You are on page 1of 4

STAKEHOLDERS EMPOWERMENT SERVICES

SECTOR: CAPITAL GOODS-ELECTRICAL EQUIPMENT

REMI ELEKTROTECHNIK LTD


www.remigroup.com

REPORTING DATE: 15 MAR13

REMI ELEKTROTECHNIK LTD


REMI ELEKTROTECHNIK LTD (512487) (AS ON 4 MAR 2013)
Current Price 52 Week High 52 Week Low Face Value per share
` 16.60 ` 16.60 ` 14.40 ` 10.00

Market Cap (` crore) Shares Outstanding Beta

8.07 Book Value 4,865,000 P/B Ratio -0.03 P/E Ratio (ttm) EV/EBITDA

` 43.56

0.38 2.65 4.29

Earnings Per Share (ttm) Dividend Per Share Dividend Yield Dividend Payout

6.26 0.00 0.00 0.00

COMPANY BACKGROUND
Remi Electrotechnik Limited primarily engages in the manufacture and sale of electric and geared motors in India. Its products include three-phase, flame-proof, single-phase, helical geared, dual speed, and geared motors, as well as gear box. The companys products are used in agitator/mixer, agriculture, air condition/refrigerator, boiler, blower, car parking, cement, chemical plant, conveyor, cooling tower, hoist, machine tools, material handling, mining, packaging, pharmaceuticals, power, poultry, printing, pump, sugar machinery, switch gear, and textile machinery segments. It also provides laboratory instruments, equipments, and parts. The company was formerly known as Rajendra Electrical Industries Limited and changed its name to Remi Elektrotechnik Limited in November 2009. Remi Elektrotechnik Limited was incorporated in 1988 and is based in Mumbai, India.

KEY FINANCIAL INDICATORS


Mar 12 Gross Sales (Rs crore) Other Income (Rs. crore) EBIDTA (Rs. crore) EBIDTA Margin (%) Net Profit Margin (%) RONW (%) EPS (Rs /share) Current Ratio Debt Equity Ratio Interest Coverage Ratio Dividend Payout (%) 72.31 0.18 8.21 11.35 3.52 12.76 5.22 2.28 1.31 2.10 Mar11 75.42 0.11 7.09 9.40 3.85 16.41 5.83 1.84 1.05 3.33 Mar10 59.26 1.12 6.31 10.65 4.57 18.37 5.52 1.37 0.91 4.33 -

SHORT TERM STOCK PERFORMANCE


Underlying Performance*
150% 120 100 80 60 40 20 0 18 16 14 12 10 8 6 4 2 0

LONG TERM STOCK PERFORMANCE (CAGR) REF: 28 FEB 13


Stock Volume

100%

Volume

Remi Elektrotechnik

Sensex

BSE Small Cap

*Underlying price standardized based on starting stock price

DIVIDEND PAYOUT - PEER COMPARISON


0.9 0.8 0.7 0.6 0.5 0.4 0.3 0.2 0.1 0 -0.1 0 -0.2 Dividend per Share (Rs.)

52% 34.75 33.84

-2

8 Dec-02 Dec-07 Promoter Dec-09 FIIs DIIs Dec-11 Other Dec-12

Earnings per Share (Rs.)

Notes: The Company and other peers group companies did not pay any dividend (except Epic Energy ltd)

Initiative of BSE Investors Protection Fund

01-Mar-08 23-May-08 14-Aug-08 05-Nov-08 27-Jan-09 20-Apr-09 12-Jul-09 03-Oct-09 25-Dec-09 18-Mar-10 09-Jun-10 31-Aug-10 22-Nov-10 13-Feb-11 07-May-11 29-Jul-11 20-Oct-11 11-Jan-12 03-Apr-12 25-Jun-12 16-Sep-12 08-Dec-12

31.10.12

30.11.12

31.12.12

29.2.12

31.3.12

30.4.12

31.5.12

30.6.12

31.7.12

31.8.12

30.9.12

31.1.13

50%

Shareholding pattern SHAREHOLDING PATTERN (PERCENTAGE)

28.65

28.65

28.65

65.25

66.16

71.35

71.35

71.35

Page 1 of 4

STAKEHOLDERS EMPOWERMENT SERVICES


SECTOR: CAPITAL GOODS-ELECTRICAL EQUIPMENT

REMI ELEKTROTECHNIK LTD


www.remigroup.com

REPORTING DATE: 15 MAR13

CORPORATE GOVERNANCE BOARD AND BOARD COMMITTEES


Members Board Audit Committee Investors' Grievance Committee Remuneration Committee Nominations Committee 9 3 3 Chairman Independence Meetings 4 4 Not disclosed Promoter 44% Independent 66% Promoter 33% No Remuneration Committee No Nomination Committee

The company has disclosed the certificate obtained from the auditors certifying that the company has complied with conditions of Corporate Governance as stipulated in the Listing Agreement. The Board presently comprises (9) Directors including (4) Executive and (5) Non-executive Directors, of which (4) are Independent. The chairman of the board is an Executive Promoter director.

