Daily Archives: June 13, 2016

Indiabulls Wholesale Services Ltd
Consumer Electronics
FV – Rs 2; 52wks H/L –34.20/8.65; TTQ – 2.33 Lacs; CMP – Rs 28.20 (As On June 13 2016; 11.00);                                  

Market Cap – Rs 143.03 Crs

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

Standalone Financials and Valuations for Q4 FY16

Valuation Parameters:

1. Long Term Debt to Equity – 0.36
2. ROE % – 0.8
3. Market Cap/Sales – 0.5

Overview:

• Indiabulls Wholesale Services Ltd and its subsidiaries are engaged in the business of trading, real estate development and retail business.
• The Company is also engaged in the business of rendering information technology (IT) consultancy, property maintenance, equipment hiring, and tour and travel services.
• The Company operates through segments, including Trading, Real estate projects under development, Information technology solutions, Facility maintenance and other related activities, Equipment hiring services and Aviation services.
• The Company is engaged in the business of wholesale trading of various industrial/consumer products and commodities in select Indian cities.
• The Company is also engaged in chartering business of aircraft.
• The Company is developing real estate projects on land situated in Ahmadabad, Gujarat, and Hyderabad, Andhra Pradesh.

Management:

• Mr. Mehul Johnson – Director
• Mr. Surinder Singh Kadyan  – Whole Time Director
• Mr. Saurabh Garg – CFO

The Equity Capital is @ Rs 12.66 Crs consisting of 50718493 equity Shares of FV Rs 2 currently held

None Of the Promoter’s Holding is pledged.

Major Non-Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

During 2014-15, additional 156700 no. of equity shares of Rs.10 each were issued.

Gokaldas Exports ltd
Other Apparels & Accessories
FV – Rs 5; 52wks H/L –134.2/40.45; TTQ – 3.23 Lacs; CMP – Rs 117.25 (As On June 13,2016 ; 15.00) ;                         

   Market Cap – Rs 400.95 Crs

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

Consolidated Financials and Valuations for Q4 FY16

Valuation Parameters:

1. Long Term Debt to Equity – Nil
2. ROE % – 28.4
3. Market Cap/Sales – 0.35

Blackstone sells 10% stake in Gokaldas Exports at huge loss to ICICI Bank.

http://www.vccircle.com/news/textiles/2016/06/10/blackstone-sells-10-stake-gokaldas-exports-huge-loss

Order book for Q4FY16 was significantly better driven by penetration into new categories for some existing customers and also aided by unusually high spring summer demand.

The company said it is working towards growing the top-line and improving profitability through various cost optimization initiatives, improvement in efficiency and customer-category portfolio realignment to improve margins.

The company had around 46 factories in 2007 and the factory numbers have come down to 24 as of end of FY16.
In FY16, the company sold one factory to Raymond for Rs 28 crore and the board also approved sale of three other factories in Bengaluru, Hyderabad as well as Mysore.  (http://www.moneycontrol.com/news/stocksnews/trimming-non-core-assets-helps-gokaldas-exports-turnaround_6838861.html

Overview:

• Gokaldas Exports Ltd (GEL) is one of the leading apparel exporters of India serving large global retailers since its inception in the year 1978.
• GEL operates from 30units spread across states of Karnataka, Tamil Nadu and Andhra Pradesh and has installed capacity to produce more than2.5 million garments per month.
• GEL provides employment to 28,000 people.
• GEL blends its manufacturing expertise with state of the art design capabilities to provide multiproduct offerings; sustained reliability weaved with consistent quality to meet changing demands from customers at right cost: from design to delivery.
• GEL has a diversified product portfolio across various categories of garments for men, women and children. GEL’s expertise lies in manufacturing outerwear which very few manufacturers in India can match.
• The principal source of revenue for the Company is from export of garments and related products.
• The Company’s products include outer wear, mens bottoms, mens tops, womens wear, kids wear, sportswear, denim and formal wear.

Bulk Deals:

Management:

• Mr. Richard B Saldhana – Chairman
• Mr. P Ramababu – MD
• Mr. Sumit Keshan – CFO

Subsidiaries: The Company has 13 Subsidiary companies.

The Equity Capital is @ Rs 17.3 Crs consisting of 34789326 equity Shares of FV Rs 5 currently held 

57.44% Of Promoter’s Holding is pledged.

Major Non-Promoter Holdings:

Consolidated Financial Trends – Amt in Rs Crs except BV.

During 2014-15 the company issued 218332 equity shares of face value Rs.5 each.

The company posted 77% jump in its consolidated net profit at Rs. 61 crore against Rs. 35 crore in FY15.

Man Infraconstruction Ltd
Construction & Engineering
FV – Rs 2; 52wks H/L – 50/28.85; TTQ – 1.9 Lakhs; CMP (June 13, 2016) – Rs 41.9;

Market Cap – Rs 1037 Crs

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

• The share price has moved up by 26% in the last three months to Rs 41.9 (13/6/16) from Rs 33.25 (13/3/16).
• The PAT for Q4 FY16 fell by 87% Q-o-Q (it was actually higher at Rs 7 Crs) because the company had to pay the pending CSR (corporate social responsibility) donation of Rs 2 Crs and make provisions for Rs 4 Crs.
• The company has no bad debts on the books now.
• In December 2015, Company’s promoter Mansi Parag Shah sold around 6.5% of her stake in the company for various charity purposes. Shah sold around Rs 1.6 Crs shares, amounting to Rs 74.90 Crs. After the stake sale, Shah’s holding in the company declined to 15.35% from 21.8% earlier.
• Auditors have put an Emphasis of Matter without qualifying the opinion on the issue of termination letter by Manaj Tollway Private Limited (MTPL), a subsidiary of the company, to Public Works Department, Govt. of Maharashtra (PWD) on March 30, 2015 for terminating the Concession Agreement with respect to the construction road on DBFOT basis due to unresolved matters on land acquisition and forest clearance and has stopped the work. As at March 31, 2016, expenses incurred on construction of Tollway are classified as “Intangible Assets under Development” by MTPL amounted to Rs 129.93 Crs. MTPL has been legally advised that it has a strong case on merits to recover such claims. Man Infraconstruction holds 63.64% stake in MTPL.

