STAKEHOLDERS EMPOWERMENT SERVICES NAGARJUNA OIL REFINERY LTD

SECTOR: REFINERIES REPORTING DATE: 23RD FEBRUARY, 2019

Nagarjuna Oil Refinery Ltd

NSE Symbol - NAGAROIL TABLE 1 - MARKET DATA (STANDALONE) (AS TRADED ON 22ND FEBRUARY, 2019)
Sector - Refineries NSE Market Price (`) 0.35 NSE Market Cap. (₹ Cr.) 15.84
Face Value (`) 1.00 Equity (` Cr.) 42.82
Business Group - Nagarjuna Group 52 weeks High/Low (₹) 4.50/0.30 Net worth (₹ Cr.)* -19.94
Year of Incorporation - 2010 TTM P/E N.A. Traded Volume (Shares) 63,36,865
TTM P/BV N.A. Traded Volume (lacs) 22.18
Registered Office - Source - Capitaline, TTM - Trailing Twelve Months, N.A. - Not Applicable, * As on 30th September 2018
Door No 8-2-248, COMPANY BACKGROUND
Nagarjuna Hills, Punjagutta,
Nagarjuna Oil Refinery Limited is an India-based company, which is engaged in promoting,
Hyderabad – 500 082, conceiving, planning, coordinating, executing and monitoring setting up of business
Telangana relating to extraction of oil. The Company operates from Hyderabad, Telangana.

Company Website:
www.norl.co.in

Surveillance Actions: As per NSE Circular (Download Ref No: NSE/SURV/39659) dated 14th December, 2018, the Company’s
security (ISIN: INE453M01018) is placed in Graded Surveillance Measure (GSM) framework [Criteria - I & II] (as on 22nd February,
2019). However, it may be noted that the present status of the Company’s security may change in future.

Revenue and Profit Performance (Standalone)

Quarterly revenue and Profit (₹ CRORE) The Company has not generated any revenue from operations
0.00 0.00 0.00 from the quarter ending Sep’ 17 to Sep’ 18. The Company made a
0 loss of ₹ 1 crores in quarter ending Sep’18 vis-a-vis making a loss of
-1.00 -0.57 ₹ 0.57 crores in quarter ending Sep’17.
-50

-100

-140.60
-150
Sep'18 Mar'18 Sep'17
Revenue Profit

Source: Moneycontrol

Performance vis-à-vis Market

1.20
1.00 TABLE 2- Returns
0.80 1-m 3-m 6-m 12-m
0.60 Nagarjuna Oil Refinery Ltd -46.15% -72.00% -78.13% -91.57%
0.40 Nifty -0.54% 0.99% -7.70% 3.19%
0.20 Source - Capitaline/NSE
0.00
Feb 18 Apr 18 Jun 18 Aug 18 Oct 18 Dec 18 Feb 19
Nagarjuna Oil Refinery Ltd NIFTY

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 1|P AGE
 STAKEHOLDERS EMPOWERMENT SERVICES NAGARJUNA OIL REFINERY LTD

SECTOR: REFINERIES REPORTING DATE: 23RD FEBRUARY, 2019

TABLE 3 – QUATERLY FINANCIALS (STANDALONE)
% Change
(₹ Cr.) Sep’18 Mar’18 Sep’17
Sep ’18 vs Mar’18 Mar’18 vs Sep’17
Net Worth -19.94 -18.25 123.54 N.A. -114.77%
Current Assets 0.25 0.21 0.38 16.45% -43.99%
Non-Current Assets 1.15 1.16 141.17 -0.90% -99.18%
Total Assets 1.40 1.37 141.55 1.77% -99.03%
Investments 0.00 0.00 140.00 N.A. -100.00%
Finance Cost 0.04 0.03 0.03 33.33% 0.00%
Long Term Liabilities 18.77 17.86 16.48 5.08% 8.37%
Current Liabilities 2.57 1.76 1.53 46.06% 14.90%
Turnover 0.00 0.00 0.00 N.A. N.A.
Profit After Tax -1.00 -140.60 -0.57 N.A. N.A.
EPS (₹) -0.02 -3.28 -0.01 N.A. N.A.
Source - Money Control/Stock exchange filing

Discussion by the Company in quarterly results: In the notes of financial statement for the quarter 30th September, 2018 it is
stated that “Matter of qualification in the audit report: The accounts have been drawn up on going concern basis,
notwithstanding the 100% provision in respect of investment in associate Company Nagarjuna Oil Corporation Limited as at
March 31, 2018, indicating the existence of material uncertainty that may cast significant doubt about the company’s ability to
continue as a going concern, pending finalisation of future business plans by the Company.
Management Response: The resolution plan of NOCL is in progress. The going concern aspect will be appropriately dealt with by
the Company on approval of the resolution plan by NCLT.”

