWERMENT SERVICES
1 | P A G E
SECTOR: AUTO ANCILLARIES REPORTING DATE: 14TH AUGUST, 2017
PAE Ltd www.paeltd.com
PAE Ltd NSE Code - PAEL TABLE 1 - MARKET DATA (STANDALONE) (AS ON 16TH JULY, 2017)
Sector - Auto Ancillaries NSE Market Price (`) 9.50 NSE Market Cap. (₹ Cr.) 8.34
Face Value (`) 10.00 Equity (` Cr.) 10.42
Business Group - Premier Auto 52 week High/Low (₹) 18.90/7.95 Net worth (₹ Cr.) * -24.02
Year of Incorporation - 1950 TTM P/E (TTM) N.A. Traded Volume (Shares) 55.00
TTM P/BV N.A. Traded Volume (lacs) 0.01
Registered Office - Source - Capitaline, TTM - Trailing Twelve Month, N.A - Not Applicable *As on 31st March, 2016
69, Tardeo Road, COMPANY BACKGROUND
Mumbai - 400 034, Incorporated as a wholly-owned subsidiary of Premier Automobiles (PAL), Premier Auto
Electric (PAE), since incorporation, has been trading in automobile products, servicing
cars and fitting air-conditioners in automobiles, after public issue in Feb '90 PAE ceased to
be a subsidiary of PAL. It started operations as a representative of reputed foreign
automobile /automobile component manufacturers and gradually expanded into service
station activities. It expanded its activities by adding a network of branches
representating major auto ancillary manufacturers in India.
Maharashtra
Company Website:
www.paeltd.com
Revenue and Profit Performance
The revenue of the Company decreased from ₹ 3.47 crores
to ₹ 0.11 crores from quarter ending Sep’15 to quarter
ending Sep’16. The Company made a loss of ₹ 2.20 crores in
quarter ending Sep’16 vis-a-vis making a loss of ₹ 3.70
crores in quarter ending Sep’15.
Source: Moneycontrol
Performance vis-à-vis Market
TABLE 2- Returns
1-m 3-m 6-m 12-m
PAE Ltd 9.20% -51.58% -11.21% -16.30%
Nifty 2.38% 7.26% 16.62% 13.58%
Nifty Auto 0.32% 9.84% 13.06% 14.08%
Source: Capitaline/ NSE
0.00
0.50
1.00
1.50
Aug 16 Oct 16 Dec 16 Feb 17 Apr 17 Jun 17
PAE Ltd NIFTY NIFTY AUTO
0.11 1.39 3.47
-2.20
-14.64
-3.70
-20
-15
-10
-5
0
5
Sep'16 Mar'16 Sep'15
Quarterly revenue and Profit (₹ CRORE)
Revenue Profit
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STAKEHOLDERS EMPOWERMENT SERVICES
2 | P A G E
SECTOR: AUTO ANCILLARIES REPORTING DATE: 14TH AUGUST, 2017
PAE Ltd www.paeltd.com
TABLE 3 - FINANCIALS
(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change
Sep ’16 vs Mar’16 Mar’16 vs Sep’15
Net Worth
Not available
-24.02 5.97
Not applicable
-502.35%
Current Assets 19.50 37.91 -48.56%
Non-Current Assets 8.09 27.98 -71.09%
Total Assets 27.59 65.89 -58.13%
Investments 0.70 20.02 -96.50%
Finance Cost -1.37 1.15 -219.13%
Long Term Liabilities 0.39 2.08 -81.25%
Current Liabilities 51.22 57.84 -11.45%
Turnover 1.35 3.42 -60.53%
Profit After Tax (PAT) -14.64 -3.70 N.A.
EPS (₹) -14.44 -7.93 N.A.
Source - Money Control/ Stock exchange filing
AUDIT QUALIFICATIONS
Audit Qualifications in last 3 years: The Auditors have raised qualifications for FY 2015-16, FY 2014-15 & FY 2013-14.