Valuation Parameters:

1. EV/EBITDA: 33.11
2. EV/Share: Rs 48
3. EV/Sale: 5.25
4. Market Cap/ Sale: 4.54
5. Debt to Equity: 0.47
6. RoE: 2.19%

Recent Update:

• MICL Realty LLP, group entity of Man Infraconstruction, has acquired development rights for redevelopment of three residential buildings at Naidu Colony, Ghatkopar, Mumbai, having approximately 1.5 lakhs square feet saleable area. Man Infraconstruction holds 46% in MICL Realty LLP. Man Infraconstruction bags rights to redevelop three buildings in Mumbai
• Port segment to aid growth in coming quarters: Man Infra

Block Deals:

Overview:

• Man Infraconstruction Ltd is engaged in construction business.
• The Company provides construction services for Port infrastructure, Residential, Industrial, Commercial and Road Infrastructure Projects.
• In the road infrastructure sector, the Company provides earthwork, paving, sewerage, storm water drainage, electrification, landscaping and arboriculture.
• The Company’s major projects include Jawaharlal Nehru Port Trust, Mundra Port, Chennai Port, Vallarpadam Port and the Pipavav Port.
• It sold half of its stake in Atmosphere Realty Private Ltd (ARPL) in the first half of FY15. Equity holding of the Company in ARPL now stands at 17.5%.

EPC order book stood at Rs 321 Crs as on 30th September, 2015

Real Estate Project Portfolio

Management:

• Mr Berjis Desai is the Chairman
• Mr Parag K. Shah is the MD

Consolidated Financial Trend ~ Amt in Rs Crs

Balaji Telefilms Ltd
Broadcasting & Cable TV
FV – Rs 2; 52wks H/L – 150/64; TTQ – 9629; CMP (June 13, 2016; 1.37 pm) – Rs 110;
Market Cap-Rs 836Crs

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

• Revenues declined by 16% Y-o-Y on a consolidated basis owing to three shows off air during the quarter. The shows that ended were ‘Meri Aashiqui Tum Se Hi’, ‘Itna Karo Na Mujhe Pyaar’ and ‘Pyar Ko Ho Jane Do’.
• The Company raised Rs 150 Crs by allotting 10720000 Equity Shares on a preferential basisto Vanderbilt University, GHI LTP LTD, GHI HSP LTD, GHI ERP LTD, Atyant Capital India Fund-I in March 2016. The fund raise was for ALT Digital Media, its wholly owned subsidiary. The Equity capital has thus increased to Rs 15.19 Crs from Rs 13.04 Crs.
• Balaji Telefilms has over 18 movies in various stages of development has employed capital of Rs 181.22 Crs in the FY16 compared to Rs 83.79 Crs a year ago. In the movie segment, the company reported loss (profit before tax and interest) of Rs 13.41 Crs in FY16 from Rs 6.24 Crs in the earlier year.
• In FY15, the company had released movies like ‘Main Tera Hero’, ‘Kuku Mathur Ki Jhand Ho Gayi’ and ‘Ek Villian’ while in FY16 it released only one movie.

Valuation Parameters:

1. EV/EBITDA: 136.5
2. EV/Share: Rs 108
3. EV/Sale: 2.8
4. Market Cap/ Sale: 2.95
5. Debt to Equity: Nil
6. RoE: 0.5%

Recent Updates:

• ‘Udta Punjab’ row: Bombay high court to pass order on Monday
• The Company’s unit ALT Digital Media Entertainment Ltd will be launching an over-the-top (OTT) platform by mid FY17. The company is targeting 20 million global subscribers. Paid users, not downloads, matter for OTT platforms: Balaji Telefilms’ Nair

Bulk Deals:

Overview:

• Incorporated in the 1994, Balaji Telefilms is a Company promoted by Actor Jeetendra Kapoor and his family.
• The Company’s segments include:
• Commissioned Programmes
• Channels and Sponsored Programmes
• Commissioned Programmes derive income from sale of television serials whereas Channels and Sponsored Programmes draw income from telecasting of television serials on channels.
• It has produced over 15000 hours of television content since its inception, including content in Hindi, Tamil, Telegu, Kannada and Malayalam.
• Its brands include Alt Entertainment brand, which will be used on all content catering to a younger, more urban demographic, across the television, movie, mobile and Internet space; Hoonur, which will be used in the online and mobile space both for the entertainment portal and for user generated content, and ICE covers a specializations like Acting, Cinematography, Direction, Editing, Production, Scriptwriting, Sound and Vfx
• India’s Television industry is expected to grow at a CAGR of 16.2% over the next five years
• The company follows a de-risked business model, it pre-sells theatrical and satellite rights.

Management:

• Mr Jeetendra Kapoor is the Chairman
• Ms Shobha Kapoor is the MD
• Ms Ekta Kapoor is the Joint MD

Shareholding Pattern as on March 31, 2016

The Equity Capital is @ Rs 15.19 Crs consisting of 75930443 Equity Shares of FV Rs 2 currently held as under

None of the promoters’ holding is pledged

Share Price Trend

Consolidated Financial Trends – Amt in Rs Crs