STAKEHOLDERS EMPOWERMENT SERVICES EURO …...bathroom tiles and concepts, and tile-o-bond. Its vitrified tiles are used in various applications, including commercial complexes, residential,

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1 | P A G E

SECTOR: CERAMIC PRODUCTS REPORTING DATE: 29TH JANUARY, 2018

EURO CERAMICS LTD. www.eurocl.com

Euro Ceramics Ltd. NSE Code - EUROCERA TABLE 1 - MARKET DATA (STANDALONE) (AS ON 25TH JANUARY, 2018)

Sector - Ceramic Products NSE Market Price (`) 7.85 NSE Market Cap. (₹ Cr.) 26.01

Face Value (`) 10.00 Equity (` Cr.) 33.74

Business Group – N.A. 52 week High/Low (₹) 15.00/5.65 Net worth (₹ Cr.)* -61.70

Year of Incorporation - 2002 TTM P/E (TTM) 8.01 Traded Volume (Shares) 1,02,804

TTM P/BV N.A. Traded Volume (lacs) 8.07

Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, *As on 30th September, 2017

208 Sangam Arcade Vallabhbhai R, COMPANY BACKGROUND

Station Road Vile Parle (West), Euro Ceramics Limited is engaged in providing sanitary ware, marbles and other. The

Company's segments include Tiles Division, Aluminium Division, Sanitaryware Division and

Realty Division. It offers vitrified tiles, composite marble, sanitary ware products,

bathroom tiles and concepts, and tile-o-bond. Its vitrified tiles are used in various

applications, including commercial complexes, residential, retail and information

technology parks. It provides a range of wall tiles with matching borders and motifs. Its

vitrified tiles are manufactured in a sprawling factory at Bhachau, Kutch. Its plant capacity

is 79,971 metric tons per annum (MTPA). It also has a lignite-based 10-megawatt captive

power plant. It also manufactures composite marble with annual capacity of 90,000 MTPA.

Euro Merchandise (India) Limited is the Company's subsidiary. It offers products in Roso

Series, such as Roso I, Roso II and Roso III. It also offers Volume C, Volume D, Volume E,

Volume F and Volume G.

Mumbai - 400 056, Maharashtra

Company Website:

www.eurovitrified.com

Revenue and Profit Performance

The revenue of the Company decreased from ₹ 13.32 crores

to ₹ 2.41 crores from quarter ending Sep’16 to quarter ending

Sep’17. The Company made a loss of ₹ 4.93 crores in quarter

ending Sep’17 vis-a-vis making a loss of ₹ 6.23 crores in

quarter ending Sep’16.

Source: Moneycontrol

Performance vis-à-vis Market

TABLE 2- Returns

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

Euro Ceramics Ltd 7.53% 6.37% -11.30% 25.60%

Nifty 5.65% 5.68% 9.44% 26.64%

Source - Capitaline/NSE

0.50

1.00

1.50

2.00

2.50

Feb 17 Apr 17 Jun 17 Aug 17 Oct 17 Dec 17

Euro Ceramics Ltd NIFTY

2.41 3.89 13.32

-4.93

71.28

-6.23

-40

0

40

80

Sep'17 Mar'17 Sep'16

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.eurocl.com/



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TABLE 3 - FINANCIALS

(₹ Cr.) Sep’17 Mar’17 Sep’16 % Change

Sep ’17 vs Mar’17 Mar’17 vs Sep’16

Net Worth -61.70 -49.83 -186.24 N.A. N.A.

Current Assets 88.11 103.19 102.40 -14.61% 0.77%

Non-Current Assets 198.72 202.67 283.14 -1.95% -28.42%

Total Assets 286.84 305.87 385.54 -6.22% -20.66%

Investments 1.34 1.34 1.34 0.00% 0.00%

Finance Cost 0.15 0.02 0.05 650.00% -60.00%

Long Term Liabilities 2.45 26.87 31.64 -90.88% -15.08%

Current Liabilities 346.09 328.82 540.13 5.25% -39.12%

Turnover 2.41 3.89 13.32 -38.05% -70.80%

Profit After Tax -4.93 71.28 -6.23 -106.92% N.A.

EPS (₹) -1.46 21.13 -1.85 -106.91% N.A.

Source - Money Control/Stock exchange filing

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Statutory Auditors have raised audit qualification in their Report for the FY 2014-15, FY

2015-16 and FY 2016-17.