AUDIT QUALIFICATIONS

Audit Qualifications in last 3 years: The Statutory Auditors have made qualifications in their Report for FY 2015-16 and FY 2017-
18. No qualifications were made for FY 2016-17
Basis for Qualified Opinion for FY 2017-18: “The accounts have been drawn up on going concern basis, notwithstanding the
100% provision in respect of investment in associate Company Nagarjuna Oil Corporation Limited for the reasons stated in Note
4.1, indicating the existence of material uncertainty that may cast significant doubt about the company’s ability to continue as a
going concern, pending finalisation of future business plans by the company.”
Management Response: “The resolution plan of NOCL is in process. The going concern aspect will be appropriately dealt with by
the Company on approval of the resolution plan by NCLT.”

Response Comment
Qualification made for FY 2015-16
Frequency of Qualifications in last 3 years? Yes
and 2017-18.
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 - FY 2017-18)

Regulatory Norms Company
% of Independent Directors on the Board 33% 50%
% of Promoter Directors on the Board - 0%
Number of Women Directors on the Board At least 1 1
Classification of Chairman of the Board - Non-Executive Director
Is the post of Chairman and MD/CEO held by the same person? - No
Average attendance of Directors in the Board meetings (%) - 79.31%
Note: Board Composition is as on 31st March, 2018

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 2|P AGE
 STAKEHOLDERS EMPOWERMENT SERVICES NAGARJUNA OIL REFINERY LTD

SECTOR: REFINERIES REPORTING DATE: 23RD FEBRUARY, 2019

Composition of Board: As per Regulation 17(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, the Company should have at least 33% Independent Directors as the Chairman of the Board is a Non-Executive Director.
The Company has 50% of Independent Directors and hence, it meets the regulatory requirements.
Board Diversity: The Company has 6 directors out of which 1 is Woman Director.
Attendance at Board Meetings: During the FY 2017-18, the average attendance of Directors in the Board meetings was 79.31%.

TABLE 5 - FINANCIAL RATIOS

% Change
Ratios Sep’18 Mar’18 Sep’17 Sep ’18 vs Mar’18 vs
Mar’18 Sep’17
Inventory Turnover N.A. N.A. N.A. N.A. N.A.
Debtors Turnover N.A. N.A. N.A. N.A. N.A.
Turnover
Ratios

Fixed asset Turnover N.A. N.A. N.A. N.A. N.A.

Current Asset Turnover N.A. N.A. N.A. N.A. N.A.
Total Sales to Total Assets Ratio N.A. N.A. N.A. N.A. N.A.
Operating Profit Margin N.A. N.A. N.A. N.A. N.A.
Return Ratios

Net Profit Margin N.A. N.A. N.A. 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.
Current Ratio 0.10 0.12 0.25 -20.28% -51.25%
Liquidity
Ratios

Quick Ratio 0.10 0.12 0.25 -20.28% -51.25%

Cash Ratio 0.10 0.12 0.25 -20.28% -51.25%
Working Capital Turnover ratio N.A. N.A. N.A. N.A. N.A.
Debt to Equity Ratio N.A. N.A. 0.14 N.A. N.A.
Solvency Ratios

Total Liabilities to Totals Asset Ratio 15.27 14.30 0.13 6.85% 11,133.18%
Retained Earnings to Totals Assets Ratio* N.A. -579.89 N.A. N.A. N.A.
Long Term Debt to Total Asset Ratio 13.36 12.96 0.12 3.10% 11,113.41%
Interest Coverage Ratio N.A. N.A. N.A. N.A. N.A.
Market Cap / Sales N.A. N.A. N.A. N.A. N.A.
Trading
Ratios

Market Cap/ Net Worth N.A. N.A. 1.02 N.A. N.A.

