All posts by : Harsh Shah

AYM Syntex Ltd
Textiles
FV – Rs 10; 52wks H/L – 163.5/39.55; TTQ – 5620; CMP (May 12, 2016) – Rs 103.8;
Market Cap – Rs 407 Crs

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

Valuation Parameters

1. EV/EBITDA: 4.97
2. EV/Share: Rs 134
3. EV/Sale: 0.66
4. Market Cap/ Sale: 0.51
5. Debt to Equity: 0.86
6. RoI: 24.74 %
   

Bulk Deals

Insider Trades

https://www.valueresearchonline.com/stocks/snapshot.asp?code=4442

• VLS Capital held 1.36% stake in the company until September 2015.

Welspun Group is in process of carving out the yarn-spinning business, AYM Syntex, which will be managed by cofounder Rajesh Mandawewala’s elder son Abhishek. Rajesh Mandawewala, group managing director, is in the process of purchasing partner and Chairman BK Goenka’s stake in AYM Syntex. The arrangement shall lead to no change in the current promoter shareholding pattern of the group. Abhishek Mandawewala took over as a whole time director in August 2015. ~ Succession Planning: Welspun Group to hive off yarn-spinning business for next generation

Recent Updates

• The company has received approval to do capex up to Rs 75 Crs for de-bottlenecking and building infrastructure such as warehouse for next five years road map. The same has been approved by the Board of Directors on May 6, 2016. ~ AYM Syntex gets nod for capital expenditure worth Rs 75 crore

Overview:

• AYM Syntex Limited, formerly Welspun Syntex Limited is a manufacturer and exporter of polyester texturized filament yarn and nylon filament yarn.
• The Company operates through Synthetic Yarn segment.
• The Company’s plants are located at Silvassa and Palghar in Thane, India. The Company’s product categories include bulk continuous filament yarn (BCF), polyester partially oriented yarn (POY), polyester fully drawn yarns (FDY), polyester mono filament yarns (PMFY), polyester filament yarn (PFY), polyester draw texturized yarn (DTY/PTY), air textured yarns (PATY) and specialty polyester filament yarns (SPFY).
• Its POY category consists of products, including full dull raw white poy, semi dull raw white poy, bright raw white poy, super bright raw white poy, dope dyed black poy, dope dyed bright poy and bright cationic poy.
• The Company’s PMFY category consists of products, including SEMI DULL Raw White, Bright Trilobal and Dope Dyed.
• The Company is in the process of doubling capacity of BCF yarn, increasing capacity of texturized yarn, and mother yarn.

Welspun consolidating infra business, Apollo Global to get 12% of Welspun Projects 

Welspun to merge investment firms to unlock value, raise funds

Management:

• Mr B A Kale is the Executive Director and the CEO.
• Mr Abhishek Mandawewala is the Whole Time Director

 Shareholding Pattern as on March 31, 2016

The Equity Capital is @Rs 39.24 Crs consisting of 39239568 Equity Shares of FV Rs 10 currently held as under

None of the promoter’s holding is pledged

Share Price Trend

 Standalone Financial Trends ~ Amt in Rs Crs

• Networth grew at a CAGR of 17.43% over the last six years while Total sales grew at a CAGR of 8% over the same period. PAT has grown at a CAGR of 24.32% in the same period.
• *The Company had allotted 16000000 6% Optionally Convertible Cumulative Preference Shares of Rs 10 each at par to Krishiraj Trading Limited, promoter of the Company, which is to be converted into Equity Shares at any time within 18 months from the date of allotment @ Rs. 10.26 per share. The above shares were converted into 15594541 Equity shares at Rs. 10.26 per share on March 22, 2013. The paid up equity share capital thus increased from Rs 23.64 Crs in FY 12 to Rs 39.24 Crs in FY 13.
• **Turnover of the Company reduced due to reduction in price of raw materials and finished goods following slash in price of crude oil. Concentration on high margin products, development of new products and production of BCF yarn coupled with reduction in prices of raw materials following slash in price of crude oil has increased profitabilityof the Company.

Ambika Cotton Mills Ltd
Textiles
FV – Rs 10; 52wks H/L –1148.25/630.5; TTQ – 273; CMP – Rs 835(As On March 8 2016; 12:00) ;    

Market Cap – Rs 490.71 Crs                        

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

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

Valuation Parameters:

1. Market Cap/Sales – 0.99
2. Long Term Debt to Equity – 0.01
3. ROE% – 17

The Company declared 140% dividend during 2014-15 i.e Rs.14 for each share held.

The Company, on account of manufacturing speciality cotton yarn, continues to have good demand for its products and continues to strengthen its production base by modernization and adding balancing equipments. The Company has installed windmills for 100% of its captive requirements and installed EHT line (110 KVA Sub-Station) for smooth flow of quality power. These measures will continue to support the operations of the company.

