1. Caselet: A pioneer in making ready to use steel for construction purposes
(Only for case study purpose as a part of Workshop, no recommendation)
Caselet 2
A pioneer in making ready to use steel for construction purposes
Case:
The share price of the company peaked on 05 Jan 2018 at Rs 136.65.
The IPO came in Jun 2011 at a price of INR 108 per share.
The 2017 Annual report with balance sheet, cash flow and P&L was available by this time (05 Jan 2018
when peak was formed). Could we identify the trouble in the company based on the available data and
what are the top conclusions that we can draw from this data? Draw at least 5 conclusions why it should
be considered or declined to invest based on 2014 data and information provided?
Profile:
The company is engaged in the business of making ready to use steel for construction purposes.
History:
The company was incorporated in Mumbai, in 2006. Over the years, through a series of acquisitions, it
has evolved into a high-quality service provider in foundation engineering across the construction and
infrastructure sectors - both in India and Southeast Asia.
The Company is the second-largest foundation engineering company in Singapore with a track record of
successful execution of over 250 projects.

2. Caselet: A pioneer in making ready to use steel for construction purposes
(Only for case study purpose as a part of Workshop, no recommendation)
Share price
Extracts of Cashflow
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 53 24 24 11 66
Cash from Investing Activity -151 -91 -1 -2 -50
Cash from Financing Activity 105 72 -21 -6 -10
Net Cash Flow 7 5 2 4 5
Extracts of Balancesheet
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Share Capital 12 12 14 15 15
Reserves 63 114 139 162 278
Borrowings 113 133 174 196 237
Other Liabilities 139 277 215 166 325
Fixed Assets 126 214 216 207 381
CWIP 2 0 0 0 0
Investments 2 0 5 5 4
Other Assets 197 322 321 327 469
Trade receivables 45.75 63.33 74.16 77.03 217.79
Loans n Advances 122.46 153.07 135.59 153.11 150.77

3. Caselet: A pioneer in making ready to use steel for construction purposes
(Only for case study purpose as a part of Workshop, no recommendation)
Extracts of P&L
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 469 680 652 489 688
Expenses 416 606 584 423 584
Operating Profit 54 74 67 66 105
OPM % 11% 11% 10% 13% 15%
Other Income 11 8 9 7 122
Interest 8 10 12 12 18
Depreciation 15 21 28 33 39
Profit before tax 41 51 37 28 170
Tax % 10% 11% 12% 20% 0%
Net Profit 37 45 32 22 170
EPS in Rs 5.85 6.5 4.29 2.73 13.28
Dividend Payout % 0% 0% 5% 0% 2%
Shareholding pattern (as of Sep 2014)
 Promoter
o 60.17%. 22.43% of promoter holding pledged
 In public/institution category some key holdings:
o ALPANA MUNDRA 1.21%
o ASHISH INDUSTRIAL AND COMM ENTERPRISES PVT LTD 3.75%
o HRISHITA INVESTMENTS ADVISORY PVT LTD 1.7%
o MUSTRAY IMPEX AND SERVICES PRIVATE LIMITED 4.05%
o SATPAL KHATTAR 1.35%

4. Caselet: A pioneer in making ready to use steel for construction purposes
(Only for case study purpose as a part of Workshop, no recommendation)
Your notes
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