1 Financial Structure of Skipper Limited

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Cover Page for Academic Task No.2

Course Code: FIN-501 Course Title: Financial Management
Course Instructor: Dr. Suresh Kashyap
Academic Task No: 2nd Academic Task Title: Skipper Limited
Date of Allotment: 16/02/2018 Date of submission: 16/04/2018
Section: Q-1745 Group Based Assignment
Names of the group members Reg No Roll No
1. Rayalla Sai Kumar - 11712096 - B-47
2. Roshan Prasasd Sah - 11713397 - B-48
3. Manish Sharma - 11709796 - B-49
4. Shubham Lohiya - 11709107 - B-50
-
Learning Outcomes:
This Academic Task was very significant as it helped us to know about the techniques of writing
the project. Moreover we have learnt various methods how to calculate cost capital analysis and
we got chance to get thorough knowledge on Skipper products increase value in corporation.
Declaration:

We declare that this Assignment is our group work. We have not copied it from any other student’s
work or from any other source except where due acknowledgement is made explicitly in the text,
nor has any part been written for us by any other person.
Student signature:
Evaluator’s comments (For Instructor’s use only)
General Observations Suggestion for Improvement Best part of assignment

Evaluator’s Signature and Date:

Marks Obtained: Max.Marks: …………………………

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2 Financial Structure of Skipper Limited

MAX. MARKS: 30 MBA BATCH: 2017-19

S. Objecti Topic Details Expected

No ves of outcomes
Academ
ic
Activity

1 To Student should
check be able to
the appreciate the
practical Students will analyze the whole financial structure of application of
learning the company as per the movement of course by using Financial
regardin the last five years data. management
g the They have to incorporate the following points. concepts for
concepts (1) A brief profile of the company with the thought of studying the
of management (vision and mission). (5 Marks) financial health
financial (2) Analysis of the sources of Finance of the company of company
manage and their relevant mix for the last five year. (5 Marks)
ment (3) They have to make a comparative study of their
cost of capital in comparison with any one peer
company in last five year and the suggestion where
the cost control is required and how it can be
achieved. (10 Marks)
(4) To diagnose the whole capital structure and
relevance of the structure model as fitted. (10 Marks)
As this is a group assignment so peer rating is
applicable.

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3 Financial Structure of Skipper Limited

ACKNOWLEDGEMENT
Inspiration, perseverance and motivation have always played a key role in the success of
any venture and success begins with a good feeling about where we are and a positive attitude
about where we want to be. With this enthusiasm, we have started this particular task. We are
grateful to almighty for giving us the strength and courage to successfully conduct our academic
task and for sustaining our efforts. We are deeply indebted to our respected teacher DR. Suresh
Kashyap for his constructive feedback in this task. We would be happy for the valuable advice
and suggestions for the corrections, modification and improvement of our report.
Lastly we would like to express our heartfelt gratitude to all our well-wishers who helped
us for the preparation of assignment from inception to the final form.

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4 Financial Structure of Skipper Limited

INDEX

Serial No Topics Page

Name

1. Introduction -------------------------------------------------------------------------------------04-07
1.1. History of Skipper Limited -----------------------------------------------------------------05
1.2. Vision and Mission of Skipper Limited ------------------------------------------------- 05
1.3. The Company Today-------------------------------------------------------------------------06
1.4. Competitor of skipper Limited ------------------------------------------------------------ 07
2. Sources of Finance (Skipper Limited) ------------------------------------------------------- 08-09
2.1. Long Term Sources of Finance----------------------------------------------------------- 08
2.2. Short Term Sources of Finance ---------------------------------------------------------- 09
3. Data Analysis And Application --------------------------------------------------------------10-12
3.1. Cost of Capital (Comparative Analysis and Interpretation) ----------------------------10
3.1.1. Cost of Equity (Skipper Limited Vs. OM Metal Limited) --------------------10
3.1.2. Cost of Debt (Skipper Limited Vs. OM Metal Limited) ------- ---------------11
3.1.3. Weighted Average Cost of Capital (Skipper Vs. OM Metal)------------------11
3.1.4. Suggestion for controlling the costs-----------------------------------------------12
4. Diagnosing the Capital Structure and Implication of Relevant Model ---------------13-15
4.1) Shareholders fund (Skipper Limited)----------------------------------------------------- 13
4.2) Debt Fund (Skipper Limited) ------------------------------------------------------------ -13
4.3) Authorized and Issued Capital (Skipper Limited) ------------------------------------- -13
4.4) Earnings Per Share (EPS)-------------------------------------------------------- ---------- 14
4.5) Net Operating Income Method ---------------------------------------------------------- - 15
5. Suggestions & Recommendations------------------------------------------------------------- - 16
6. References ------------------------------------------------------------------------------------------- 17

