Ashima Ltd

Ashima Ltd
FV – Rs 10; 52wks H/L – 21/6; TTQ – 54000; CMP (May 16, 2016; 11.30 am) – Rs 12.6;
Market Cap – Rs 54 Crs

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

Equity Capital

Net worth

Long Term

EPS (Rs)



33.37 (60.93) 61 213 (23.58) (7.07) 33.32 33.38 1.69


The Equity capital does not include ~ 4,50,000 (13%) redeemable cumulative preference shares of Rs 100 each fully paid amounting to Rs 4.5 Crs and 1600000 (11%) redeemable cumulative preference shares of Rs 100 each fully paid amounting to Rs 16 Crs. Total Share capital of the firm equals to Rs 53.87 Crs.

Valuation Parameters

  1. EV/EBITDA: 12.86
  2. EV/Share: Rs 31
  3. EV/Sale: 0.48
  4. Market Cap/ Sale: 0.25


  • Ashima Limited is engaged in the textiles business.
  • The Company manufactures and sells denim fabrics, and yarn dyed cotton fabrics.
  • The Company’s divisions include Denim Division, Spinfab Division and Attires Division.
  • The Company offers its products under ICON and Frank Jefferson brand names.
  • The Company’s products include denims, shirting, bottom weights and interlinings.
  • It offers the denim variants, such as open end denim, ring denim, slub denim, cross-hatch denim, stretch denim, fashion denim, polyester denim, Floc coated denim, linen denim and over dyed denim, among others.
  • Its shirting products include yarn dyed shirting, piece dyed shirting and fully bleached white shirting.
  • Its bottom weights include twills, chinos, gabardine, tussore, canvass and bedford cord structured fabrics. Its shirting range includes poplins, twills, cord, satin, combination weaves and dobby weaves.
  • The Company offers interlinings in soft, medium and stiff finishes.

Denim Division ~ Performance of Denim Division has further deteriorated, faced limitations in product offering in changing customer preferences in a market plagued with problem of oversupply.

Spinfab Division ~ has cut losses, saw lower volumes, but higher sales to brands, which as a segment offers better margins, which led to its improved performance.

Other Problems faced by the company ~ ageing machinery, Inability to meet demand of higher credit in the markets due to constraints of working capital.

Rights Issue

  • The Rights Issue had opened on November 18, 2015 and closed on December 2, 2015. On December 3rd, HDFC Bank had filed an Interim application seeking inter alia attachment from funds collected in the Rights Issue and on the same day Debt Recovery Tribunal – II had passed an order of status quo until December 17, 2015.
  • Later on, the Company on December 09, 2015 filed an application praying inter-alia rectification/modification of the said Order with DRT-II, Mumbai to enable all concerned parties to complete all formalities as per time lines prescribed in SEBI Circular dated April 22, 2010, more particularly the refund of excess amount received from rights share applicants pursuant to Letter of Offer dated October 28, 2015. DRT-lI vide order dated December 11, 2015 rejected the company’s prayer.
  • The Debt Recovery Tribunal-II, Mumbai (DRT) on December 23, 2015 passed an order for continuing the status-quo till January 11, 2016.
  • The Company subsequently filed a writ petition in the High Court of judicature at Bombay seeking appropriate reliefs against the orders of DRT and DRAT.
  • HDFC Bank on February 2nd filed a writ petition at Bombay High Court, seeking to quash and set aside the said DRAT orders of January 27, 2016. This petition was heard on February 9th and 11th. Since the DRAT Order dated January 27th was not clear on certain aspects, the Company put forth its view that it would also file a writ petition as due to ambiguity prevailing in the Order, bankers to the issue have refused to act on the order and sought more clarity on refund aspect.
  • In late February, the case moved to another Division Bench of High Court.
  • The Company has taken the matter with the Bankers to the Issue ~ ICICI Bank and Yes Bank. ICICI Bank on April 14, 2016 agreed to lift the freeze and instructions were accordingly given by the Registrars to the Issue to ASBA banks to transfer subscription monies to Rights Issue account with ICICI Bank and to unblock the balance money being the refund(s) amount.
  • Accordingly, all ASBA banks have unblocked the ASBA accounts, except Yes Ban and the subscription monies were transferred to rights issue account with ICICI Bank. However, Yes Bank belatedly on April 18, 2016 came up with a stand that they were still not clear on the clarification provided by the High Court Order and did not lift the freeze on rights issue account.
  • Thus, the Non ASBA refunds and unblocking of ASBA with Yes Bank has remained pending. Therefore, the procedure relating to completion of refunds and allotment could not take place.
  • Rights Issue Details ~ 80085089 Equity Shares of Rs 10 each for cash at par for an amount aggregating to Rs 80.09 Crs on a rights basis to the existing equity shareholders in the ratio of 24 Equity Shares for every 10 fully paid up equity sharesheld by the existing Equity Shareholders.
  • The entire Proceeds of the Rights Issue amounting to Rs 80.09 Crs would be utilized towards part repayment of outstanding principal secured debt as per proposed scheme of arrangement.

