March 9, 2016 - Jeena Scriptech Alpha Advisors

Nirlon Ltd
Misc. Commercial Services
FV – Rs 10; 52wks H/L –213.9/153; TTQ – 273; CMP – Rs 192(As On March 9 2016; 11:30) ;

Market Cap – Rs 1734.77 Crs

Standalone Financials and Valuations for 9Months FY16 (Amt in Rs.Crs unless specified)

Equity Capital	Net worth	Long Term Debt	Total Sales	PAT	BV (Rs)	TTM EPS (Rs)	TTM P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
90.08	1541	594	215	54.96	171	8.8	21.8	19.92	1.1	71.59	0.85

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

Equity Capital	Net worth	Long Term Debt	Total Sales	PAT	BV (Rs)	EPS (Rs)	P/E	Industry P/E	P/BV	Promoter’s Stake	Beta
90.08	1420	615	241	32.58	158	3.62	53.1	19.92	1.2	71.59	0.85

Valuation Parameters:

The company declared dividend of Rs. 0.75 (7.5%) in 2014 during first time since 1985.

The boards of directors of Nirlon Ltd approved proposal for expansion of Phase V of NKP and to raise funds of Rs. 500 Crs from HDFC.

GIC raises stake in Mumbai IT park Nirlon to 63.9% for $90M through open offer.

Overview:

Nirlon Ltd is engaged in the business of development of an industrial park/information technology (IT) Park and is involved in licensing of immovable property.
The Company is an owner of Nirlon Knowledge Park (NKP), a 23 acre campus located in Goregaon (East), Mumbai. A total of approximately 29.46 lakh square feet has been constructed in Phases I, II, III and IV corresponding to approximately 18.78 lakh square feet licensable area. The Company is in the process of conceptualizing, planning and evaluating the feasibility of further development/re-development of its existing old buildings in NKP (Phase V).
The total constructed area for Phases I, II, III and IV includes two levels of basements in Phase I, II and III and one level of basement, the ground floor (part), mezzanine and four upper levels of parking in Phase IV, as well as a 10 floor multi-level car parking (MLCP) housing the utilities, such as generator, chillers, water tanks and electrical infrastructure.

Management:

Major Non-Promoter Holdings:

Sr.No	Non – Promoters	No. of Shares held	% of shares held
1	Rajasthan Global Securities Limited	966551	1.07
2	Ares Diversified	1157630	1.28
3	Gulu C Waney	2670247	2.96
4	Albula Investment Fund Ltd.	1135476	1.26
	Total	5929904	6.58

Standalone Financial Trends (In Rs.Crs) :