Monthly Archives: February 2017

Netwrok18 Ltd
Holding Companies
FV – Rs 5; 52wks H/L –49.2/30; TTQ – 58 K; CMP – Rs 38 (As On February 23, 2017);                      

            Market Cap – Rs 3989 Crs

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

Consolidated Financials and Valuations for H1 FY17

Valuation Parameters:

1. Long Term Debt to Equity – 0.7
2. ROE % – 4
3. Market Cap/Sales – 2

Overview:

• Associated Stone Industries is the world’s largest stone mining companyand the only listed one in India. The end user of the industry is the Real estate, construction and Infrastructure.

• Established in 1945, during the time of the British Raj, Associated Stone Industries has a long and distinguished history of providing its customers with beautiful, sophisticated and exotic products.
• ASI still holds the largest quarries in the world spread across 10 sq kms at Ramganjmandi, situated in Rajasthan, the home of the most flawless Kotah Stone.
• Powered by a work force of 5000 dedicated, passionate and driven employees, ASI produces a staggering 15 Crore Sq.ft of Kota Stone each year.
• Unwilling to compromise on quality, ASI has equipped themselves with the best diamond tool units for cutting, sawing & shaping various natural stones, and produces some of the finest natural stones, all at par with global standards.
• The Company has sold Wind Power Unit of 1.125 MW at Tirupur District of Tamil Nadu in November, 2015.

The Company has acquired a foreign subsidiary in UAE, Al Rawasi Rock and Aggregates LLC, through its wholly owned subsidiary viz. ASI Global Ltd., Mauritius to tap the opportunity of huge volume of industrial, infrastructure, reclamation and other construction work currently underway in the Arabian Gulf region. The estimated reserve of quarry of this Company is around 200 million tones which is sufficient for about 45 years of its operations.

Management:

• Deeapk  Jatia – CMD
• Pavan  Soni – CFO

Major Non – Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

For the year under review, the production of Kotah Stone was 1207.40 Lacs sq. ft. as against 1172.77 Lacs sq. ft.

Associated Stones Industries (KOTAH) Ltd
Mining
FV – Rs 1; 52wks H/L –47.70/10.88; TTQ – 6 Lacs; CMP – Rs 48 (As On February 22, 2017);                      
Market Cap – Rs 399 Crs

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

Consolidated Financials and Valuations for H1 FY17

*On 26/11/2015 there was a stock split from Rs.5 to Rs.1

*On 29/9/2016 there was a bonus issue of 1:4 equity shares of Rs.1 each

Valuation Parameters:

1. Long Term Debt to Equity – 0.7
2. ROE % – 4
3. Market Cap/Sales – 2

Overview:

• Associated Stone Industries is the world’s largest stone mining companyand the only listed one in India. The end user of the industry is the Real estate, construction and Infrastructure.
• Established in 1945, during the time of the British Raj, Associated Stone Industries has a long and distinguished history of providing its customers with beautiful, sophisticated and exotic products.
• ASI still holds the largest quarries in the world spread across 10 sq kms at Ramganjmandi, situated in Rajasthan, the home of the most flawless Kotah Stone.
• Powered by a work force of 5000 dedicated, passionate and driven employees, ASI produces a staggering 15 Crore Sq.ft of Kota Stone each year.
• Unwilling to compromise on quality, ASI has equipped themselves with the best diamond tool units for cutting, sawing & shaping various natural stones, and produces some of the finest natural stones, all at par with global standards.
• The Company has sold Wind Power Unit of 1.125 MW at Tirupur District of Tamil Nadu in November, 2015.

The Company has acquired a foreign subsidiary in UAE, Al Rawasi Rock and Aggregates LLC, through its wholly owned subsidiary viz. ASI Global Ltd., Mauritius to tap the opportunity of huge volume of industrial, infrastructure, reclamation and other construction work currently underway in the Arabian Gulf region. The estimated reserve of quarry of this Company is around 200 million tones which is sufficient for about 45 years of its operations.

Management:

• Deeapk  Jatia – CMD
• Pavan  Soni – CFO

The Equity Capital is @ Rs 6.63 Crs consisting of 66283760 equity Shares of FV Rs 1 currently held as under

57.95% Of the Promoter’s Holding is pledged.