Scheme of Arrangement

  • The Company had a draft scheme of arrangement for reconstruction and compromise between the Company and its equity shareholders, preference shareholders and secured creditors with the Stock Exchanges and is in the process of filing the same with the Hon’ble High Court of Gujarat.
  • This Scheme of Arrangement is proposed as financial reconstruction of the Company pursuant to Re-organisation of preference share capital and settlement of Outstanding Secured Debts of the Secured Creditors of the Company.


Mr Chintan N. Parikh is the Chairman & Managing Director

Shareholding Pattern as on March 31, 2016

The Equity Capital is @Rs 33.37 Crs consisting of 33368787 Equity Shares of FV Rs 10 currently held as under

3% of the promoter’s holding is pledged

Sr No Major Non-Promoters % Stake
1 Malay Jayendra Dalal 1
2 Nehaben Hemangbhai Patel 1.17
3 Patel Hemang Sukhdevprasad 1.24
4 Aditya H. Patel 1.48
5 JMP Securities Pvt. Ltd. 1.14
6 Mentor Capital Limited 1.13
7 Geek Technologies Pvt. Ltd. 6.58
8 MP Investments India Limited 3.23


Share Price Trend



Standalone Financial Trends ~ Amt in Rs Crs

 Particulars FY 16 FY 15 FY 14 FY 13 FY 12 FY 11
Equity Paid Up 33.37 33.37 33.37 33.37 33.37 33.37
Networth -61 -269 -257 -244 -230 -216
Long Term Debt 61 457 468 468 471 471
Total Sales 213 271 268 268 245 259
PAT -23.56 -16.2 -310.91 -297.98 -333.04 -321.1
EPS (Rs) -7.06 -4.85 -93.17 -89.30 -99.80 -96.22
Book Value (Rs) -18 -81 -77 -73 -69 -65


Ricoh India Ltd

Ricoh India Ltd

The shares of Ricoh India Ltd are locked up at Upper circuit at a price of Rs 273 before hitting a Lower circuit early in the day. The share price has been vacillating between Lower circuits and Upper circuits alternatively for a number of days. The share price has fallen by 75% from its 52 week high of Rs 1072 made in July 2015.

Ricoh India is a subsidiary of Japanese multinational imaging and electronics company Ricoh Company, which directly holds 46.04% stake in its Indian arm. The parent company holds another 27.56% of Ricoh India through NRG Group, thus taking total holding to 73.6% in Ricoh India.

The Company has now filed a police against “suspected wrong-doers” ~ Ricoh files police complaint against suspected wrong-doers

The company has not yet reported it Quarter 2 results for the Financial Year ending 2016. The reason for the delay has been stated as a change of auditors which happened last year. Ricoh India’s auditors were originally a local firm called “M/s Sahni Natarajan and Bahl”. They were replaced by M/s BSR & Co. LLP, the Indian avatar of KPMG. The problems seem to be having started from then. Subsequently the company has also further delayed its reporting of quarter 3 results for FY16. Whereas when its parent company in Japan announced its third quarter results it sounded very much positive on the performance of its Indian IT service operations.