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5 Financial Structure of Skipper Limited

1) INTRODUCTION
Skipper Limited is India’s leading manufacturer of Transmission and Distribution Structures (towers and
poles). It was set up in 1981 and is the flagship company of the SK Bansal Group. Skipper Limited
manufactures power transmission and telecom towers, tubular and hi-mast poles, Electric Resistance
Welded (ERW) tubes, and Polymer Products (Pipes and Fittings). Skipper undertakes activity from Angle
Rolling, to Fabrication & Galvanizing, Proto Assembly, Load Testing and even EPC line construction.
Skipper Limited is into the power distribution and transmission infrastructure sector and the polymer pipes
and fittings industry. It exports its products to 20+ countries including South
America, Europe, Africa, Middle East, South and Southeast Asia, and Australia.

1.1) History:
Skipper Limited was set up as Skipper Investments Limited in 1981 and began manufacturing
Hamilton poles. In 1990, the name of the company was changed to Skipper Steels Limited and the
production of the company diversified into the manufacturing of telecom towers and masts. In
2001, Skipper set up its first LPG cylinder manufacturing unit. In 2003, Skipper set up its first
Tube mill and in 2005 it set up its first galvanizing plant. The revenue of the company crossed
INR 1000 million in 2006 and in the same year it secured the approval from PGCIL for the setup
of a tower unit of 400kv towers the highest voltage level back then. In 2009, the company was
renamed as Skipper Limited and it commissioned its facility in Liberia with the first PVC unit and
India’s first double-side Tube GI plant. By 2013, the revenue of the company had crossed INR
10,000 million. 2014 saw Skipper Limited getting listed at Bombay Stock Exchange (BSE) with a
market capitalization of over INR 15, 000 million (as of March 2015 ending). Just a year after that,
Skipper Limited was listed in National Stock Exchange (NSE) with a capital of INR 13,634 million
(as on 31 March 2016).

1.2) Vision and Mission of Skipper:

Vision:-
To produce world class quality products ensuring robust National Infrastructure development and
making India the preferred sourcing hub for Global Infrastructure needs.

Mission:-
To continue to focus on sectors of power and water as per contemporary global demands.
To continue to tap newer geographies to add to the existing market.
To ensure the greater scale and technology, the greater longevity of product, and introduce more
efficient technologies for a longer duration of existence.
To reduce carbon footprints, and evolve towards reduced consumption of hydrocarbons.
To continue to add value-added products and services to its portfolio.

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6 Financial Structure of Skipper Limited

1.3) The Company Today:

Skipper Limited, a flagship company of the SK Bansal Group. It is among the largest
manufacturers of T&D structures in India. The company manufactures Engineering and Polymer
products. In the financial year 2016, the segment wise revenue performance of the company was
INR 13,260 million for engineering products, INR 1,525 million for polymer products and INR
277 million for infrastructure projects.
The engineering segment of Skipper Limited produces Power transmission towers, distribution
poles, transmission-line monopoles, MS and HT angles, fasteners, tower accessories, solar
structures, galvanized and black ERW pipes.
The infrastructural services provided by Skipper Limited include horizontal
direct drilling, erection, painting, commissioning and Power Transmission EPC projects.
Skipper Limited, under Skipper Pipes, also manufactures all kinds of Plumbing (UPVC, CPVC
and SWR pipes and fittings) & Agricultural solutions (rigid pipes and fittings).
There are four manufacturing facilities of Skipper Limited located within close proximity to
the Howrah district in West Bengal and in Guwahati, Assam.
The cumulative production capacity of the three facilities together is 230000 MTPA. Skipper’s
tower manufacturing facility is backward integrated with 2,20,000 MTPA hot rolling mill which
produces the main raw materials required for making transmission towers: MS & HT angles.
In 2015, Skipper Limited set up PVC manufacturing facility in Ahmedabad, Gujarat. The capacity
of this plant is 10,000 metric tons.
In the same year, the company set up a manufacturing facility in Guwahati. This plant has a
capacity to produce 4000 tons of plumbing and agricultural pipes per year. It is situated in the
Kanpur district near the airport.
In January 2016, Skipper Limited set up one of India’s largest galvanizing plants in Liberia, West
Bengal. The plant is meant for structures that are 2.5 m in diameter and 12 m in length. The total
galvanizing capacity of this plant is 8000 tons per month.
Two more manufacturing plants – one in Hyderabad and the other in Secunderabad became
operational by the end of 2016. The cumulative production capacity of 6 units is 51000 MTPA.

