February 22, 2017 - Jeena Scriptech Alpha Advisors

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)

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
6.63	192	128	202	7.76	29	1.17	41	13.19	1.7	70.4	–

Consolidated Financials and Valuations for H1 FY17

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
6.63	212	22	212	10.29	32	2	24	13.19		70.4	–

*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:

Long Term Debt to Equity – 0.7
ROE % – 4
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:

Non – Promoters	No. of shares held	% of shares held
Subramanian P	859500	1.04
Satjit Singh	858075	1.04
Mita Dipak Shah	862500	1.04
Halan Properties Private Ltd	3812500	4.6

Consolidated Financial Trends (In Rs. Crs) :

Particulars	FY16	FY15	FY14	FY13	FY12	FY11
Equity Paid Up	6.63	6.63	6.63	6.63	6.63	6.63
Networth	192	187	176	169	158	150
Total Debt	160	94	38	53	55	59
Net Sales	202	213	133	177	171	174
Other Income	5	4	3	2	1	2
PAT	7.76	14.45	10.07	13.01	9.43	11.67
Book Value (Rs)	29	28	27	25	24	23
EPS (Rs)	1.17	2.18	1.52	1.96	1.42	1.76