Audit Qualifications – FY 2015-16 (Standalone)
We draw your attention that Net Worth of the company is negative at the end of the year. It has incurred accumulated losses
of Rs. 6172.90lacs till end of the year including loss of Rs 3742.66lacs for the current year. Despite this, for the reasons
mentioned in Note No. 38 to the standalone financial statement, the accounts have been prepared on going concern basis.
This condition indicates existence of a material uncertainty that may cast significant doubt about the Company's ability to
continue on a going concern basis. We don't have the appropriate audit evidence to consider the Company to continue as going
concern.
Audit Qualifications – FY 2015-16 (Consolidated)
We draw your attention that Net Worth of the group is negative at the end of the year. It has incurred accumulated losses of ₹
66.98 Cr. till end of the year including loss of ₹ 29.22 Cr. for the current year. Despite this, for the reasons mentioned in Note
No. 35 to the consolidated financial statements, the accounts have been prepared on going concern basis. This condition
indicates existence of a material uncertainty that may cast significant doubt about the Company's ability to continue on a
going concern basis. We don't have the appropriate audit evidence to consider the Company to continue as going concern.
As stated in Note No.32 of the consolidated financial statements, the Independent Auditor of a Subsidiary of the Company,
Shurjo Energy Private Limited, have qualified their audit opinion on its financial statements for the year ended March 31, 2016
in respect of Depreciation being provided at the rates prescribed in the erstwhile Schedule XIV to the Companies Act, 1956,
instead of providing depreciation based on the useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
We are therefore unable to comment on the impact of the above, on the consolidated loss for the year and the balance
reported in the consolidated balance sheet as at the end of the year.
As stated in Note No.39 of the consolidated financial statements, the Independent Auditor of a Subsidiary of the Company,
Shurjo Energy Private Limited, have qualified their audit opinion on its financial statements for the year ended March 31, 2016
in respect of impairment of fixed assets as the manufacturing activity of the company has been discontinued, the carrying
amount of fixed assets needs to be impaired, however the company is carrying the fixed asses at historical cost and no
impairment loss has been provided in books of accounts as required by Accounting Standard 28 (AS-28). The quantum of
impairment loss is not ascertained.
Audit Qualifications – FY 2014-15 (Standalone)
The Company has made Long Term Investment of ₹ 7.86 Cr. in its subsidiary, Shurjo Energy Pvt Ltd. ('SEPL'). It has also given
loans and advances of ₹ 6.55 Cr. which is recoverable as at end of current year. The subsidiary has made a loss of ₹ 1.17 Cr. in
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3 | P A G E
SECTOR: AUTO ANCILLARIES REPORTING DATE: 14TH AUGUST, 2017
PAE Ltd www.paeltd.com
the current year. Its accumulated losses as at the end of the year amounting to ₹ 11.21 Cr. has exceeded its Net Worth. Despite
this, for the reasons mentioned in Note No.13 to the standalone financial statement, the Company considers that the losses in
SEPL are temporary in nature and no diminution is required in the value of its investment in the subsidiary. Also the loans and
advances given to SEPL are considered as fully recoverable. However we do not have appropriate audit evidence to determine
the extent of adjustments that may be required to the carrying value of the said investment or to the value of loans and
advances recoverable from SEPL and the impact it will have on the going concern basis of the Company.
The company also holds long term investment of ₹ 11.76 Cr. in PAE Renewables Private Limited ('PAER') which in turn has
invested in its step down wholly owned subsidiary Sovox Renewables Private Limited ('SRPL'). During the year PAE Renewables
Pte Limited, wholly owned subsidiary of PAER has entered into MOU for sale of its investment in SRPL, resulting into erosion in
the value of the abovementioned investments. No diminution in the value of investments in PAER is provided. The impact of
such non-provision on the loss for the year and net assets position as at the year-end is presently not ascertainable. Refer note
13 to the standalone financial statements.