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7 Financial Structure of Skipper Limited

1.4) Competitors:

Market Capital Sales Turnover Net Profit Total Assets

Skipper 2313.81 1702.96 111.50 895.81
Quess Corp 15064.16 3360.72 90.21 1317.87
TIL 501.31 308.17 121.37 338.94
OM Metals 509.45 231.39 12.97 677.24
Mazda 151.65 110.41 11.89 113.54

Analysis and Interpretation:

Above the data shown that Quess Corp is having more market capital compared to Skipper but still
company is having less Net Profit, more sales Turnover and Total Assets to skipper. Data perfectly
showing that Skipper is having less Sales turnover, more Net profit and less Total Assets followed
by Quess Corp, TIL, OM Metals, and Mazda OM Metal.

Net Profit of the Skipper limited is having Second highest than its competitors which is clear
indication of company performance is good. Sales Turnover of Skipper stood at 1702.96 which is
also a second highest than of its competitors.

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8 Financial Structure of Skipper Limited

2) SOURCES OF FINANCE (SKIPPER LIMITED)

Finance is a life blood of every business organization. Firms often require financing to pay for
their assets, equipment, and other important items. Financing can be either long-term or short-
term. Skipper Limited finances its assets from the equity share capital and long term debt for the
last five years.

Year/ 12 Months March March March March March

2017 2016 2015 2014 2013
Components
Equity share capital 10.23 10.23 10.23 10.23 9.74
Reserve & Surplus 484.07 371.29 293.63 220.94 196.35
Total Shareholder Fund 494.30 381.52 303.87 231.18 206.09
Total Long Term Debt 175.32 198.32 170.69 230.68 198.60

According to the above table, Skipper Company has been funded by equity share and long term
debt. The fund collected from the equity share was same from March 2013 to March 2017 i.e. 9.74
crores but relatively increase in 2017 i.e. 10.23 crores. Apart from equity share, company has
maintained a good amount of reserve and surplus to meet the contingency or uncertainties and for
the expansion of the organization.

The long term liabilities comprises of long term borrowings, other long term liabilities and long
term provisions. The long term borrowing was decreased and increases consistently from the year
2012 and in the year 2017. The other long term liabilities are fluctuation in amount in four years
but in year 2017 it was decreased to 23 crores. Skipper limited had maintained the long term
provision to meet the uncertainties or any contingencies for future. In overall company has less
non-current liabilities as compare to the previous years and they are trying to pay their liabilities
smoothly.

Even we can say that comparative mix of five year of Skipper comprises of Equity and Debt, where
equity showed slight change while debt showed rise and fall trend. Equity remained constant for
past 4 years but it slightly decline in the last year that may result company might have buyback the
shares which may lead to bad impression over the investors.

The debt of the company shows the fluctuating trend but since past 2 years the debts of the
company has declined which shows that company has repaid the loan or its long term liabilities

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9 Financial Structure of Skipper Limited

2.1) Long Term Sources of Finance:

The funds collected for a longer period of time, usually more than a year. It is required for
modernization, expansion, diversification, cash flow enhancement, R&D and development of
business operations. In terms of long term finance, Skipper Limited comprises of equity and
long term borrowings.

1) Equity:
The equity capital refers to that portion of the organization’s capital, which is raised in
exchange for the shares of ownership in the company. They enjoy reward and bears the risk
with limited liability. Skipper Limited finances its fund from equity because this method is
less risky in respect to cash flow commitments. However, equity financing often results in
dissolution of share ownership and it also decreases earnings for Skipper Limited.

