All posts by : Khyati Shah

Nalwa Sons Investments Ltd
Investment Holding Company
FV – Rs 10; 52wks H/L – 806/560; TTQ – 6; CMP (June 22, 2016; 2.15 pm) – Rs 621;

Market Cap – Rs 318.96 Crs

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

• The auditors have put drawn attention to an Emphasis of matter ~ The Company has made long term investment in a subsidiary company of Rs 61 Crs and in certain other companies of Rs 26 Crs where there is diminution in value of investment.
• In FY15, the company had made Provisions for Non-Performing Assets (Doubtful) of Rs 16 Crs.
• Jindals to unwind complex cross-holdings
• The Company’s stock has very low liquidity

Source: BSE

Overview:

• The Company is engaged in the business of investment and financing activities, which include consulting revenue related to investment and finance.
• The Company is also a non-banking financial company (NBFC).
• The Company’s products are classified as investments, which include dividend and interest.
• The Company holds investments in equity shares of steel manufacturing companies of O.P. Jindal group.
• The Company conducts its operations in domestic and overseas markets.
• The Company’s subsidiaries include Jindal Steel & Alloys Ltd. (JSAL), Jindal Holdings Ltd. (JHL), Brahmputra Capital & Financial Services Ltd., Massillon Stainless Inc. U.S.A and Jindal Stainless (Mauritius) Ltd. (JSML).

Management:

• Mr Ratan Jindal is the Vice Chairman and the MD

Shareholding Pattern as on March 31, 2016

• The Equity Capital is @Rs 5.14 Crs consisting of 5136163 Equity Shares of FV Rs 10 currently held as under
• None of the promoter’s holding is pledged

Consolidated Financial Trend ~ Amt in Rs Crs

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

Nitin Spinners Ltd
Textiles
FV – Rs 10; 52wks H/L – 107.25/48.9; TTQ – 2713; CMP (June 8, 2016; 11.55 am) – Rs 65.25;
Market Cap – Rs 299 Crs

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

Valuation Parameters

1. EV/EBITDA: 3.9
2. EV/Share: Rs 118
3. EV/Sale: 0.7
4. Market Cap/ Sale: 0.39
5. Debt to Equity: 1.17
6. RoE: 21.47%

Recent Updates

• The Company plans to repay Rs 50 Crs debt in FY17, but will also be adding another Rs 215 Crs for new expansion project, which will be under Technology Up-gradation Fund (TUF) as well as the state investment subsidy. Expect margins to remain unchanged in FY17: Nitin Spinners

Bulk Deals

CDR Exit

• Nitin Spinners exited the Corporate Debt Restructuring (CDR) in June 2013.
• It completed mechanism for its loan facilities by paying the recompense amount as approved by CDR Core Group.
• The company has made the payment of the recompense amount to the lenders.
• The company resorted to CDR mechanism in March 2009 due to forex losses and adverse business scenario in 2007-08.
• The company achieved turnaround in very short period of three and half years and opted for voluntarily exit from CDR mechanism.
• This was one of the shortest turnaround in the history of CDR mechanism.

Overview:

• The Company manufactures cotton yarn and cotton knitted fabric.
• It was incorporated on October 15, 1992 as a private limited company with the name Nitin Spinner Pvt Ltd. In the year 1993, the company set up their first unit at Hamirgarh, Bhilwara (Rajasthan) for manufacturing coarse cotton yarns. It had its IPO in 2006 at Rs 21 per share.
• The current production capacity of company is 37800 tpa of cotton yarn and 8600 tpa of knitted fabrics.
• The Company manufactures a range of yarns, including open end yarns, multifold open end yarns, ring spun combed yarns, multifold ring spun yarns, compact yarns, fancy slub yarns, core spun yarns, S and Z twist yarns, dyeable cheese cones and organic cotton yarns and blends.
• The Company manufactures knitted fabrics, as well as fabrics with Elastane. The Company offers fabrics in greige form in tubular and open width. Its product range in knitted fabrics include single jersey, pique structures, and interlock structures, rib structures and three thread fleece.
• The Company’s products are applicable in manufacturing products, such as apparel and garments, under garments, terry towels, woven fabrics, home furnishings, carpets, denim, industrial textiles, medical textiles and socks, among others.
• It exports to more than 50 countries ~ EU, USA and Canada, Latin America, Middle East, China, North Africa etc.
• Company’s expansion project for installation of 72960 spindles involving capital outlay of Rs 290 Crs is being carried out as per schedule.