Major Non – Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

For the year under review, the production of Kotah Stone was 1207.40 Lacs sq. ft. as against 1172.77 Lacs sq. ft.

Nitiraj Engineers Ltd

Issue Details: 

Issue Open: Feb 20, 2017 – Mar 1, 2017

Issue Type: Fixed Price Issue IPO

Issue Size: 2200800 Equity Shares of Rs 10 aggregating up to Rs 22.01 Crs

Face Value: Rs 10 Per Equity Share

Issue Price: Rs. 100 Per Equity Share

Market Lot: 1200 Shares

Minimum Order Quantity: 1200 Shares

Listing At: NSE SME

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

• Virtually Debt Free

Consolidated Financials and Valuations for H1 FY17

Overview:

• Nitiraj Engineers Ltd does the manufacturing of Electronic Weighing scales and Systems and Digital fare meters in India.
• The entire production is done under the company own brand name, which is
• Company also offers jewelry, tabletop, price computing, piece counting, platform, hanging, industrial weighing, baby weighing, person weighing, adult weighing, body mass index, and kitchen scales; and special application indicators, currency counting machines, and taxi/rickshaw fare meters.
• Company supplies entire its product under the brand name of PHOENIXin India and internationally.
• The Company has Large marketing, service and dealer network, with 13 branch offices and 400+ dealers across India with more than 1 million customers.
• The Company faces competition from several Indian manufacturers like Devishree Mudran Pvt. Ltd. (Dolphin), Apple Weighinfra Limited, Precision Electronics Instrument Co. (Gold Tech), Sansui Electronics Pvt. Ltd. etc. The major factors which affect competition in our business are product quality, pricing and client servicing. Internationally, competition comes from low-cost products, which are manufactured in China and quality products, which are manufactured in Germany, Italy, Japan etc.
• The products are manufactured at our manufacturing unit located at Parwanoo, Himachal Pradesh. They also have manufacturing facility at Silvassa, UT which is not under active use currently.

Objectives of IPO:

• Development of new products.
• Setting up manufacturing Unit for the existing and new range of products.
• Expansion of Marketing Network and Brand building.
• General Corporate Purposes.
• Issue Expenses.

IPO expenses details:

• Development of new products. 5 Crs
• Setting up manufacturing Unit for the existing and new range of products.   5 Crs
• Expansion of Marketing Network and Brand building. 5 Crs
• General Corporate Purposes. 5 Crs
• Issue Expenses. 1 Cr

Products :

• Industrial range – These include weighing machine systems required by large industrial establishments having requirement of weighing heavy or voluminous material. The offering in this segment also includes electronic weigh bridges.
• Commercial range – It forms the Company‘s major business. These are utilised mainly by business units in retail sector ranging from small shopkeepers to big departmental stores. The product offerings include currency counting machine with variety of feature like counterfeit currency detection, sorting, totalling etc. which offer huge utility value for commercial establishments.
• Jewellery range – Machines made specifically for jewellery sector offering high weighing accuracy to check weights of precious metals. Besides jewellers, these machines find application amongst banks and other financial institutions offering gold loans.
• Healthcare range – These include baby weighing machines, Body Mass Index (BMI) machines and adult weighing scales etc. These machines find their utility in public places like malls, healthcare centres, gymnasiums etc.
• Household range – These include machines like personal weighing scale and kitchen scales and are useful for various purposes in households.
• Automobile range – Our offerings in this range includes electronic fare meters for auto rickshaws and taxis. The electronic fare meter is relatively newer product offering and we are in the process of its standardization for large scale commercial production.

Nitiraj Engineers Ltdd is already supplying machines to various state governments under CGMS program. These machines have advanced technology support in form of data collection, plotting, MIS and dissemination. With the help of technology the task of record keeping, plotting, data management and reporting can be handled by the weighing machine systems itself. This provides the field staff and supervisory staff to focus on actual action points to achieve objectives of CGMS and ICDS rather than spending time on data management. The Company expects the demand of this segment to sustain and grow in the coming years

Dealer Network:

Management :

Mr. Rajesh Nath Bhatwal is the only Promoter of the Company

Consolidated Financial Trends (In Rs.Crs) :

Debt is Short term Debt only as it has no Long term Debt.