2) Corporate Bonds:
A corporate bond is a special kind of bond issued by Skipper Limited to collect money
effectively in an aim to expand its business. This term is usually used for long-term debt
instruments that generally have a maturity date after one year after their issue date at the
minimum.

2.2) Short Term Sources of Finance:

Short-term financing with time duration of up to one year helps to increase inventory orders, pay
rolls, and daily supplies. Short term source of finance consist of commercial paper, asset-based
loan, purchase agreement and advances. Skipper Limited doesn’t comprise of short term
borrowing in the fiscal year 2017 and 2016. It only possesses trade payables, other current
liabilities and short term provisions.

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10 Financial Structure of Skipper Limited

3) Data Application & Analysis

In this part we are going to talk about the cost of capital and the capital structure of Skipper Limited
and its competitor (OM Metal). The relevant collection of data for the last five years. The primary
objective to determine the cost of capital, cost of debt, leverage and to evaluate which company is
best.

3.1) Cost of Capital (Comparative analysis and interpretation)

cost for raising capital for expansion of their business so that means the rate of return
will be higher which will attract more investor to invest in equity share capital which
involve higher risk but at the same time it provide higher return as per the concept of
risk and return.

Cost of Equity of Skipper

Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Dividend 155 140 130 15 10
10.23 10.23 10.23 10.23 9.74
Net proceeds
cost of equity 15.15 13.69 12.71 1.47 1.03
Note: Calculation has been done without consideration of tax.

Actually, competitor also incurred a finance cost in previous five years which was showed a
climbing trend until 2017 and after that it became constant. On the basis of the return it can be
analysis that the equity share holders were getting return as a rising trend but since past two years
there is no increase in return which shows that company is providing some return to investors and
is able to attract some more investors for taking the riskier investments.

Cost of Equity of OM Metal

Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Dividend 20 30 20 20 10
net proceeds 9.63 9.63 9.63 9.63 9.63
cost of equity 2.08 3.12 2.08 2.08 1.04
Note: Calculation has been done without consideration of tax.

But as compare to Skipper the return are lower in its case and investors will invest in those riskier
assets where they are getting higher return for taking higher risk.

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11 Financial Structure of Skipper Limited

3.1.1) Cost of Debt (Skipper Vs. OM Metal Ltd):

Cost of Debt is the cost that a firm incurs on its current debt since debt is a deductible expense, the
cost of debt id most often calculated as after debt to make it more comparable to cost of equity.
Skipper cost of debt shows the fluctuating trend but it has increased in previous year to 0.2123%
which shows a firm with higher risk profile will have higher cost of debt, so the cost of borrowings
decreases as debt become safer.
Cost of Debt of Skipper
Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Interest 61.1 57 58.26 60.54 46.36
Total debt 217.11 231.15 197.16 253.42 218.30
cost of debt 0.2814 0.2462 0.2954 0.2388 0.2123
Note: Calculation has been done without consideration of tax.

OM Metal also shows a fluctuating trend and the cost of debt raised to 0.3172% in previous year,
i.e. same as the case of its competitor.
Cost of Debt of OM Metal
Mar-2017 Mar-2016 Mar-2015 Mar-2014 Mar-2013
Interest 17.01 13.25 13.56 9.11 18.28
Total debt 55.07 43.57 32.71 19.22 57.62
cost of debt 0.3088 0.3041 0.4145 0.4739 0.3172
Note: Calculation has been done without consideration of tax.
Resulted in higher risk profile will have higher cost of debt, so the cost of borrowings decreases
as debt become safer.
The Skipper has higher cost debt as compare to OM Metal which shows that the cost of borrowing
is high and the company has to pay interest which makes the profile of the company riskier as the
company is liable to pay the interest to the borrowers and as the cost of borrowing decreases the
debt becomes safer.