BUSINESS OVERVIEW
Instrument Division products are for medical, hospital, health organizations, all types of testing laboratories and research organizations. The demand for these traditional products has now shifted to high-tech global quality and standards. The Company is continuously developing new products and upgrading the existing ones to global quality and standard, to meet everincreasing demand presently met by import. The Company has been growing with this philosophy. Company expects growth in demand of the products to continue. The expansion programme which started in year 2010 for increasing range and production of Mounton Gear Boxes and Electric Motors in Motor Divisions was completed by December 2011, with installation of new machinery, equipment and wider range of these motors. Full impact of the same on sales is yet to be felt.

PEER COMPARISON
Remi Elektrotec Gross Sales (Rs Crore) Other Income (Rs Crore) EBIDTA EBIDTA Margin (%) Net Profit Margin (%) RONW (%) EPS (Rs/share) Current Ratio Debt Equity Ratio Interest Coverage Ratio Dividend Payout (%) 72.31 0.18 8.21 11.35 3.52 12.76 5.22 2.28 1.31 2.10 Epic Energy 31.50 3.47 11.02 3.30 5.65 1.43 3.96 0.15 3.45 52.08 Rexnord Electronics 29.46 0.19 3.11 10.56 2.82 9.36 1.25 1.03 0.92 2.02 -

Initiative of BSE Investors Protection Fund

Page 2 of 4

STAKEHOLDERS EMPOWERMENT SERVICES


SECTOR: CAPITAL GOODS-ELECTRICAL EQUIPMENT

REMI ELEKTROTECHNIK LTD


www.remigroup.com

REPORTING DATE: 15 MAR13

FINANCIAL PERFORMANCE: DISCUSSION


The company has recorded a gross sale of ` 72.31 crore during the current accounting year ended 31-Mar12 as against ` 75.42 crore for the previous year. The Profit before Tax (PBT) for the current accounting period was ` 3.78 crore and the Profit after Tax (PAT) of ` 2.53 crore. The company has high inventory level as compared to sales with a very low cash level.

ANNUAL RESULTS INCOME STATEMENT


Rs Crore Net Sales Other Income TOTAL INCOME TOTAL EXPENSES EBITDA Depreciation Interest Profit Before Tax PAT PAT Margin (%) Earnings per Share Mar 12 65.68 0.18 87.1 78.89 8.21 0.98 3.45 3.78 2.53 3.52 5.20 Mar11 69.56 0.11 123.83 116.74 7.09 0.97 1.84 4.28 2.85 3.85 5.83 Mar10 54.64 1.12 56.67 50.36 6.31 0.90 1.26 4.15 2.65 4.57 5.44

BALANCE SHEET
Rs Crore Share Capital Reserves and surplus Shareholders' fund Secured Loans Unsecured Loans Total Debt Deferred Tax Liability Other Liabilities Provisions Current Liabilities SOURCES OF FUNDS Net Block Mar 12 0.19 -1.39 1.19 Mar11 -8.12 -1.19 9.41 Mar10 3.45 -1.76 -1.69 Capital work in progress Investments Inventories Receivables Cash and Bank Balances* Loans and Advances 0.22 -0.01 0.21 0.12 0.10 0.22 0.11 0.00 0.11 Current Assets Other Assets APPLICATION OF FUNDS Contingent Liabilities Mar 12 4.87 55.01 59.88 12.79 15.61 28.40 1.29 13.39 0.61 10.40 113.97 15.95 0.05 74.37 17.89 0.21 2.84 95.31 2.66 113.97 Mar11 4.87 52.47 57.34 11.37 12.40 23.77 1.10 0.63 0.71 12.29 95.84 15.38 0.05 58.48 18.30 0.23 0.92 77.93 2.48 95.84 Mar10 4.87 11.10 15.97 9.30 3.20 12.50 0.93 0.61 12.08 42.09 15.14 0.05 8.83 14.87 0.12 3.08 26.90 0.00 42.09 5.25