MIC Electronics Ltd
Electric Components
FV – Rs 2; 52wks H/L –23.65/12.8; TTQ – 1.69 Lacs; CMP – Rs 14.59 (As On February 8, 2017);                      

            Market Cap – Rs 258 Crs

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

Consolidated Financials and Valuations for H1 FY17

Valuation Parameters:

1. Long Term Debt to Equity – 0.1
2. ROE % – NA
3. Market Cap/Sales – 1.2

MIC Electronics Ltd has informed the BSE that the company has received Letter of Award for supply 20,000 standalone offgrid solar LED street lights at a contract price of ₹32.85 crore. http://www.thehindubusinessline.com/companies/mic-electronics-bags-new-order/article9420373.ece

The company was one of three companies awarded a contract for supply of a new LED-based coach light fixture to the Indian Railways. This is the Railways initial foray into this type of lighting. While this initial order will furnish lights sufficient for 60 coaches, these type of fixtures will now become standard fittings in all new Railway caches and will also be used as retrofit devices in old running coaches. This has a potential market of more than 120,000 coaches for the Indian Railways alone. http://www.thehindubusinessline.com/companies/mic-electronics-gets-patent-for-led-digiposter-bags-order-from-railways/article9080720.ece

Overview:

• MIC Electronics Ltd is a manufacturer of electric lighting equipment.
• The Company is also engaged in manufacturing of light emitting diode (LED) displays and LED lighting. Its LED displays include indoor displays, outdoor displays, mobile displays and application specific displays.
• It offers LED lightings in various ranges, including indoor lighting, solar lighting, outdoor lighting and portables.
• Its indoor LED displays include digital posters and indoor video screens; outdoor LED displays include ticker displays, digital posters, perimeter displays, outdoor video walls and digital billboards; mobile LED displays include displays for trucks and trailers, and application specific LED displays include passenger information displays and digital theme park displays.
• Its indoor lighting includes tube lights and bulbs; solar lighting includes home lights and street lights; outdoor lighting includes parking lights and industrial lights, and portables include angel and lanterns.
• The Company has 3 wholly own subsidiaries namely, MIC Electronics Inc., MIC Green Energy Solutions Pvt Ltd and MIC Candilux Pvt Ltd.

Management:

• M.V. Ramana Rao – MD
• L.N. Malleswara Rao – CFO

Major Non – Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

During current year the company has issued and subscribed 47214848 fully paid up equity shares of Rs.2 each

Sanwaria Agro Oils Ltd
Edible Oils
FV – Rs 1; 52wks H/L –8.65/4.11; TTQ – 28 K; CMP – Rs 7.38 (As On February 6, 2017);                      

            Market Cap – Rs 272 Crs

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

Standalone Financials and Valuations for H1 FY17

Valuation Parameters:

1. Long Term Debt to Equity – 0.03
2. ROE % – 4.9
3. Market Cap/Sales – 0.1

Overview:

• Sanwaria Agro Oils Ltd is an fast-moving consumer goods (FMCG) food products company.
• The Company is engaged in production of soya oil and de-oiled cake, and production of basmati rice.
• The Company is engaged in seed processing and solvent extraction; refining of crude soy oil to produce refined soy oil; distribution and sale of bulk and branded soy oil; producing and selling of products, such as soy flour, soy chunks (nuggets), soy lecithin and acid oil; producing and selling wheat flour and fortified wheat flour, and trading of other agro commodities, such as wheat, gram and pulses.
• The Company has three brands, namely Sanwaria, Sulabh and Narmada. The Company’s plants are located at Mandideep, Itarsi and Betul.
• “Sulabh” and “Sanwaria” is the lower segment brand to attract the lower middle class and “Narmada” is the premium segment brand to attract middle and upper middle class consumer.
• The Company’s subsidiaries include Sanwaria Singapore Pte. Ltd and Sanwaria Energy Ltd.

Management:

• Gulab Chand Agrawal – Chairman

Major Non – Promoter Holdings:

Standalone Financial Trends (In Rs. Crs) :

During the Financial Year 2015-16, the Company created a one time provision for deterioration in the quality of stock of Soya DOC due to which the Profit after Taxation of the Company stood at Rs. 15.68 Crs as against Rs. 25.03 Crs as in FY 2014-15.

The company has a EBITDA Margin of 4.41% and a PAT Margin of 0.58%.