Overview:

• Ambika Cotton Mills Limited (ACML) is an India-based company engaged in manufacturing and selling specialty cotton yarn. The Company operates through two segments, including Textiles and Windmills.
• The Company’s products are made from various imported and Indian cotton. The Company manufactures Compact and Elitwist cotton yarn for hosiery and weaving.
• The Company manufactures 100% cotton yarn counts varying from 24s to 140s combed, which are used for the manufacture of shirts and t-shirts globally.
• The Company’s Spinning Plants are located at Kanniyapuram, Dindigul, and Windmills are located in Tirunelveli, Dharapuram and Theni in Tamil Nadu. The power generated from windmills is for captive consumption for manufacturing of cotton yarn.
• Its four manufacturing units are situated in Dindigul, Tamil Nadu, with a total spindle capacity of 110,000, of which 100,000 spindles is of compacting system.

Management:

• P V Chandran – CMD
• M Vijaykumar – CFO

The Equity Capital is @ Rs 5.87 Crs consisting of 5875000 equity Shares of FV Rs 10 currently held as under

None Of the Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

Standalone Financial Trends (In Rs.Crs) :

Risks:

• Government policies.
• Volatile Economic Environment.
• Evacuation of 100% Wind energy generated to State Grid.

AurionPro Solutions Ltd
IT Software Products
FV – Rs 10; 52wks H/L –224.9/90.35; TTQ – 7 K; CMP – Rs 124 (As On December 8, 2016; 12.30);                                  
Market Cap – Rs 163 Crs

Consolidated 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 – 0.1
2. ROE % – 9
3. Market Cap/Sales – 0.2

Aurion Pro Ltd has announced that Isla TM, its industry leading Malware Isolation product will now be available in India from 01 December 2016. The Company will also establish a channel of resellers and distributors for Isla in the first quarter of 2017. http://www.business-standard.com/article/news-cm/aurionpro-solutions-to-launch-its-malware-isolation-product-isla-116111801071_1.html

 During the quarter the company completed the acquisition of Spikes Security. This has resulted in a lower PAT margin due to both product development costs and non-cash charges. http://sports.yahoo.com/news/aurionpro-reports-revenues-rs-165-130000528.html

Overview:

• Aurionpro Solutions Ltd is a global technology solutions company.
• The Company is engaged in offering information technology (IT) and consultancy services. It is also engaged in the sale of equipment and software licenses.
• It is engaged in the business of providing solutions in corporate banking, treasury, fraud prevention and risk management, Internet banking, governance and compliance.
• Its geographic segments include India, the United States of America (USA), Middle East, Singapore and Others.
• It is a provider of intellectual property-led IT solutions for the banking and financial service insurance segments.
• It also provides self-service technologies, which enable financial institutions, utilities, telecom and government organizations to migrate, automate and manage customer facing business process to self-service channels.
• Its offerings include Aurionpro Customer Engagement (ACE), Digital Payments, iCashPro product suite and Isla malware isolation solution, among others.

Geography wise, US generated 34% of revenues, India generated 36% of revenues, rest of the world generated 23% of revenues and Europe generated 7% of revenues

Enterprise Security business generated 37% of revenues, Digital Innovation generated 27% of revenues and Banking and Fintech generated 13% of revenues. Government revenues from India were 22% of revenues.

 The Equity Capital is @ Rs 21.77 Crs consisting of 21950301 equity Shares of FV Rs 10 currently held as under

54.6% Of the Promoter’s Holding is pledged.

Major Non – Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

The company issued 2095983 shares on preferential basis during FY16.

Alkem Laboratories Limited

Recent Updates:

CCI imposes Rs 74 cr fine on Alkem Labs

IPO momentum: Dr Lal PathLabs, Alkem big hits in the grey market 

Overview

Alkem Labs is a pharmaceutical company which is involved in the development, manufacture and sale of pharmaceutical and neutraceutical products. It was incorporated in 1973 and is based in Maharashtra, India. The pharmaceutical major produces branded generics, generic drugs, active pharmaceutical ingredients and neutraceuticals, which they market in India and 55 other countries internationally, primarily the United States.

It has a diverse portfolio of over 736 brands in India. Company’s most significant therapeutic areas in domestic market are anti-infectives, gastro-intestinal, pain and analgesics, and vitamins, minerals and nutrients.

The Company has 16 manufacturing facilities out of which 14 manufacturing facilities are based in India while two in the United States. Out of 14 Indian units two are R&D facilities whereas both the facilities in the US are R&D. The firm employs a total of 483 scientists in the R&D field. Five of its facilities are USFDA, TGA and UK-MHRA approved. Of the Indian manufacturing facilities, 12 are for manufacturing formulations and two for manufacturing APIs.

