Tanfac Industries Ltd

Tanfac Industries is engaged in business of Aluminium Fluoride, AHF Acid And Sulphuric Acid and Speciality Chemicals.

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Pros:

Company has reduced debt.

Company is expected to give good quarter

Company has a good return on equity (ROE) track record: 3 Years ROE 56.75%

Cons:

Though the company is reporting repeated profits, it is not paying out dividend

The company has delivered a poor growth of 2.13% over past five years.

Tax rate seems low

** Remarks:

Some businesses are provided tax benefits to encourage their development

Return on equity is exceptional

Peer Comparison Sector: Chemicals // Industry: Chemicals

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Detailed Comparison with:

	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019
	34	33	30	27	36	40	39	48	56	55	57	54
	29	28	29	25	31	35	33	43	40	41	45	43
Operating Profit	5	5	1	2	5	5	5	5	15	14	12	11
OPM %	16%	16%	2%	9%	14%	13%	14%	10%	28%	25%	21%	20%
Other Income	0	0	0	0	0	0	0	0	0	0	0	1
Interest	2	2	2	1	1	2	2	1	1	1	1	1
Depreciation	1	1	1	1	1	1	1	1	1	1	1	4
Profit before tax	2	3	-2	0	2	2	3	2	13	12	10	7
Tax %	0%	0%	-0%	0%	0%	0%	3%	1%	0%	0%	24%	49%
Net Profit	2	3	-2	0	2	2	3	2	13	12	8	3
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	TTM
	123	165	217	148	154	148	146	117	120	133	126	162	222
	111	144	207	148	139	148	144	106	112	125	112	141	170
Operating Profit	12	20	10	0	15	-1	1	11	8	9	14	21	52
OPM %	10%	12%	5%	0%	10%	-0%	1%	10%	7%	7%	11%	13%	23%
Other Income	2	2	4	2	2	-4	6	0	1	4	1	0	1
Interest	3	4	8	9	9	10	12	10	10	8	7	7	3
Depreciation	3	3	4	5	5	7	10	7	6	5	5	5	8
Profit before tax	8	16	2	-11	2	-22	-15	-6	-7	0	3	10	42
Tax %	17%	26%	48%	15%	-29%	-12%	26%	45%	20%	-8%	0%	1%
Net Profit	7	12	1	-10	3	-24	-11	-3	-5	0	3	10	36
EPS in Rs	6.47	11.97	0.63	0.00	2.92	0.00	0.00	0.00	0.00	0.40	3.30	9.70
Dividend Payout %	22%	14%	125%	-0%	17%	-0%	-0%	-0%	-0%	0%	0%	0%

* Sales is net of excise duty and discounts

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019
	10	10	10	10	10	10	10	10	15	15	10	10	10
Reserves	31	42	41	32	34	10	-2	-5	-10	-10	-7	3	38
Borrowings	26	16	94	76	64	93	79	70	64	56	54	43	12
	23	45	41	35	37	32	26	39	40	44	20	27	55
Total Liabilities	91	112	187	153	145	145	113	114	104	100	77	84	114
	39	39	68	64	77	74	65	59	53	49	45	41	34
CWIP	0	2	8	15	0	0	0	0	0	0	0	0	1
Investments	0	0	0	0	0	0	0	0	0	0	1	1	1
	52	71	110	74	68	71	48	55	51	50	31	42	78
Total Assets	91	112	187	153	145	145	113	114	104	100	77	84	114

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
	9	20	-40	27	28	-17	26	19	9	16	16	17
	-2	-5	-38	-8	-4	-3	-0	-0	0	-1	-1	-1
	-7	-12	76	-19	-24	20	-26	-19	-10	-15	-15	-17
Net Cash Flow	-0	3	-3	0	-0	0	-0	-0	-0	-0	0	-0

	Mar 2007	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018
ROCE %	17%	30%	9%	-2%	10%	-6%	-10%	6%	4%	7%	18%	29%
Debtor Days	50	51	39	49	46	54	38	56	52	54	46	44
Inventory Turnover	4.81	5.29	4.30	3.07	5.67	4.83	5.26	5.40	5.24	6.83	8.80	11.67