Market Cap/PAT N.A. N.A. N.A. N.A. N.A.
Market Cap/EBITDA N.A. N.A. N.A. N.A. N.A.
Source - Money Control/Stock exchange filing |*Retained Earnings information is not available in quarterly financial results
TABLE 6 - TRADING VOLUME
% Change
Particulars Sep'18 Mar'18 Sep'17
Sep ’18 vs Mar’18 Mar'18 vs Sep'17
Trading Volume (shares) (avg. of 1 qtr) 2,40,844 9,31,897 2,71,509 -74.16% 243.23%
Trading Volume (shares) (high in 1 qtr) 21,82,933 47,10,773 14,85,933 -53.66% 217.02%
Trading Volume (shares) (low in 1 qtr) 45,019 1,46,244 96,164 -69.22% 52.08%
Ratio - High/low trading volume 48.49 32.21 15.45 50.53% 108.46%
Ratio - High/average trading volume 9.06 5.06 5.47 79.30% -7.63%
Source - Capitaline

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 3|P AGE
 STAKEHOLDERS EMPOWERMENT SERVICES NAGARJUNA OIL REFINERY LTD

SECTOR: REFINERIES REPORTING DATE: 23RD FEBRUARY, 2019

TABLE 7 (A): OWNERSHIP & MANAGEMENT RISKS
Sep'18 Mar'18 Sep'17 Comments
Promoter • No new equity shares were issued during the period from 1st
40.10 40.10 40.10
shareholding Oct, 2017 to 30th Sep, 2018.
Shareholding (%)

Public - Institutional • There was no change in the promoter shareholding during the
1.53 1.53 1.72
shareholding said period.

Public - Others • The shareholding of public institution decreased from 1.72%

58.37 58.37 58.18
shareholding to 1.53% and that of public others increased from 58.18% to
58.37% during the same period.
Non-Promoter Non-
0.00 0.00 0.00 • The promoters have pledged 61.6% of their shareholding.
Public Shareholding
Source - NSE
MAJOR SHAREHOLDERS (AS ON 30TH SEPTEMBER 2018)
S. No. Promoters Shareholding S. No. Public Shareholders Shareholding
Nagarjuna Management Services Life Insurance Corporation of
1 16.69% 1 1.26%
Private Limited India Ltd
2 Nagarjuna Holdings Private Limited 7.26%
3 Amlika Mercantile Private Limited 6.47%
4 Governor of Andhra Pradesh 4.55%
5 KRIBHCO 2.34%
Source - NSE
TABLE 7 (B): OWNERSHIP & MANAGEMENT RISKS
Market Activity of Promoters* There was no change in promoter shareholding during FY 2017-18.
Preferential issue to promoters No preferential issue of shares was made to the promoters during FY 2017-18.
Preferential issue to others No preferential issue of shares was made to other shareholders during FY 2017-18.
GDRs issued by the Company The Company did not issue any GDRs during FY 2017-18.
Issue of ESOPs/Issue of shares The Company did not issue any shares to the employees under its ESOP Scheme during FY
other than Preferential allotment 2017-18
Source - Annual Report FY 2017-18 | *As per Form MGT-9 forming part of the Annual Report FY 2017-18.
TABLE 8: PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
Sr. No. Name and Description of main products / services % to Total turnover of the Company
Promoting, conceiving, planning, coordinating, executing and
1 NIL
monitoring setting up of business relating to extraction of oil.
Source - Annual Report FY 2017-18

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 4|P AGE
 STAKEHOLDERS EMPOWERMENT SERVICES NAGARJUNA OIL REFINERY LTD

