Monthly Archives: August 2015

Orient Green Power Company Ltd
Electric Utilities
FV – Rs 10; 52wks H/L –20.10/11 ; TTQ – 2.43 Lacs; CMP – Rs 11.11 (As On August 25th 2015; 12.10) ;                        

    Market Cap – Rs 631.13 Crs

Consolidated Financials and Valuations for FY15 (Amt in Rs Crs unless specified)

Consolidated Financials and Valuations for Q1 FY16

Triggers:

• Generation Based Incentive (GBI) has been notified which would entitle the company to get a benefit of up to Rs. 10 Million per Mw on 75.6Mw leading to improved viability.
• Government Offers Tax Incentives (such as Tax holidays, Accelerated Depreciation etc.) and Non – Tax Incentives (Feed In tariff, Capital Grants, Rebates On equipments etc.)
• Major non tax Incentive is Renewable Energy Certificates ( RECs are generation-based ‘certificates’ awarded (electronically, in demat form) to those who generate electricity from renewable sources such as wind, biomass, hydro and solar, if they opt not to sell the electricity at a preferentially higher tariff. These certificates are trade-able on the exchanges and are bought by ‘obligated entities’, who are either specified consumers or electricity distribution companies. These obligated entities may either required to purchase a certain quantum of either green power or RECs. Trading happens on the last Wednesday of each month. Within the obligation, there is a small slice carved out for solar-RECs, or RECs from solar power generators.)
• The company is also working on ways towards reducing the fuel cost for its biomass business and has already taken steps such as entering into contract farming agreement with farmers for ensuring stable and consistent supply of fuel.
• Currently , a 20 MW biomass Project in Kolhapur, Maharashtra , 8.4 MW wind project In Gujarat and 7.2 MW wind project In Andhra Pradesh are under construction and plans to develop wind projects Of 70 MW by March 2015.

Recent Updates:

• On 19^th August,2015 the company informed that it would raise Rs.100 Crs from Edelweiss Group Companies (EW Special Opportunities Fund II Pte Ltd, Ecap Securities Ltd and Forefront Capital Management Pvt Ltd.) and the promoters will subscribe to shares worth Rs 150 Crs through SVL Ltd (formerly known as Shriram Industrial Holdings Ltd) and its subsidiaries.
• India has become the world’s third largest market (in terms of generation capacity) surpassing Japan and Russia in 2013 and current installed capacity as of March 2015 stood at ~268 Gw.
• The Government is also planning on constructing 1,07,440 circuit kilometres of transmission lines by 2016-17 as India’s energy consumption has been increasing fastest due to population growth and economic development.

Overwiew:

Orient Green Power Company Limited (OGPL) is one of India’s leading independent renewable energy-based power generation company focused on developing, owning and operating a diversified portfolio of renewable energy power plants. The Company’s portfolio includes Wind and Biomass energy assets at various stages of development. Headquartered in Chennai, Tamil Nadu, OGPL benefits from the support and commitment of the Shriram Group. The other major shareholders are Bessemer Venture Partners through Bessemer India Capital Limited and Olympus Capital through AEP Green Power Limited. The identified Biomass undertaking of the Company will get demerged into BGPL, a subsidiary of the company , effective October 1, 2015.

The Company had raised an IPO on 9^th October,2010 Of Rs. 900 Crs priced at Rs.47 per share to fund capacity expansion and repayment of debt.

       Segment Analysis :

1. Biomass Energy Business:

• The company is a clear market leader with an installed capacity of 106 Mw.
• Generated revenues worth Rs.153 Crs .

The Units in Tamil Nadu were facing issues of fluctuating fuel costs and lack of adequate cost effective fuel in some units which led to shut down of these units for some period of time.

2. Wind Energy Business :

• The company has a total installed capacity of 435 MW.
• Generated revenues worth Rs.340 Crs.

Delay of over three weeks for the onset of the wind season impacted the wind business in Q1 FY15.

Capacity Expansion Trend: (In Units MW)

 Management:

• Mr. N Rangachary – Chairman
• Mr. S Venkatachalam – MD
• Mr. K. V Kasturi – CFO

Bulk Deals:

Major Non-Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs)

*During the year 2013-2014 fresh issue of 100000000 shares was made of face value Rs 10 each.

Risks:

• Dependent On Governmnent Policies to a greater extent and regulatory Issues related to Incentives.
• High Financed Costs.
• High feedstock prices/low quality due to heavy rains for its Bio-mass plants.
• Increase in Levy Charges in Tamil Nadu for Wind Business.
• Largely Dependent On nature which is unpredictable and uncontrollable.