3.1.3) The weighted average cost of capital (Skipper Vs OM Metal): - is the rate that a
company is expected to pay to average to all its securities holders to finance its assets. The
WACC of Skipper Ltd is higher than OM metal Ltd which shows that Skipper has more
complicated capital structure and it is more riskier then OM metal Ltd. The cost of equity
and debt is higher in case of Skipper Ltd which shows that the company must earn enough
to pay of the interest liabilities and also to pay the dividends to the shareholders as a reward
for taking the risk as only investor’s aspects returns on its investments.
Weighted average cost of capital of Skipper (2017)
amount cost of capital Proportion Weighted cost
Equity 10.23 15.15 0.014801175 0.224237801
retained earning 484.07 15.15 0.680418312 10.30833743
Debt 217.13 0.2814 0.35202198 0.099058985
Total 711.43 WACC 10.631634216

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12 Financial Structure of Skipper Limited

Note: Calculation has been done without consideration of tax.

Overall, we can analysed in protected manner that 15.60% is more than OM Metal weighted cost
i.e. 1.926049456 that showed the OM Metal Ltd is more concerned is increasing the value of the
firm.

Weighted average cost of capital of OM Metal (2017)

Amount cost of capital Proportion weighted cost
Equity 9.63 2.08 0.015199343 0.031614633
retained earning 568.88 2.08 0.897881877 1.867594304
Debt 55.07 0.3088 0.086918779 0.026840518
Total 633.58 WACC 1.926049456
Note: Calculation has been done without consideration of tax.

3.1.4) Suggestion for Controlling the Costs:

As far as the Cost of equity and Cost of Debt for Bosh and OM Metal Ltd is concerned the figures
and facts reflects that both the business are considered as normal but still to be more effective in
nature the following steps should be taken.
Revising Capital Structure: Both the companies should have control over its capital structure,
means targeting an optimal capital structure. Where more debt is issued, the cost of debt increases,
and as more equity is issued, the cost of equity increases.
Proper Dividend Policy: the Companies should have control over its payout ratio, because the
payout ratio of the company increases the breakpoint between lower-cost internally generated
equity and newly issued equity is lowered.
Optimum Investment Policy: If the companies change its investment policy relative to its risk,
both the cost of debt and cost of equity change so there has to optimum policy.

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13 Financial Structure of Skipper Limited

4) Diagnosing the Capital Structure and Implication of Relevant Model:

The capital structure of the Skipper Ltd can be divided into two separate parts depending on the
long term sources of Found used by them these components are shareholders fund and borrowed
fund.
4.1) Shareholders Fund: In components of capital structure, shareholder's funds (owned capital)
means funds provided or contributed by the owners. It is also known as owned capital or ownership
capital. This component includes the equity, preference and retained earnings where Skipper
limited use only equity capital for raising the fund. Equity share capital represents the ownership
capital of the Skipper Company. It is the permanent capital and cannot be withdrawn during the
lifetime of the company. They are the real risk bearers, but they also enjoy rewards. Their liability
is restricted to their capital contributed.

4.2) Debt Fund: is the outsider’s liabilities on which the company has to pay interest it is the
cheapest source of finance as it is tax deductible. The company has the obligation to pay the interest
whether it ears profit or not during that period.
In Skipper company using only equity capital and Debt for further expansion of the business.

4.3) Authorized and Issued Capital (Skipper limited):

Components
Capital Years Authorized Issued Capital Face Value
Structure Capital (Cr) (Cr)
2012-13 10 9.74 1
Capital Structure 2013-14 41 10.23 1
2014-15 41 10.23 1
(Skipper limited) 2015-16 41 10.23 1
2016-17 41 10.23 1

Analysis and interpretation:

 Authorized capital: The maximum equity capital a company can rise, which is mentioned in
the Memorandum of Association and Articles of Association of the Company. However, share
premium is excluded from the definition of authorized capital here in case of Skipper Limited
the amount is always greater than Issued capital.

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14 Financial Structure of Skipper Limited


Issued capital: Issued Capital is the amount of nominal value of share held by the shareholders.
It is the face value of the shares that have been issued to the shareholders. Issued share capital
and share premium represent the amount invested by the shareholders in the company. It is also
known as the subscribed capital or subscribed share capital so now if we see the issued capital
of Skipper limited It says that the range of the issued capital by the shareholder is comparatively
higher as compared to competitors.

Face Value: is the amount at which the shares of the company are issued the more the face
values the more the return would be for the company.