In January this year, India Ratings, a unit of Fitch, had upgraded its rating for Ricoh India’s Rs 200 Crs Long Ter Non-Convertible Debentures to Ind AA – from Ind A with a stable outlook and also that of Long Term Issuer Rating of Ricoh India to Ind AA- from Ind A with a stable outlook. Later, on March 15, the ratings agency placed the Company’s Long Term Issuer Rating, its Rs 200 Crs NCDs and its Commercial Papers on a Negative rating. The stock reacted by falling over 100 points from its day’s high of Rs 580.25 to Rs Rs 479.75 on March 16th 2016.

In February it won an order worth Rs 344 Crs from Kerala State Electronics Development Corporation Ltd for Supply, Installation and Commissioning of Computer Hardware, Connected Accessories, Software, Maintenance of Equipments and provision of Computer Education Services in 2000 Government & Government Aided High Schools in the State of Odisha on 5 Years BOOT Model Project under ICT School Scheme.

In its March 29th notification to the Stock exchange, the company communicated that it has “not yet received the signed limited review report from the auditors and the audit committee would take up again the matter with the Statutory Auditors to submit their limited review report on an immediate basis.” The notification also mentioned that “In order to assist the audit committee, the audit committee has sought the opinion of an Independent Agency in this regard”.

It is evident from the communication that the auditors have finished the audit but are refusing to issue a limited review report. A possible explanation to this could be that auditors must have pointed out severe objections on the accounts and are demanding a proper disclosure from Ricoh India. The communication also revealed that the “the review process is being coordinated by employees other than those who have been involved in the preparation, review, approval and signatures of the books and accounts.” and the excuse for this is “some of the employees in the latter category have been requested to avail leave with pay with effect on and from the 30th day of March, 2016”. The Company has called this a “standard practice” but the standard practice is that employees who prepare the accounts are at the forefront are supposed to answer the auditor’s queries. On April 1st, the Company notified that it has appointed an independent agency, an independent Law firm and accountants to assist the Auditor committee. Further, Ricoh India has requested its Mr Manoj Kumar, MD and CEO, Mr Arvind Singhal, CFO and Mr anil Saini, Senior VP and COO to take leave with pay during the review process. On behalf of the above officers, Mr A.T Rajan would be in charge of CEO and COO duties and Mr Bibek Chowdhury would be in charge of CFO functions. Later on April 4th Mr Manoj Kumar resigned from the Board of Directors with effect from April 2, 2016.

The scrip was transferred to ‘Z’ group from ‘B’ group on BSE due to non-compliance issues with effect from March 28th. The trades in these scrips executed in ‘Z’ group will be settled on trade for trade basis. If a company is shifted for settlement on trade-to-trade basis, selling or buying of shares in that scrip results into giving or taking delivery of shares at the gross level and no intra-day netting off/squaring off is permitted. The scrips which form part of the ‘Z’ group are compulsorily settled on a trade-to-trade basis.

The Company is now under regulatory glare amid allegations of financial irregularities that recently led to its top officials stepping down. The Securities and Exchange Board of India is looking into complaints including the lag in announcement of results by the company and the reasons that caused the delay.

Now, the BSE has issued notification on May 4th that trading in Ricoh India will be suspended from May 26, 2016 on account of non –compliance with Regulation 33 of SEBI Listing Regulations, 2015 for two consecutive quarters. And the most recent update being Ricoh India’s board will meet on May 17, 2016 to discuss Q2 FY16 results.

Month Open High Low Close No. of
No. of
Total Turnover Deliverable Quantity % Deli. Qty to Traded Qty * Spread
Jul 15 1,037.00 1,072.25 930.00 1,024.50 8,58,902 26,219 86,80,75,472 4,51,644 52.58 142.25 -12.50
Aug 15 1,033.00 1,069.00 635.25 737.25 9,59,746 29,014 82,03,08,882 5,64,440 58.81 433.75 -295.75
Sep 15 721.00 940.00 580.00 905.50 11,75,697 37,479 89,13,73,396 6,89,430 58.64 360.00 184.50
Oct 15 915.00 960.00 835.00 899.00 4,56,031 11,859 41,48,01,329 3,22,233 70.66 125.00 -16.00
Nov 15 900.00 970.00 807.25 945.25 7,20,493 21,851 63,28,85,402 4,84,365 67.23 162.75 45.25
Dec 15 947.50 958.75 702.00 788.75 10,99,503 24,282 89,34,09,682 7,43,278 67.60 256.75 -158.75
Jan 16 790.75 800.00 590.00 595.75 4,94,864 14,653 34,25,49,794 3,44,843 69.68 210.00 -195.00
Feb 16 610.00 671.00 490.00 533.25 8,55,951 21,551 48,73,76,422 5,48,539 64.09 181.00 -76.75
Mar 16 530.00 647.00 422.00 422.00 9,44,904 21,605 52,26,52,754 6,11,494 64.71 225.00 -108.00
Apr 16 413.00 413.00 304.30 332.40 24,00,905 8,845 83,58,99,658 24,00,905 100.00 108.70 -80.60
May 16 330.00 330.00 240.10 273.00 8,35,309 3,059 22,69,84,330 8,35,309 100.00 89.90 -57.00