SECTOR: REFINERIES REPORTING DATE: 23RD FEBRUARY, 2019

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
Profit After Tax
𝐸𝑃𝑆 =
Number of outstanding shares
P/E ratio: It is the ratio of the Company’s share price to earnings per share of the Company
Price of each share
𝑃/𝐸 𝑟𝑎𝑡𝑖𝑜 =
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.
Sales Turnover
𝐼𝑛𝑣𝑒𝑛𝑡𝑜𝑟𝑦 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =
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
Sales Turnover
𝐷𝑒𝑏𝑡𝑜𝑟𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =
Accounts recievables
Fixed Asset Turnover: The fixed-asset turnover ratio is a financial ratio of net sales to fixed assets
Sales Turnover
𝐹𝑖𝑥𝑒𝑑 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =
Fixed Assets
Current Asset Turnover: The current-asset turnover ratio is a financial ratio of net sales to fixed assets
Sales Turnover
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝐴𝑠𝑠𝑒𝑡 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =
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
𝑂𝑝𝑒𝑟𝑎𝑡𝑖𝑛𝑔 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =
Sales Turnover
Net Profit Margin: Net profit margin is the percentage of revenue left after all expenses have been deducted from sales
Net profit
𝑁𝑒𝑡 𝑃𝑟𝑜𝑓𝑖𝑡 𝑀𝑎𝑟𝑔𝑖𝑛 =
Sales Turnover

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 5|P AGE
 STAKEHOLDERS EMPOWERMENT SERVICES NAGARJUNA OIL REFINERY LTD

SECTOR: REFINERIES REPORTING DATE: 23RD FEBRUARY, 2019

Total Sales to Total Assets Ratio: The total sales to total assets ratio measures the ability of a business to generate sales on
assets.
Sales Turnover
𝑇𝑜𝑡𝑎𝑙 𝑆𝑎𝑙𝑒𝑠 𝑡𝑜 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 𝑅𝑎𝑡𝑖𝑜 =
Total Assets
Return on Assets: ROA tells you what earnings were generated from invested capital (assets)
Net profit
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐴𝑠𝑠𝑒𝑡𝑠 =
Total Assets
Return on equity/net worth: return on equity (ROE) is the amount of net income returned as a percentage of shareholders’
equity.
Net profit
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐸𝑞𝑢𝑖𝑡𝑦 =
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.
Net profit
𝑅𝑒𝑡𝑢𝑟𝑛 𝑜𝑛 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝐸𝑚𝑝𝑙𝑜𝑦𝑒𝑑 =
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 Assets
𝐶𝑢𝑟𝑟𝑒𝑛𝑡 𝑟𝑎𝑡𝑖𝑜 =
Current Liabilities
Quick ratio: The quick ratio is a measure of how well a Company can meet its short term financial liabilities.
Current Assets − Inventories
𝑄𝑢𝑖𝑐𝑘 𝑟𝑎𝑡𝑖𝑜 =
Current Liabilities
Cash ratio: The ratio of the liquid assets of a Company to its current liabilities.
Current Assets − Inventories − Account Recievables
𝐶𝑎𝑠ℎ 𝑟𝑎𝑡𝑖𝑜 =
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.
𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟
𝑊𝑜𝑟𝑘𝑖𝑛𝑔 𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟 𝑟𝑎𝑡𝑖𝑜 =
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.
𝑆ℎ𝑜𝑟𝑡 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 + 𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡
𝐷𝑒𝑏𝑡 𝑡𝑜 𝐸𝑞𝑢𝑖𝑡𝑦 𝑟𝑎𝑡𝑖𝑜 =
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.
𝐸𝑎𝑟𝑛𝑖𝑛𝑔 𝐵𝑒𝑓𝑜𝑟𝑒 𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝑎𝑛𝑑 𝑇𝑎𝑥
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 𝐶𝑜𝑣𝑒𝑟𝑎𝑔𝑒 𝑅𝑎𝑡𝑖𝑜 =
𝐹𝑖𝑛𝑎𝑛𝑐𝑒 𝐶𝑜𝑠𝑡
Long Term Debt to Total Assets Ratio: The long-term debt to total assets ratio is a measurement representing the percentage
of a corporation's assets financed with loans or other debt obligations lasting more than one year.
𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡
𝐿𝑜𝑛𝑔 𝑇𝑒𝑟𝑚 𝐷𝑒𝑏𝑡 𝑡𝑜 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡 𝑅𝑎𝑡𝑖𝑜 =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
Retained Earnings to Total Assets Ratio: The ratio of retained earnings to total assets helps measure the extent to which a
company relies on debt, or leverage.
𝑅𝑒𝑡𝑎𝑖𝑛𝑒𝑑 𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠
𝑅𝑒𝑡𝑎𝑖𝑛𝑒𝑑 𝐸𝑎𝑟𝑛𝑖𝑛𝑔𝑠 𝑡𝑜 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 𝑅𝑎𝑡𝑖𝑜 =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 6|P AGE
 STAKEHOLDERS EMPOWERMENT SERVICES NAGARJUNA OIL REFINERY LTD