4.4) Earnings per Shares: The earnings per share ratio (EPS ratio) measure the amount of a
company’s net income that is theoretically available for payment to the holders of its common
stock. EPS figure is very important for actual and potential common stockholders because the
payment of dividend and increase in the value of stock in future largely depends on the earnings
of the company. EPS is the most widely quoted and relied figure by investors.

EPS(in
Capital Structure Years Cr)

2013-14 2.72
2014-15 8.72
Earnings Per Share
2015-16 9.30
(Skipper Limited) 2016-17 10.90

Analysis and interpretation:

Looking at the Earnings per share data for the last three year it reflects that the value of Earning
per share is fluctuating year by year. The higher the EPS figure, the better it is. A higher EPS is
the sign of higher earnings, strong financial position and, therefore, a reliable company to invest
money. In order to invest in Skipper Limited we must calculate this figure for a number of years
and also compare it with the EPS figure of other companies in the same industry. Above data
shows that earning power of the company is fluctuating which is a risky thing for the company to
attract investors or shareholders.

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15 Financial Structure of Skipper Limited

Implication and Relevance of effective model

By understanding the whole capital structure of Skipper Ltd
By analyzing the effects of capital structure one form of capital needs to be replaced with another
form.
We have come to the conclusion that the model which is going to be implemented or in other
language the model which fit for the whole cost of capital and capital structure of this particular
company decided on the following parameters.
1) Maximization of value of the firm is consistent with maximization of shareholders’ wealth.
2) By analyzing the effects of capital structure one form of capital needs to be replaced with
another form.
3) Optimal capital structure is one that minimizes the overall cost of capital.

On the basis of the above statements we suggest that the Net operating Income Approach would
be implemented where it fit the overall capital structure and cost of capital of Skipper Ltd.

4.5) Net Operating Income Model:

Net Operating Income Approach to capital structure believes that the value of a firm is not affected
by the change of debt component in the capital structure. It assumes that the benefit that a firm
derives by infusion of debt is negated by the simultaneous increase in the required rate of return
by the equity shareholders.

Analysis and Interpretation:

As said earlier that the net operating model is going to be fitted in to Skipper Ltd depending on the
following assumptions.
1. Change in capital structure does not have affected the market value of firm.
2. Overall Cost of Capital will remain constant irrespective of method of financing

3. Increased use of debt increases financial risk of equity shareholders and Cost of Equity
increases.

4. The advantage of cheaper source of funds is exactly offset by increased cost of equity.
There is nothing optimum, every capital structure is optimum.

5. Value of equity is the difference between total firm values less value of debt. Value of
Equity is equal to the difference between Total Value of the Firm and Value of Debt

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16 Financial Structure of Skipper Limited

5) SUGGESTIONS & RECOMMENDATION

So finally we have analyzed the overall capital structure and cost of capital for Skipper Limited.
Some suggestions and recommendations which Skipper Limited should follow in order to be more
efficient as compare to competitors

 Skipper Ltd should minimize the debt fund which is riskier to the company as it was
showing fluctuating trend.

 Skipper Ltd is performing well in cost of equity when compared to its competitor as it is
giving more return to its shareholders.

 Skipper Limited should review the structure of its debt in a price to reduce the WACC. The
option of capital restructuring involves substituting debt for equity, because it translates to
lower costs after taxation such as the process of raising equity attracts marginal cost of capital
that is, the cost of raising new capital in addition to equity risk premium. The change of capital
structure to accommodate more debt than equity eliminates these costs and reduces WACC.

 Skipper Ltd share Price trend is fluctuating which makes investor think twice before
investing in the company. Constant increase in the value of the share attracts investors more.

 Skipper limited, to issue maximum number of shares to the public and they have to reduce
the share price is minimum. And Skipper Limited tries to fulfill the limit of authorized share
capital.

 Skipper Limited should try to increase the profit before interest and tax so that the
investments in the firms are attractive as the investors would like to invest only where the
Return is higher.

 Skipper limited can invest in marketable securities to improve its cash positions and
liquidity positions for long run and for short run as well.

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17 Financial Structure of Skipper Limited

REFERENCES

 http://www.Skipperindia.com/en/in/startpage_5/country-landingpage.php
 http://www.moneycontrol.com/financials/Skipper/balance-sheetVI/B05#B05

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