Standalone Financial Results – Amt in Rs Crs

 Particulars Q1 FY16 FY 15 FY 14 FY 13 FY 12 FY 11
Equity Paid Up 39.77 39.77 39.77 39.77 39.77 39.77
Networth 169 169 140 123 124 132
Long Term Debt 200 200
Total Sales 442 1638 1049 633 432 297
PAT 0.4 34 17 -1.3 -2.6 16
EPS (Rs) 12.47* 8.55 4.27 -0.33 -0.65 4.02
Book Value (Rs) 42 42 35 31 31 33

*TTM EPS for Q1 FY16

The Company has issued – Debentures from Related Party – Unsecured Redeemable Non Convertible Debentures in FY 15 – 2,000 units of 7.8% Debentures unsecured, non-cumulative, redeemable, taxable, listed, rated non-convertible of a face value of Rs. 10 lacs each privately placed at par during the year is redeemable in Financial Year 2017-18 for cash at par.

Trade Receivables for FY 15 have almost doubled to Rs 662 Crs from Rs 319 Crs in FY 14.

Cash and Cash equivalents have doubled as well for FY 15 to Rs 70 Crs from Rs 38 Crs. Balances with banks in this case have reduced to Rs 17 Crs from Rs 27 Crs, Cheques on hand have increased to Rs 40 Crs from Rs 2 Crs and Margin Money has also increased to Rs 13 Crs from Rs 9 Crs. Banks with balances includes blocked accounts amounting to Rs 3.17 Lakhs at the pre-devaluation rates of exchange.

Other short term loans and advances for FY 15 have increased 2.5 times to Rs 50 Crs from Rs 20 Crs in FY 14.

Ricoh India’s delisting offer had failed in 2014. Its Japanese parent had announced for delisting of the Indian arm in November 2013. The Share price had tripled in months after the news. The offer failed later on as the company’s Japanese promoters rejected the price discovered through the reverse book building (RBB) process and said Ricoh India would continue to remain listed.  The share price then dropped by 40% on the news. Ricoh India dips 36% in two sessions after delisting bid fails

Crest ventures Ltd

Crest ventures Ltd
Misc. Commercial Services
FV – Rs 10; 52wks H/L –63.35/31.70; TTQ – 21 K; CMP – Rs 63.35 (As On May 16th 2016; 13.00);                                  

Market Cap – Rs 110.04 Crs

Consolidated Financials and Valuations for FY16 (Amt in Rs Crs unless specified)

Equity Capital

Net worth
Long Term Debt

EPS (Rs)


Industry P/E


17.37 253 58 34 37.19 146 21.41 3 22.76 0.43 57.21 0.64


Consolidated Financials and Valuations for Q4 FY16  

Equity Capital

Net worth
Long Term Debt



Industry P/E


17.37 253 58 7 19.49 146 21.41 3 22.76 0.43 57.21 0.64

 Valuation Parameters:

  1. Long Term Debt to Equity – 0.23
  2. ROE % – 15
  3. Market Cap/Sales – 3.2

Crest Ventures Ltd is mainly engaged in Investing, Managing and Consulting. It is currently evaluating small investments in web-based business opportunities.