Ansal Buildwell  Ltd
Realty
FV – Rs 10; 52wks H/L –137.35/52; TTQ – 28 K; CMP – Rs 123.60 (As On August 17^th 2015; 15:30) ;                            
Market Cap – Rs 91.26 Crs

Consolidated Financials and Valuations for FY15 (Amt in Rs Crs unless specified)

Standalone Financials and Valuations for Q1 FY16

Overwiew:

The Ansal Buildwell Group is an India-based Company engaged in real estate development. The real estate portfolio of Ansal buildwell includes residential complexes, townships, independent floors, commercial buildings, group and row housing projects, and various other infrastructural projects. In the hospitality segment, the company constructs social platform for leisure and recreation. Some of the Company’s national projects include the Baner Hydel Project; Sardar Sarover Narmada Nigam Ltd.; the Thoubal multipurpose project in Manipur,and a viaduct on the Jammu-Udhampur rail link.

The Company has a Land Bank Of 7000 Acres.

Upcoming Projects:

1. Townships:

• Ansal City – Jaipur, Rajasthan.
• Ansal Aditya Vatika – Gwalior, Madhya Pradesh

2. Group Housing:

• Meadows – Kullu, Himachal Pradesh
• Royal Heritage – Faridabad, Haryana

Bulk Deals:

 Management:

• Gopal Ansal – CMD
• R.L Gupta – Director ( Finance & Business Development )
• Gaurav Mohan Puri – Director ( Projects )

The Equity Capital is @ Rs 7.4 Crs consisting of 7383843 equity Shares of FV Rs 10 currently held as under

None Of the  Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

Consolidated Financial Trends

Archies Ltd
Gift Articles, Toys & Cards
FV – Rs2 ; 52wks H/L –36.65/17; TTQ – 48 K; CMP – Rs 28.65 (As On 13^th August 2015; 15.30) ;                            
Market Cap – Rs 96.8 Crs

Standalone Financials and Valuations for FY15 (Amt in Rs Crs unless specified)

Overwiew:

Archies Limited is an India-based company, which deals in greeting cards, gifts and stationery products under the brand name Archies. The Company has 17 branches spread all over India. It also exports goods to overseas markets. The Company operates through three segments: greeting cards, stationery and gifts. The Company offers accessories, bags and wallets, chocolates, clocks, gifts, greeting cards, home decor, jewelry, kids’ stuff, perfumes, personalized gifts, premium gifts, soft toys, stationery and watches. The Company offers its products for various occasions. It offers products through its Website archiesonline.com through, which account details can be managed, orders can be tracked and reward points are managed. The Company also offers refund policy. The order placed can be cancelled by archiesonline.com by the customer before or after dispatch. It offers corporate gifts, which include corporate essentials, stationery, greeting cards, gift hampers and home decor.         

Block Deals:

Management:

• Anil Moolchandani – CMD
• Pramod Arora – Joint MD
• Dilip Seth – CFO

The Equity Capital is @ Rs 6.8  Crs consisting of 33780000   equity Shares of FV Rs 2 currently held as under

None of the Promoter’s Holding is Pledged.

Standalone Financial Trends – Amt in Rs Crs

Note:

The Company Has Mentioned “ Due to applicability Of Schedue 2 to the companies Act, 2013 with effect from 01 April 2014, the company has reviewed and revised the estimated useful lives, residual value and reclassified certain fixed assets based on technical study and other fixed assets in accordance with the said provisions. Consequent to change of useful life, an amount of Rs.884.02 lacs (net of deffered tax of Rs.424.56 lacs) representing carrying value of those assets whose useful life had expired as on 01 April 2014 has been adjusted against the opening balance in General Reserve. Had the company, continued with the previous assessed useful lives, depreciation charged for the year ended 31 March 2015 would have been lower by Rs.146.18 lac.” this as the reason for reduction in their Networth.

Cybertech Systems & Software Ltd
IT Software Products
FV – Rs 10; 52wks H/L –74.9/23.65; TTQ – 8 K; CMP – Rs 44.5 (As On August 13^th 2015; 15.30) ;                         

   Market Cap – Rs 119.2 Crs

Consolidated Financials and Valuations for FY15 (Amt in Rs Crs unless specified)

Overwiew:

Cybertech Systems and Software Limited is an India-based provider of geospatial, networking and enterprise information technology (IT) solutions. The Company provides GIS Solutions, Geo Data Management, Mobile GIS, ArcGIS Applications, SAP Solutions, SAP Mobile Solutions, S2 Platform, Networking and Infrastructure solutions, and Risk Visibility Solution. The Comnapny’s products include GeoCivic, GeoShield, CyberServe, GeoServe, CyberSupport and CyberMonitor. It offers its services to the following markets: Government, education, utilities, public safety and homeland defense, technology, telecom, retail, healthcare and manufacturing, among others. Its customers include Toyota, Tennant Company, IBM, Pune Municipal Corporation, Nortel and ESRI.

Block Deals:

 Management:

• Mr. Viswanath tadimety – Chairman
• Mr. Steven Jeske  – Director
• Mr. Sudhir Joshi – Director

Major Non-Promoter Holdings:

Consolidated Financial Trends – Amt in Rs Crs except BV.