As of FY 15, Alkem Labs stands as fifth largest pharmaceutical company in India in terms of domestic sales. In the United States, company has filed 66 abbreviated new drug applications.

It has invested Rs 150-200 Crs for expansion in US facility and in the domestic market. About 75% of its revenue comes from domestic market and remaining 25% from international business with a about 3.6% market share. It currently has a cash of Rs 1500 Crs in its books

Promoters
Mr. Samprada Singh
Mr. Basudeo N. Singh

Consolidated Financial Trend ~ Amt in Rs Crs

Allcargo Logistics Ltd
Logistics
FV – Rs 2; 52wks H/L –396/256.15; TTQ – 24 K; CMP – Rs 380(As On November 24th 2015; 15:30) ;
Market Cap – Rs 4806 Crs

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

Consolidated Financials and Valuations for Q1 FY16

On 6^th November, 2015 the company declared a bonus issue of 1:1 on a FV of Rs.2 per share.

Overview:

Allcargo Logistics Limited (Allcargo) is engaged in providing integrated logistics solutions. Allcargo offers logistics services across multimodal transport operations, inland container depot, container freight station operations, third party logistics operations and project and engineering solutions. The Company has three segments: Multimodal Transport Operations, which involves non vessel owning common carrier operations related to less than container load consolidation and full container load forwarding activities; Container Freight Stations Operations / Inland Container Depot, which is involved in import / export cargo stuffing, de-stuffing, customs clearance and other related ancillary services, and Project & Engineering Solutions, which provides integrated end-to-end project, engineering and logistic services through a fleet of owned / rented special equipment to carry over dimensional cargo (ODC) and overweight cargo (OWC) cargos, as well as project engineering solutions.

Management:

• Shashi Kiran Shetty – CMD
• Jatin Choksi – CFO

The Equity Capital is @ Rs 25.24  Crs consisting of 126047762 equity Shares of FV Rs 2 currently held as under

None Of the Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

Alphageo (India) Ltd
Oil Equipment & Services
FV – Rs 10; 52wks H/L –268/647.05 ; TTQ – 14 K; CMP – Rs 530(As On October 8th 2015; 13:10) ;                            
Market Cap – Rs 44.5 Crs

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

*Virtually Debt Free.

Standalone Financials and Valuations for Q1 FY16

 Key Updates:

• The company will decide and approve, issue of Shares or Warrants on preferential basis Promoters and Promoter Group and Persons other than Promoters in a meeting held on 13^thOctober, 2015.
• The Government is expected to invite bids for seismic survey activities in 26 sedimentary basins in India, covering about 48,000 line km (2D survey) to be conducted between 2015-16 and 2018-19.
• Every USD10 per barrel fall in oil price can enhance India’s GDP growth by around 0.15%, lowers WPI by around 0.5% and CPI by about 0.2% and further improves India’s current account balance by around USD 9 billion – 0.5% of GDP.
• The Prime Minister set a goal of reducing India’s dependence on imports from 77% of its ‘energy’ requirement by 10% by 2022, and by 50% by 2030 keeping India’s hunt for oil expected to accelerate.
• NELP- X xpected in the current year wherein government will offer 42 oil blocks to successful bidders.
• By 2035, the world’s population is projected to reach 8.7 billion, which means an additional 1.6 billion people will need energy.

Overwiew:

Alphageo (India) Limited is the largest onshore integrated seismic service provider in the private sector and enjoys a market leadership in seismic survey. Alphageo was incorporated in 1987 to offer seismic and other related services to the rapidly growing oil exploration and production sector. The Company’s globally-benchmarked competence comprises acquisition, processing and interpretation of seismic data for oil exploration. In the business of seismic services, Alphageo’s competitive strengths comprise deep insight into challenging terrains and diverse topographies environmental sensitivity, technology leadership, highly skilled manpower and state of the art equipment. The company possesses indepth expertise in operating with globally accepted technologies for seismic survey, namely 2D, 3D and Seis-loop technologies. Alphageo was the first seismic service provider in India to conduct night operations in urban Thiruvarur to minimise public inconvenience. 

Bulk Deals:          

 Management:

• Dinesh Alla – CMD
• Venkatesa Pasumarthy – CFO

The Equity Capital is @ Rs 5.64  Crs consisting of 5634767 equity Shares of FV Rs 10 currently held as under

4.98% Of the Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

 Consolidated Financial Trends (In Rs. Crs) :

Risks:

• Lack of orders could adversely impact business growth.
• Competition in the seismic survey space is increasing as India is fast inviting global players.
• Timely project completion against all odds is critical for business growth.
• India, the second most populous nation is suffering from a shortage of skilled people.
• Government Dependency and Interference.
• Forex Fluctuations and largely dependent on the crude oil prices.

