a eporting ate ugust prajay engineers …...registered office - september, 2016source -capitaline,...

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PRAJAY ENGINEERS SYNDICATE LTD

STAKEHOLDERS EMPOWERMENT SERVICES

www.prajayengineers.com

1 | P A G E

SECTOR: REALTY REPORTING DATE: 14TH AUGUST, 2017

Prajay Engineers Syndicate Ltd NSE Code - PRAENG TABLE 1 - MARKET DATA (STANDALONE) (AS ON 9TH AUGUST, 2017)

Sector - Realty NSE Market Price (`) 8.55 NSE Market Cap. (₹ Cr.) 59.94

Face Value (`) 10.00 Equity (` Cr.) 69.94

Business Group – N.A. 52 week High/Low (₹) 15.95/7 Net worth (₹ Cr.)* 602.68

Year of Incorporation - 1994 TTM P/E (TTM) N.A. Traded Volume (Shares) 1,35,572

TTM P/BV 0.10 Traded Volume (lacs) 11.59

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

8-2-293/82/A, Plot No. 1091, COMPANY BACKGROUND

Road No. 41, Jubilee Hills, Prajay Engineers Syndicate Limited (PESL), a leading infrastructure development

company headquartered in Hyderabad was promoted by Chandra Mohan Reddy. A 25

years old partnership firm converted and incorporated as a public limited company on

19thApril 1994. The portfolio of Prajay's development activity includes residential

complexes, commercial complexes and multiplexes, also having interest in hospitality

business. PESL is pioneers in construction activities in the twin cities of Hyderabad-

Secunderabad. Some of Prajay's reputed residential projects are Prajay Homes, Prajay

Sai Gardens, Prajay City and Prajay Gruhatara.

The Company had ventured into the hospitality business in the year of 2000 as a

diversification exercise and operates three properties under the Celebrity' brand

name.

Hyderabad – 500 033, Andhra Pradesh

Company Website:


Revenue and Profit Performance

The revenue of the Company decreased from ₹ 19.94 crores to

₹ 13.7 crores from quarter ending Sep’15 to quarter ending

Sep’16. The Company made a loss of ₹ 3.72 crores in quarter

ending Sep’16 vis-a-vis making a loss of ₹ 7.02 crores in quarter

ending Sep’15.

Source: Moneycontrol

Performance vis-à-vis Market

TABLE 2- Returns

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

Prajay Engineers -22.27% -66.08% -32.14% 19.58%

Nifty -0.72% 3.82% 11.69% 13.63%

NIFTY REALTY -7.55% -5.54% 33.59% 23.91%

Source: Capitaline/NSE

-

0.50

1.00

1.50

2.00

2.50

Aug16

Sep16

Oct16

Nov16

Dec16

Jan17

Feb17

Mar17

Apr17

May17

Jun17

Jul17

Prajay Engineers NIFTY NIFTY REALTY

13.7 13.97

19.94

-3.72 -4.37-7.02

-10

0

10

20

30

Sep'16 Mar'16 Sep'15

Quarterly revenue and Profit (₹ CRORE)

Revenue Profit

http://www.prajayengineers.com/






2 | P A G E


TABLE 3 - FINANCIALS

(₹ Cr.) Sep’16 Mar’16 Sep’15 % Change

Sep ’16 vs Mar’16 Mar’16 vs Sep’15

Net Worth 602.68 612.95 627.77 -1.67% -2.36%

Current Assets 605.38 611.84 598.70 -1.06% 2.20%

Non-Current Assets 536.69 530.75 531.92 1.12% -0.22%

Total Assets 1,142.07 1,142.59 1,130.62 -0.05% 1.06%

Investments 133.21 133.21 133.21 0.00% 0.00%

Finance Cost 3.29 3.66 3.08 -10.11% 18.83%

Long Term Liabilities 65.05 76.36 83.35 -14.81% -8.39%

Current Liabilities 474.33 453.28 419.50 4.64% 8.05%

Turnover 13.70 13.97 19.94 -1.93% -29.94%

Profit After Tax (PAT) -3.72 -4.37 -7.02 N.A. N.A.

EPS (₹) -0.53 -0.63 -1.00 N.A. N.A.

Source - Money Control/Stock exchange filling

AUDIT QUALIFICATIONS

Audit Qualifications: The Auditor have raised qualifications in their Report for last three years from FY2013-14 to FY2015-16.

Basis for Quailed Opinion for FY 2015-16:

“a) Interest accrued amounting to ₹ 45.63 Cr (including ₹ 13.62 Cr for the year), on Compulsorily Convertible Debentures [Note

35(c)] has not been provided for. This constitutes a departure from the Accounting Standards. Accordingly, had this interest been

provided for and capitalized to inventories as done in earlier periods, Inventories and Current Liabilities would have been higher

by ₹ 45.63 Cr (including ₹ 13.62 Cr for the year).

b) Included in Short Term Loans and Advances [Note 35(b)] is ₹ 5.10 Cr due from two parties, which are outstanding for a long

time. These unsecured advances are unlikely to be recovered and full provision should have been made. Accordingly, had full

provision been made, provision for doubtful advances would have increased by ₹ 5.10 Cr, net profit and shareholders’ funds

would have decreased by ₹ 5.10 Cr.”