The company is also into the tours and travel business as Tamarind Tours Pvt.Ltd

Key Updates:

  • The Company sold its investment in SAI to Systra – a French Government owned company, one of the largest companies in the world, in consultancy of metro and high speed rails. This reinforces the Company’s ability to invest in and build businesses which create value.
  • The Company’s investment phase for building projects will reach completion by mid-2016 and will invest in building up the asset management business and they will also continue to invest in organisation building.
  • The Company’s focus this year was completion of on–going projects, evaluating new projects and building CREST as a quality and premium brand. The Business Development team has been proactively scouting for projects in and around Mumbai and has been actively participating in the tender process for re-development projects.


Bulk Deals:

Deal Date Client Name Deal Type Quantity Price (Rs.)
28-Mar-16 Suraj Dileepkumar Karkera P 89740 40.79
28-Mar-16 Velocity Stock Mart Pvt.Ltd S 90579 40.79
28-Mar-16 Velocity Stock Mart Pvt.Ltd P 90078 39.8
28-Mar-16 Suraj Dileepkumar Karkera S 90001 39.71



  • Crest Ventures Limited, formerly Sharyans Resources Limited, is an angel investment company with a diverse portfolio of investments across a broad range of industries. (The Ministry of Corporate Affairs, Registrar of Companies, Mumbai has vide Fresh Certificate of Incorporation pursuant to change of name dated September 01, 2014 approved the change of name of the Company from Sharyans Resources Limited to CREST VENTURES LIMITED.)
  • The Company is involved in ongoing management and advising for most of its investments.
  • It engages in ongoing financial review of its portfolio investments, annual strategic planning, financing, and management decisions and endeavors to provide the benefit of past experience to its entrepreneurs, and encourage inter-company relationships.
  • The Company also consults and advises entrepreneurs in relation to investment, mergers and acquisitions, and strategic relationships.
  • The Company Ventures is currently evaluating small investments in web-based business opportunities.
  • The Company’s portfolio companies include real estate, web businesses, apparel, publishing and hardware.


The company’s current Portfolio Investment includes:


  1. com – is a simple search engine for providing free legal resources. The site is built on an advertising model, and has grown significantly since its inception in 1997.
  2. com – LetterPOP is an online newsletter creation tool with a powerful email marketing component.  Use LetterPOP to create amazing visual communications that you can send to your mailing list, manage your contacts, and much more!
  3. Coastal Discount Realty – Coastal Discount Realty is an early stage web-based discount realty listing service servicing San Diego County. The business offers a flat fee MLS listing service, and ala carte real estate brokering services.
  4. BIZ – FileOnline.BIZ is a self-help legal filing service that offers users a means to file incorporation documents in any state. The site also allows users to request a copyright filing or a trademark filing. Useful information and links are provided to enable users to “help themselves” using the site.
  5. GetinBusiness! – GetinBusiness! is a resource center for small businesses, hosting the blog and podcast of Dana Robinson, entrepreneur, attorney and know-it-all.  Download Dana’s inexpensive “GetinBusiness Guides” and grab free business and legal advice.
  6. Lexington Court Appartments – Lexington Court Apartments are in Downtown Phoenix, in the Roosevelt Arts District, surrounded by redeveloped properties. The apartments have been zoned for high rise, entitlements granted for redevelopment, and La Jolla Ventures plans to either develop the property with a development partner, or sell the property at an appreciated value.
  7. Garfield Commons – Garfield Commons owns a 9 unit apartment complex that has received several grants for rehabilitation. The property has been through a City of Phoenix rehab construction grant, and was completed 2009.
  8. Fieldcrest Investments – Fieldcrest Investments is a Lafayette, Louisiana real estate acquisition and development company. The company owns three parcels in Lafayette, and has completed a subdivision of 64 parcels on one lot that are currently under construction of low-priced single family homes.
  9. Surya Rising – Surya Rising is the first app incubator to challenge its participants to launch an app within 90 days.  The participants bring their mobile apps and concepts to the company, where they are incubated and managed from inception to launch.  The company has 30 apps under development and in the iTunes app store.
  10. ChristianAudio – ChristianAudio is the largest online publisher of Christian audio books. The company operates several publishing imprints, and sells audio books throughout the United States through retail book stores and other retail outlets. The company owns a proprietary “Audible style” downloadable audio book website where it offers its own products and third party products.
  11. Esquivel Designs – Esquivel Designs is an Orange County based high end men’s shoe maker. George Esquivel, 2009 CFDA/Vogue Fashion Fund finalist, and shoe maker to rock stars and Hollywood elite, designs and manufactures bespoke footwear from its manufacturing plant in Southern California. The company has distribution in China through the Esquviel store in Beijing.  Find Esquivel shoes in Bergdorf Goodman NYC, Brown’s London, and other fine stores.
  12. Modern Cooperage – Modern Cooperage is a two year old manufacturer of patented wine barrel systems that provide a means to use a re-usable stainless barrel with the full exposure to oak staves.  Products are in testing with some of the largest wineries in the United States.
  13. Cloud Canvas – loud Canvas is a browser application development platform, providing an array of browser based apps, as well as a platform for developers to deploy and monetize browser apps.  The CloudCanvas application platform allows 3rd party developers to build applications that run on other websites. By using CloudCanvas’s development platform, developers do not have to worry about cross-browser support (Firefox, Chrome and Internet Explorer), and can focus on the application (not on the back-end technology)