Audit Qualification for FY2016-17:

“Basis for Qualified Opinion

1. The attention is invited to note no.3 to the financial statements, towards the fact that the Company’s financial facilities /

arrangements including Term Loans, Working Capital Facilities and Non Fund Based Credit Facilities have expired and the

accounts with the Banks have turned into Non-Performing Assets since more than 3 years. Some of the bank lenders have

initiated legal proceedings against the Company for recovery of their respective debts at the Debt Recovery Tribunal and have

taken symbolic possession of the securities u/s. 13(4) of the SARFAESI Act, 2002. However, the Company has been able to

renegotiate with the secured lenders and arrive at a amicable settlement of its debts. The Company has made the settlement of

its total debt outstanding with the secured lenders. Accordingly some of the lenders have been settled completely on one time

settlement basis and others have agreed for deferred payment along with some upfront payment based on their respective terms

of settlement. In view of the above settlement, the Company has not provided the interest on the outstanding dues payable as

per the settlement terms on the outstanding agreed amount of settlement amounting to 880.11 lakhs for the year ended March

31, 2017. Had the same been accounted for, the net profit (after tax) would have decreased and current liabilities for the year

ended March 31, 2017 would have increased by that amount. In addition to this, the Company has been continuously incurring

substantial losses since past few years and as on March 31, 2017, the Company’s current liabilities exceed its current assets by

22,562.88 lakhs. Further, the networth of the Company has fully eroded and the Company had also filed registration u/s. 15(1) of

the erstwhile Sick Industrial Companies (Special Provisions) Act, 1985, before the erstwhile Hon’ble Board for Industrial &

Financial Reconstruction. All the above events indicate a material uncertainty that casts a significant doubt on the Company’s

ability to continue as a going concern and therefore it may be unable to realize its assets and discharge its liabilities in the normal

course of business. The financial results do not disclose the fact that the fundamental accounting assumption of going concern

has not been followed.

2. Attention is also drawn to the fact that the Company has not provided for impairment or diminishing value of its

assets/investment as per ‘Accounting Standard 28 – Accounting for Impairment of Assets’ as notified under Section 133 of the

Companies Act, 2013. The effect of such Impairment or diminishing value has not been quantified by the management and hence

the same is not ascertainable.

3. We draw attention to the fact that financial statements are subject to receipt of confirmation of balances from many of the

debtors, loans & advances, investments, banks, sundry creditors and other liabilities. Pending receipt of confirmation of these

balances and consequential reconciliations / adjustments, if any, the resultant impact on the financial statements is not

ascertainable.




3 | P A G E



4. We draw attention to the facts that the non ascertainment of complete particulars of dues to Micro, Small and Medium

enterprises, if any under MSMED Act, 2006, and provisions towards interest, if any, is not ascertained at this stage which is not in

conformity with para14 of Accounting Standard 29-‘Provision, Contingent Liabilities and Contingent Assets.”

Management Response:

“1. Your Directors would like to state that the Company is operational and currently Manufacturing Marble employing more than

100 manpower. The Company and its management with its positive efforts could sale its fixed assets of sanitaryware business

undertaking and land, and settled its debt with many of its secured lenders either on one time settlement basis or deferred

payment schedule with some upfront payment as per their terms of compromise settlement. It is also making serious efforts in

reviving its tiles division operation. The management has taken and been taking all diligent steps under legal advice, to defend

the Company in all the litigation. Considering the reduction in debt burden and considering the ample opportunities in the market

and growth drivers for the industry per se, your Directors are optimistic about the turnaround of the Company with the infusion

of the long term funds and working capital fund with support of the lenders.

2. The Company has settled its debts with secured lenders either on one time settlement basis or compromise settlement with

defer payment schedule with some upfront payment as per the terms of sanction. In view of the present settlement with the

lenders, the Company has not provided for interest to the tune of 880.11 lakhs (calculated based on last sanction letters in hand)

on financing facilities, for the year ending March 31, 2017.

3. Your management would like to state that the Company is in the process of obtaining the confirmations from debtors,

creditors, lenders and loans advances in routine course of business and have obtained from some of them. The reconciliations are

made and the effects have been given in the books of accounts wherever required.

4. The Company is in the process of identifying the creditors which are Micro, Small and Medium Enterprises under MSMED Act.”

Similar Audit Qualification were also raised by the Auditors in FY2015-16 & FY2014-15.

Response Comment

Frequency of Qualifications Yes 3 years viz. FY 2016-17,FY

2015-16 & FY 2014-15

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 2016-17)

Regulatory Norms Company

% of Independent Directors on the Board 50% 75%

% of Promoter Directors on the Board - 25%

Number of Women Directors on the Board At least 1 1

Classification of Chairman of the Board - Executive Promoter Director

Is the post of Chairman and MD/CEO held by the same person? - Yes

Average attendance of Directors in the Board meetings (%) - 100%

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 Chairman of the Board is

a Promoter Executive Director. The Company has 75% of Independent Directors and hence, it meets the regulatory

requirements.