Emphasis Matter for FY 2015-16:

“a) Note 37(a) of the Standalone Financial Statements, in respect of trade receivables considered good include an amount of

₹ 214.99 Cr due from customers which are outstanding for more than six months. We are unable to comment on the realization

of these receivables in the absence of confirmation from the concerned parties. An amount of ₹ 12.47 Cr is set aside towards

provision for trade receivables considered as doubtful.

b) Note 37(b) of the Standalone Financial Statements, in respect of Loans and advances amounting to ₹ 53.55 Cr towards

purchase of land/ development towards certain projects of long term nature, and an amount of ₹ 13.88 Cr given to suppliers etc.

outstanding from earlier years. We are unable to comment on the realization of these advances. An amount of ₹ 7.00 Cr is set

aside towards provision for advances considered as doubtful.

c) Note 24 and 25 (c) In respect of recognizing profit on construction project under an agreement to sell, stage of completion is

determined as a proportion that contract costs incurred for the work performed bear to the estimated total costs. Similarly

contract revenue is recognized under the percentage of completion method measured by survey of work performed. Further,

expected loss on contracts is recognized when it is probable that the total contract costs will exceed the total contract revenue.

This practice is being consistently followed by the Company. For this purpose, total project/contract costs incurred, and cost to

completion of projects/ contracts which is arrived at by the management based on current technical data, forecast and estimate

of net expenditure to be incurred in future including for contingencies, etc. which being technical matters have been relied upon

by us.”

Management Response on Auditors’ Qualification and concern raised under emphasis matters:

i) Emphasis of matter on Note 37(a) of the standalone Financial Statements - Due to economic slowdown and recession

in realty sector, the realizations from customers are slow. Due to large volume of customers, the company could obtain

confirmations from majority of them and is in the process of obtaining from the remaining customers.






3 | P A G E


ii) Emphasis of matter on Note 37(b) of the standalone Financial Statements - Long term Loans and advances given to

Landlords/ developers towards certain projects and short term loans and advances to suppliers are in the in the ordinary

course of business due to long term involvement in such projects. Due to long gestational nature of the projects coupled

with recession and low demand in realty sector, the settlements are taking longer period.

iii) Emphasis of matter on Note 24 and 25 of the standalone Financial Statements – the explanation given in the note is

self-explanatory.

Basis for Qualified Opinion for 2014-15 and FY 2013-14: On similar matters as stated above.

Response Comment

Frequency of Qualifications Repetitive since FY 2007-08.

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 - 12.50%

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 (%) - 69.44%

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 Executive Director. The Company has 50% of Independent

Directors and hence, it meets the regulatory requirements.

Board Diversity: The Company has 8 directors out of which 7 are male and 1 is female.






4 | P A G E


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 0.04 0.04 0.06 -2.79% -30.39%

Debtors Turnover 0.07 0.06 0.10 4.30% -33.85%

Fixed asset Turnover 0.03 0.03 0.04 -3.02% -29.79%

Current Asset Turnover 0.02 0.02 0.03 -0.89% -31.44%

Ret

urn

Rat

ios Operating Profit Margin 2.19% 5.87% -12.24% -62.69% N.A.

Net Profit Margin -27.15% -31.28% -35.21% 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 1.28 1.35 1.43 -5.45% -5.42%

Quick Ratio 0.51 0.55 0.57 -8.14% -3.27%

Cash Ratio 0.08 0.08 0.08 4.38% -10.55%

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

Solv

ency

Rat

ios Debt to equity ratio 0.14 0.16 0.16 -9.18% -4.58%

Interest Coverage Ratio 0.09 0.22 N.A. -59.30% N.A.

Trad

ing

Rat

ios

Market Cap / Sales 4.70 3.18 2.46 47.73% 29.47%

Market Cap/ Net Worth 0.11 0.07 0.08 47.35% -7.10%

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

Market Cap/EBITDA 214.47 54.16 N.A. 296.00% 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) 86,722 1,17,031 32,990 -25.90% 254.75%

Trading Volume (shares) (high in 1 qtr) 3,68,204 9,55,362 1,22,287 -61.46% 681.25%

Trading Volume (shares) (low in 1 qtr) 6,473 3,946 1,926 64.04% 104.88%

Ratio - High/low trading volume 56.88 242.11 63.49 -76.51% 281.32%

Ratio - High/average trading volume 4.25 8.16 3.71 -47.99% 120.22% Source - Capitaline

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS

Jun'17 Dec'16 Jun'16 Comments

Shar

eho

ldin

g (%

)

Promoter

shareholding 32.87 32.87 32.87

• No new equity shares were issued during the

period from Jun 17 to Jun 16.

• There was no change in the shareholding of

the Company during Jun 17 to Jun 16.

Public - Institutional


Public - Others


Non-Promoter Non-

Public Shareholding 0.00 0.00 0.00

Source: NSE






5 | P A G E


MAJOR SHAREHOLDERS (AS ON 30TH June, 2017)

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

1 D. Vijay Sen Reddy 17.61% 1 Shalini Rodrigo Torbol 4.93%

2 D. Hymavathi Reddy 11.78% 2 Ultimate Money Makers India Pvt Ltd 4.04%

3 D. Sharmila Reddy 2.52% 3 Claus Christian Torbol 2.21%

4 M Abhinav Reddy 2.20%

5 Vansh Value Realty Pvt Ltd 2.14%

Source: NSE

TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS

Market Activity of Promoters The promoters have not sold/bought any shares in last year

Preferential issue to promoters No preferential issue of shares was made to the promoters in last year

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

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

Issue of ESOPs/Issue of shares other

than Preferential allotment

The Company does not have any ESOP Scheme

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 Construction and Real Estate Development 89.56%

2 Hospitality – Hotels & Resorts 10.44%

Source - Annual Report 2015-16






6 | P A G E


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

SECTOR: REALTY REPORTING DATE: 14TH AUGUST, 2017 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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