Non – Current Investments:

Particulars No. of Shares Rs. In Crs
In Equity Shares    
Fortune Fiancial Services Ltd 2642329 20.111837
Sadbhav Engineering Ltd 2400 0.01
In Equity Shares- Subsidiary Co    
ITI Capital Holdings 450000 16.33
Intime Spectrum Pvt Ltd 1250000 1.25
Caladium Properties Pvt Ltd 10000 0.01
Crest Wealth Management Pvt Ltd 4250000 2.98
In Equity Shares – Associate Co    
*Classic Mall Development co 3247760 62.9
Starboard Hotels 2499374 2.5
Edelweiss Fund Advisors 500000 0.05
Escort Developers 25000 1.6
Ramayana Realtors 903591 12.82
Classic Housing Projects 5000 0.005
Tamarind Tours 500000 0.05
In Equity Shares – Other Co    
Vamona Developers 1250000 1.25
Alliance Spaces 102353 3.92


Classic Mall Development Co. (Crest Ltd holds 42.19% ) engages in Real Estate business in Chennai and now it operates as the subsidiary of  The Pheonix Mills Ltd. Sharyans Ltd has acquired stake in Classic Mall jointly with Kshitij Venture Capital fund.



Classic Mall Development Co. is inolved in Real estate activities with own or leased property. [This class includes buying, selling, renting and operating of self-owned or leased real estate such as apartment building and dwellings, non-residential buildings, developing and subdividing real estate into lots etc. Also included are development and sale of land and cemetery lots, operating of apartment hotels and residential mobile home sites.



  • Vasudeo Galkar – Chairman
  • Vijay Choraria – Managing Director
  • Vishal Mehta – CFO


The Equity Capital is @ Rs 17.37 Crs consisting of 173700000 equity Shares of FV Rs 10 currently held.

None Of the Promoter’s Holding is pledged.

Major Non-Promoter Holdings:

Sr.No Non – Promoters No. of Shares held % of shares held
1 Pishu V Chainani 2500000 14.39
2 Hypons Fund Ltd 510000 2.94
3 Orange Mauritius Investments Ltd 630000 3.63
4 General Insurance Corporation of India 337373 1.94
5 Miraj Marketing Company LLP 301754 1.74
6 United India Insurance Company Ltd 286692 1.65
7 Pulkit N Sekhseria 225000 1.3
  Total 4790819 27.58



Consolidated Financial Trends (In Rs. Crs) :

Particulars FY16 FY15 FY14 FY13 FY12 FY11
Equity Paid Up 17.37 17.37 17.37 17.37 14.87 14.87
Networth 253 217 197 188 169 172
Total Debt 63 28 59 47 48 25
Net Sales 34 178 174 141 134 121
Other Income 15 5 4 2 5 5
PAT 37.19 22.33 10.15 1.41 -0.93 -10.22
Book Value (Rs) 146 125 113 108 114 116
EPS (Rs) 21.41 12.86 5.84 0.81 -0.63 -6.87


During the year FY13 additional 2500000 equity shares were issued at face value of Rs.10 per share.