Audit Qualifications – FY 2014-15 (Consolidated)
As stated in Note 33 of the consolidated financial statements, the Independent Auditor of a subsidiary of the Company, Shurjo
Energy Private Limited, have qualified their audit opinion on its financial statements for the year ended March 31, 2015 in
respect of Depreciation being provided at the rates prescribed in the erstwhile schedule XIV to the Companies Act, 1956 instead
of providing depreciation based on the useful life of the asset, as prescribed in Schedule II of the Companies Act, 2013. We are
therefore unable to comment on the impact of the above, on the consolidated loss for the year and the balance reported in the
consolidated balance sheet as at the end of the year.
Management Response - FY 2014-15
With reference to “Basis for Qualified Opinion” in Standalone Audit Report pertaining to company's investment of ₹ 7.86 Cr.
and loans and advances of ₹ 6.55 Cr. in its subsidiary, Shurjo Energy Pvt. Ltd.(SEPL), the management is of opinion that no
diminution is required in company's long term strategic investment in the subsidiary company and the company is considering
diversification plan in its activities. Also the loans and advances given to SEPL are considered likely to be recoverable.
Further, The carrying cost of company's investment of ₹ 11.76 Cr. in its subsidiary, PAE Renewables Pvt. Ltd.(PAER) which in
turn has invested in it's step down wholly owned subsidiary, Sovox Renewables Pvt. Ltd., India (Sovox). The management is of
the opinion that, loss arising out of the sale transaction and impact of its on PAER investment is not presently ascertainable.
The same will be considered on completion of sale transactions of shares.
Further, the report of independent auditors on standalone and consolidated financial statements are presented in a separate
section forming part of the Annual Report
Audit Qualifications – FY 2013-14 (Standalone)
The company has made Long Term Investment of ₹ 7.86 Cr. in its subsidiary, Shurjo Energy Private Limited (SEPL). It has also
given loans and advances of ₹ 7.17 Cr. which is recoverable as at end of current year. The subsidiary has made a loss of ₹ 0.93
Cr. in the current year. Its accumulated losses as at the end of the year amounting to ₹ 10.04 Cr. and has exceeded its Net
Worth. Despite this, for the reasons mentioned in note 34 to financial statements, the Company considers that the losses in
SEPL are temporary in nature and no diminution is required in the value of its investment in the subsidiary. Also the loans and
advances given to SEPL are considered as fully recoverable. However we do not have appropriate audit evidence to determine
the extent of adjustments that may be required to the carrying value of the said investment or to the value of loans and
advances recoverable from SEPL.
Management Response - FY 2013-14
With regard to the Auditor's remarks on the investment made by the Company in its Subsidiary Shurjo Energy Pvt. Ltd. (SEPL),
SEPL has been manufacturing solar panels, an industry currently in a challenging situation worldwide. As at March 31, 2014,
the accumulated losses in SEPL have exceeded its net worth by ₹ 309.58 lacs. The Company is actively pursuing the revival of
it's subsidiary Shurjo Energy Pvt. Ltd.(SEPL) by diversifying its activities. Towards this end, the company has applied to Falta
Special Economic Zone for removing the 100% E.O.U. status to facilitate the diversification. Company is also exploring the
induction of a strategic investor for trading in power back up systems and lead smelting activity. It is of the opinion that losses
suffered during the initial years by SEPL are temporary in nature and no provision for diminution in the value of investment of ₹
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STAKEHOLDERS EMPOWERMENT SERVICES
4 | P A G E
SECTOR: AUTO ANCILLARIES REPORTING DATE: 14TH AUGUST, 2017
PAE Ltd www.paeltd.com
785.66 lacs is considered necessary at this juncture. Also the loans and advances of ₹ 717.30 lacs due from SEPL as at the
balance sheet date are considered as fully recoverable.
Response Comment
Frequency of Qualifications Similar qualifications raised by Auditors in last
3 years as stated above
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% 40%
% of Promoter Directors on the Board - 60%
Number of Women Directors on the Board At least 1 1
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 (%) - 86.67%
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 Non-Executive Promoter Director. The Company has only 40% of
Independent Directors and hence, it does not meet the regulatory requirement.
Board Diversity: The Company has 5 directors out of which 4 are male and 1 is female.