Board Diversity: The Company has 4 directors out of which 3 are male and 1 is female.




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TABLE 5 - FINANCIAL RATIOS

Ratios Sep’17 Mar’17 Sep’16

% Change

Sep ’17 vs

Mar’17

Mar’17 vs

Sep’16

Turn

ove

r

Rat

ios

Inventory Turnover 0.08 0.12 0.42 -34.46% -71.39%

Debtors Turnover 0.33 0.20 0.69 64.12% -70.41%

Fixed asset Turnover 0.01 0.02 0.05 -36.81% -59.20%

Current Asset Turnover 0.03 0.04 0.13 -27.44% -71.02%

Ret

urn

Rat

ios Operating Profit Margin 5.81% -20.05% 2.63% N.A. -863.10%

Net Profit Margin -204.56% 1832.39% -46.77% -111.16% N.A.

Return on Assets (ROA) N.A. 23.30% N.A. N.A. N.A.

Return on Equity (ROE) N.A. -143.05% N.A. N.A. N.A.

Return on Capital Employed (ROCE) N.A. -310.59% N.A. N.A. N.A.

Liq

uid

ity

Rat

ios

Current Ratio 0.25 0.31 0.19 -18.87% 65.53%

Quick Ratio 0.17 0.22 0.13 -22.84% 64.57%

Cash Ratio 0.15 0.16 0.10 -7.60% 65.48%

Working Capital Turnover ratio N.A. -0.32 N.A. N.A. N.A.

Solv

ency

Rat

ios Debt to equity ratio N.A. N.A. N.A. N.A. N.A.

Interest Coverage Ratio 0.93 N.A. 7.00 N.A. N.A.

Trad

ing

Rat

ios

Market Cap / Sales 10.34 8.05 1.65 28.52% 388.88%

Market Cap/ Net Worth N.A. N.A. N.A. N.A. N.A.

Market Cap/PAT N.A. 0.44 N.A. N.A. N.A.

Market Cap/EBITDA 178.07 N.A. 62.66 N.A. N.A.

Source - Money Control/Stock exchange filing

TABLE 6 - TRADING VOLUME

Particulars Dec’17 June’17 Dec’16

% Change

Dec ’17 vs June’17

June’17 vs Dec’16

Trading Volume (shares) (avg. of 1 qtr) 37,925 36,886 32,180 2.82% 14.62%

Trading Volume (shares) (high in 1 qtr) 2,23,727 1,92,336 1,44,996 16.32% 32.65%

Trading Volume (shares) (low in 1 qtr) 4,416 928 2,550 375.86% -63.61%

Ratio - High/low trading volume 50.66 207.26 56.86 -75.56% 264.50%

Ratio - High/average trading volume 5.90 5.21 4.51 13.13% 15.73%

Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Dec-17 Jun-17 Dec-16 Comments

Shar

eho

ldin

g (%

)

Promoter shareholding 10.50 10.50 10.50 • No new equity shares were issued during the period

from 1st January’ 2017 to 31st December’ 17.

• No change in the promoter shareholding during the

said period.

• The shareholding of public institution decreased

from 15.05% to 9.64% and that of public others

increased from 74.45% to 79.86% during the same

period.

• The promoters have pledged / encumbered 99.99%

of their shareholding.

Public - Institutional

shareholding 9.64 11.80 15.05

Public - Others

shareholding 79.86 77.70 74.45

Non-Promoter Non-Public

Shareholding 0.00 0.00 0.00

Source - NSE




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MAJOR SHAREHOLDERS (AS ON 31st DECEMBER 2017)

S. No. Promoters Shareholding S. No. Public Shareholders Shareholding

1 Nitesh Panchalal Shah 2.34% 1 Dharmesh Kishor Gathani 20.02%

2 Kasturben Talakshi Nandu 2.19% 2 State Bank of India SAMB 12.26%

3 Urmi Paresh Shah 1.36% 3 Milankumar Dhirajlal Mehta 7.34%

4 Nenshi L Shah 1.10% 4 ICICI Bank Ltd 3.41%

5 Aspire Emerging Fund 3.19%

Source - NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in FY 2016-17.

Preferential issue to promoters No preferential issue of shares was made to the promoters in FY 2016-17.

Preferential issue to others No preferential issue of shares was made to other shareholders during FY 2016-17.

GDRs issued by the Company The Company did not issue any GDRs during FY 2016-17.

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

Source - Annual Report FY 16-17

TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Sr. No. Name and Description of main products / services % to Total turnover of the Company

1 Marble 98.37%

Source - Annual Report FY 16-17




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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




7 | P A G E



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



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