SECTOR: REFINERIES REPORTING DATE: 23RD FEBRUARY, 2019

Total Liabilities to Total Assets Ratio: The liabilities to total assets ratio is a solvency ratio that examines how much of a
company's assets are made of liabilities.
𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠
𝑇𝑜𝑡𝑎𝑙 𝐿𝑖𝑎𝑏𝑖𝑙𝑖𝑡𝑖𝑒𝑠 𝑡𝑜 𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠 𝑅𝑎𝑡𝑖𝑜 =
𝑇𝑜𝑡𝑎𝑙 𝐴𝑠𝑠𝑒𝑡𝑠
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
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑆𝑎𝑙𝑒𝑠 𝑟𝑎𝑡𝑖𝑜 =
𝑆𝑎𝑙𝑒𝑠 𝑇𝑢𝑟𝑛𝑜𝑣𝑒𝑟
Market Cap/ Net Worth ratio: It is a valuation ratio calculated by dividing Company’s market cap to net worth.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ 𝑟𝑎𝑡𝑖𝑜 =
𝑁𝑒𝑡𝑤𝑜𝑟𝑡ℎ
Market Cap/ PAT ratio: It is a valuation ratio calculated by dividing Company’s market cap to net profit.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝑃𝐴𝑇 𝑟𝑎𝑡𝑖𝑜 =
𝑛𝑒𝑡 𝑝𝑟𝑜𝑓𝑖𝑡
Market Cap/ EBITDA ratio: It is a valuation ratio calculated by dividing Company’s market cap to EBITDA.

𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝
𝑀𝑎𝑟𝑘𝑒𝑡 𝐶𝑎𝑝/𝐸𝐵𝐼𝑇𝐷𝐴 𝑟𝑎𝑡𝑖𝑜 =
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

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 7|P AGE
 STAKEHOLDERS EMPOWERMENT SERVICES NAGARJUNA OIL REFINERY LTD

SECTOR: REFINERIES REPORTING DATE: 23RD FEBRUARY, 2019

DISCLAIMER

Sources Company Information

Only publicly available data has been used while making the factsheet. Our
data sources include: NSE, SEBI, Capitaline, Moneycontrol, Businessweek,
Reuters, Annual Reports, IPO Documents and Company Website.

Analyst Certification

The analysts involved in development of this factsheet certify that no part of SEBI Reg. No. INH000000016
any of the research analyst’s compensation was, is, or will be directly or
indirectly related to the contents of this factsheet. This factsheet or any portion hereof may not
be reprinted, sold, reproduced or
Disclaimer redistributed without the written consent of
Stakeholders Empowerment Services
This Report has been made by SES as a paid service for which consideration has
been paid by NSE.
Contact Information
While SES has made every effort and has exercised due skill, care and diligence
in compiling this factsheet based on publicly available information, it neither Stakeholders Empowerment Services
guarantees its accuracy, completeness or usefulness, nor assumes any liability A 202, Muktangan,
whatsoever for any consequence from its use. This factsheet does not have Upper Govind Nagar,
any approval, express or implied, from any authority, nor is it required to have Malad East,
such approval. The users are strongly advised to exercise due diligence while Mumbai – 400 097
Tel +91 22 4022 0322
using this factsheet.

This factsheet in no manner constitutes an offer, solicitation or advice to buy or research@sesgovernance.com

sell securities, nor solicits votes or proxies on behalf of any party. SES, which is info@sesgovernance.com
a not-for-profit Initiative or its staff, has no financial interest in the companies
www.sesgovernance.com
covered in this factsheet except what is disclosed on its website. The factsheet
is released in India and SES has ensured that it is in accordance with Indian Research Analyst: Rajesh Surve
laws. Person resident outside India shall ensure that laws in their country are
not violated while using this factsheet; SES shall not be responsible for any
such violation.

All disputes subject to jurisdiction of High Court of Bombay, Mumbai.

Stakeholders’ Education | Corporate Governance Research | Corporate Governance Score | Proxy Advisory 8|P AGE