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
Not
available
0.48 0.60
Not
applicable
-19.51%
Debtors Turnover 0.10 0.15 -30.57%
Fixed asset Turnover 0.17 0.12 36.52%
Current Asset Turnover 0.07 0.09 -23.26%
Ret
urn
Rat
ios Operating Profit Margin -142.96% -73.39% N.A.
Net Profit Margin -1084.44% -108.19% N.A.
Return on Assets (ROA) N.A. N.A. N.A.
Return on Equity (ROE) N.A. N.A. N.A.
Return on Capital Employed (ROCE) N.A. N.A. N.A.
Liq
uid
ity
Rat
ios
Current Ratio 0.38 0.66 -41.91%
Quick Ratio 0.33 0.56 -41.43%
Cash Ratio 0.07 0.17 -54.76%
Working Capital Turnover ratio N.A. N.A. N.A.
Solv
ency
Rat
ios Debt to equity ratio N.A. 4.01 N.A.
Interest Coverage Ratio N.A. N.A. N.A.
Trad
ing
Rat
ios
Market Cap / Sales 8.68 4.49 93.17%
Market Cap/ Net Worth N.A. 2.57 N.A.
Market Cap/PAT N.A. N.A. N.A.
Market Cap/EBITDA N.A. N.A. N.A.
Source - Money Control
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SECTOR: AUTO ANCILLARIES REPORTING DATE: 14TH AUGUST, 2017
PAE Ltd www.paeltd.com
TABLE 6 - TRADING VOLUME
Jun’17 Dec’16 Jun’16
% Change
Jun’17 vs
Dec’16
Dec’16 vs
Jun’16
Trading Volume (shares) (avg. of 1 qtr) 1,777 8,529 1,473 -79.17% 479.01%
Trading Volume (shares) (high in 1 qtr) 6,766 2,31,057 9,878 -97.07% 2239.11%
Trading Volume (shares) (low in 1 qtr) 6 1 2 500.00% -50.00%
Ratio - High/low trading volume 1,127.67 231,057 4,939 -99.51% 4578.21%
Ratio - High/average trading volume 3.81 27.09 6.71 -85.94% 303.99%
Source: Capitaline
TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Jun'17 Dec'16 Jun'16 Comments
Shar
eho
ldin
g (%
)
Promoter shareholding 55.42 55.42 55.42 • No new equity shares were issued during the
period from Jun’ 16 to Jun’ 17.
• Promoter shareholding remains unchanged
during the above period.
• No other changes were observed in the
shareholding pattern during the said period.
• Promoters have not pledged/ encumbered any
shares.
Public - Institutional shareholding 0.91 0.91 0.91
Public - Others shareholding 43.67 43.67 43.67
Non-Promoter Non-Public
Shareholding 0.00 0.00 0.00
Source: NSE
MAJOR SHAREHOLDERS (AS ON 30TH JUNE, 2017)
S. No. Promoters Shareholding
1 Arvind Raoji Doshi 25.49%
2 Pratibha Arvind Doshi 16.27%
3 Pritam Arvind Doshi 13.39%
Source: NSE
Note: No major public shareholders as on 30th June, 2017.
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters Promoters have not sold/bought any shares in last one year
Preferential issue to promoters No preferential issue was made to promoters in last one year
Preferential issue to others No preferential issue was made to other shareholders in last one year
GDRs issued by the Company The Company did not issue any GDRs in last one year
Issue of ESOPs/Issue of shares other
than Preferential allotment
The Company does not have any ESOP Scheme. Further, no new equity shares were
issued by the Company in last one year.
Source - Annual Report 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 Trading of batteries 95.31
Source - Annual Report 2015-16
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6 | P A G E
SECTOR: AUTO ANCILLARIES REPORTING DATE: 14TH AUGUST, 2017
PAE Ltd www.paeltd.com
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.
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SECTOR: AUTO ANCILLARIES REPORTING DATE: 14TH AUGUST, 2017
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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
Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory
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9 | P A G E
SECTOR: AUTO ANCILLARIES REPORTING DATE: 14TH AUGUST, 2017
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