*Stock adjustments are included in the Total Income

CASH FLOW STATEMENT


Cash-Flow from Operating Activities Investing Activities Financing Activities Cash & Cash Equivalents Beginning of Year Net increase End of Year

*CASH AND BANK BALANCES INCLUDE FIXED DEPOSITS

QUARTERLY RESULTS
Income Statement
Quarterly Trends Rs. Crores Total Income (1) Expenditure Interest Depreciation Tax + Deferred Tax Profit After Tax Dec 12 14.50 12.87 0.74 0.26 0.20 0.43 88.75 5.10 1.79 1.37 2.96 % of (1) Dec 11 16.12 14.79 0.41 0.25 0.22 0.45 91.74 2.54 1.55 1.36 2.79 % of (1) Sep 12 18.28 15.99 0.76 0.26 0.41 0.86 87.47 4.15 1.42 2.24 4.70 % of (1) Dec 12 49.43 43.31 2.35 0.78 0.96 2.03 87.61 4.75 1.57 1.94 4.10 Year to Date % of (1) Dec 11 45.48 41.42 1.07 0.72 0.75 1.52 91.07 2.35 1.58 1.64 3.34 % of (1)

Initiative of BSE Investors Protection Fund

Page 3 of 4

STAKEHOLDERS EMPOWERMENT SERVICES


SECTOR: CAPITAL GOODS-ELECTRICAL EQUIPMENT Dividend History
Earnings/Dividend (Rs/ share) 7 6 5 4 3 2 1 0 FY 09/10 Dividend FY 10/11 EPS FY 11/12 Dividend pay-out ratio 0.00% 0.00% 0.00% 5.52 Dividend pay-out ratio 5.83 5.22 100% Profit Margind (%) 80% 60% 40% 20% 0% 12% 10% 8% 6% 4% 2% 0% FY 09/10 4.57% 10.65%

REMI ELEKTROTECHNIK LTD


www.remigroup.com

REPORTING DATE: 15 MAR13 Profitability


11.35% 9.40%

3.85%

3.52%

FY 10/11

FY 11/12 EBIDTA Margin

Net Profit Margin

140.00 Revenues (Rs Crores) 120.00

Revenue Growth
27.27%

30% PAT (Rs Crores) 20% Sales Growth

2.9 2.8 2.7 2.6 2.5 2.4 2.3

PAT Growth
4.5% 2.69 2.84

5% 4% 3.5% 2.54 3% 2% 1% 0% PAT Margin

100.00 80.00 60.00 40.00 20.00 0.00 57 FY 09/10 Revenue 124 FY 10/11 -4.12% 87 FY 11/12 Sales Growth 10.07%

3.8%

10% 0% -10%

FY 09/10 Profit After Tax

FY 10/11

FY 11/12

PAT Margin

DISCLOSURE: THIS REPORT HAS BEEN SPONSORED BY BSE INVESTOR PROTECTION FUND TRUST SOURCE: BSE, Capitaline, Companys Annual Reports DISCLAIMER
While SES Pvt. Ltd. has made every effort and has exercised due skill, care and diligence in compiling this report based on publicly available information, it neither guarantees its accuracy, completeness or usefulness, nor assumes any liability whatsoever for any consequence from its use. This report does not have any approval, express or implied, from any authority, nor is it required to have such approval. The users are strongly advised to exercise due diligence while using this report. This report in no manner constitutes an offer, solicitation or advice to buy or sell securities, nor solicits votes or proxies on behalf of any party. SES has no financial liability whatsoever, to the subscribers / users of this report. The report is released in India and SES has ensured that it is in accordance with Indian laws. Person resident outside India shall ensure that laws in their country are not violated while using this report; SES shall not be responsible for any such violation. This report should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person especially outside India or published or copied in whole or in part, for any purpose.

ABOUT SES
Stakeholders Empowerment Services is a not for profit initiative of like-minded people with a vision to achieve a corporate governance state where all stakeholders are treated in just and fair manner. We believe that this journey can be possible only with active participation of all stakeholders. For more information please contact SES at +91 22 4022 0322, or via email: info@sesgovernance.com Corporate Governance Research | Corporate Governance Score | Proxy Advisory | Stakeholders Education

Initiative of BSE Investors Protection Fund

Page 4 of 4

You might also like