Ansal Buildwell  Ltd
Realty
FV – Rs 10; 52wks H/L –137.35/52; TTQ – 28 K; CMP – Rs 123.60 (As On August 17^th 2015; 15:30) ;                            
Market Cap – Rs 91.26 Crs

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

Standalone Financials and Valuations for Q1 FY16

Overwiew:

The Ansal Buildwell Group is an India-based Company engaged in real estate development. The real estate portfolio of Ansal buildwell includes residential complexes, townships, independent floors, commercial buildings, group and row housing projects, and various other infrastructural projects. In the hospitality segment, the company constructs social platform for leisure and recreation. Some of the Company’s national projects include the Baner Hydel Project; Sardar Sarover Narmada Nigam Ltd.; the Thoubal multipurpose project in Manipur,and a viaduct on the Jammu-Udhampur rail link.

The Company has a Land Bank Of 7000 Acres.

Upcoming Projects:

1. Townships:

• Ansal City – Jaipur, Rajasthan.
• Ansal Aditya Vatika – Gwalior, Madhya Pradesh

2. Group Housing:

• Meadows – Kullu, Himachal Pradesh
• Royal Heritage – Faridabad, Haryana

Bulk Deals:

 Management:

• Gopal Ansal – CMD
• R.L Gupta – Director ( Finance & Business Development )
• Gaurav Mohan Puri – Director ( Projects )

The Equity Capital is @ Rs 7.4 Crs consisting of 7383843 equity Shares of FV Rs 10 currently held as under

None Of the  Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

Consolidated Financial Trends

Archies Ltd
Gift Articles, Toys & Cards
FV – Rs2 ; 52wks H/L –36.65/17; TTQ – 48 K; CMP – Rs 28.65 (As On 13^th August 2015; 15.30) ;                            
Market Cap – Rs 96.8 Crs

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

Overwiew:

Archies Limited is an India-based company, which deals in greeting cards, gifts and stationery products under the brand name Archies. The Company has 17 branches spread all over India. It also exports goods to overseas markets. The Company operates through three segments: greeting cards, stationery and gifts. The Company offers accessories, bags and wallets, chocolates, clocks, gifts, greeting cards, home decor, jewelry, kids’ stuff, perfumes, personalized gifts, premium gifts, soft toys, stationery and watches. The Company offers its products for various occasions. It offers products through its Website archiesonline.com through, which account details can be managed, orders can be tracked and reward points are managed. The Company also offers refund policy. The order placed can be cancelled by archiesonline.com by the customer before or after dispatch. It offers corporate gifts, which include corporate essentials, stationery, greeting cards, gift hampers and home decor.         

Block Deals:

Management:

• Anil Moolchandani – CMD
• Pramod Arora – Joint MD
• Dilip Seth – CFO

The Equity Capital is @ Rs 6.8  Crs consisting of 33780000   equity Shares of FV Rs 2 currently held as under

None of the Promoter’s Holding is Pledged.

Standalone Financial Trends – Amt in Rs Crs

Note:

The Company Has Mentioned “ Due to applicability Of Schedue 2 to the companies Act, 2013 with effect from 01 April 2014, the company has reviewed and revised the estimated useful lives, residual value and reclassified certain fixed assets based on technical study and other fixed assets in accordance with the said provisions. Consequent to change of useful life, an amount of Rs.884.02 lacs (net of deffered tax of Rs.424.56 lacs) representing carrying value of those assets whose useful life had expired as on 01 April 2014 has been adjusted against the opening balance in General Reserve. Had the company, continued with the previous assessed useful lives, depreciation charged for the year ended 31 March 2015 would have been lower by Rs.146.18 lac.” this as the reason for reduction in their Networth.

Asahi Songwon colours Ltd

Speciality Chemicals
FV – Rs 10 ; 52wks H/L –158.79/74.61 ; TTQ – 43 K; CMP – Rs 138;
Market Cap – Rs 169  Crs

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

86% of the total revenue is generated from Exports.

Overwiew:

Asahi Songwon Colors Limited is an India-based company engaged in manufacturers of Phthalocyanine pigments and derivatives in India. The Company’s products include copper Phthalocyanine Green (CPC Green), Copper Phthalocyanine Blue (CPC Blue) and its derivatives. It manufactures pigments and supplies them to industries namely paint, ink, paper, chemical, plastic, cosmetics, glass and textiles. The Company’s manufacturing facilities are at Padra, Vadodara, which manufactures blue pigment with an installed capacity of 11,400 TPA. The Company also has manufacturing facilities at Kadi, Mehsana, which manufactures green pigment with an installed capacity of 1,440 TPA. The Company’s pigments are exported to the United States, Europe and Asian nations. 

Block Deals:

 Management:

The Equity Capital is @ Rs 12.3 Crs consisting of 12272262 equity Shares of FV Rs 10 currently held as under

None of the Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

Standalone Financial Trends – Amt in Rs Crs except BV.