Clientele: Arvind, Raymonds, Decor, Alok, Ashima, Bhaskar, Nandan Exim, Creative Textiles, Shri Lakshmi Cotsyn, VHM, Pratibha, Maral, RSWM

Management:

• Mr R L Nolkha is the CMD
• Mr Dinesh Nolkha is the MD

            Standalone Financial Trends ~ Amt in Rs Crs

• PAT grew at a CAGR of 35.85% while Total Revenue grew at a CAGR OF 10.98% over the past six years.
• Net worth grew at a CAGR of 15.67% over the same period.
• *Note that ~ In FY12 profits were low because the Company had suffered heavy losses during first half of the then financial year on account of higher carrying cost of cotton and also due to steep fall in yarn prices.

MT Educare Ltd
Education
FV – Rs 10; 52wks H/L – 199.9/100.5; TTQ – 8478; CMP (June 7, 2016) – Rs 180.4,

Market Cap – Rs 718 Crs

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

Valuation Parameters EV 707 EBITDA 58

1. EV/EBITDA: 12.19
2. EV/Share: Rs 178
3. EV/Sale: 2.46
4. Market Cap/ Sale: 2.5
5. Debt to Equity: Nil
6. RoE: 21.67%

India Max Investment Fund has sold 186853 equity shares in May 2016. Its stake in MT Educare now stands at 2.92% down from 3.38%.

Bulk Deals

Block Deals

• The business is asset light and has negative working capital, as the company receives fees in advance. This has helped the company scale operations with nearly no debt.
• 80% of its revenue comes from Maharashtra, where it started, 8% comes from Karnataka and the rest from eight other States.
• The company derives 45% of its income from the school division (grades 9-12); 35% from IIT-JEE coaching and 17% from CA coaching. The company has launched a new digital-based learning product called Robomate online and through tablets.
• The company has tied up with 19 pre-university colleges to provide coaching for engineering and medical entrance exams and plans to expand such tie-ups to 30 colleges in two years. These tie-ups help reduce capex needs by utilising the college infrastructure.

Overview:

• MT Educare Limited is an education support and coaching services provider for students in the secondary and higher secondary school and for students pursuing graduation degree in commerce, preparing for various competitive examinations and undertaking chartered accountancy examinations.
• The Company conducts commercial training, coaching, tutorial classes and activities incidental and ancillary thereon.
• It also developed Robomate applications, which provides online access to lecturers through android or windows web-enabled devices and also through pen drives and storage device cards.
• The Company has tied up with 14 colleges across Karnataka, which provides management services and test preparation services to its students.
• MT Educare operates in Maharashtra, Karnataka, Tamil Nadu, Gujarat, Punjab and Chandigarh, and Haryana.
• Some of the Company’s brands include Mahesh Tutorials Commerce, INK, Lakshya, MT Professionals, CPLC and Robomate.

Management:

• Mr Mahesh Shetty is the CMD

*As of May 2016.

Consolidated Financial Trends ~ Amt in Rs Crs

• Total Sales grew at a CAGR of 15% whereas PAT grew at a CAGR of 26% over the last six years.
• Net worth grew at a CAGR of 20.78% whereas BV grew at a CAGR of 20.64% over the last six years.
• For FY 16, operating margin dipped slightly compared to the same period last year due to higher sales and administrative costs.
• PAT for FY 15 stood at Rs 29.72 Crs. Depreciation and amortization for the same financial year included a one-time reduction of Rs 5.57 Crs due to change in depreciation policy from WDV method to SLM method and change in useful lives pursuant to implementation of new Companies Act 2013. This created a one-time gain in Consolidated PAT increasing it by Rs 3.88 Crs. Hence adjusted PAT was Rs 25.84 Crs instead of Rs 29.72 Crs.

Madhucon Projects Ltd
Construction & Engineering
FV – Re 1; 52wks H/L – 88.7/39; TTQ – 4875; CMP (June 1 2016; 11.45 am) – Rs 50.4;

Market Cap – Rs 370 Crs

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

Valuation Parameters

1. EV/EBITDA: 5.61
2. EV/Share: Rs 651
3. EV/Sale: 2.06
4. Market Cap/ Sale: 0.16

Recent Updates

• The company has completed the strategic sale of its 74% stake in MAJEL to Cube Highways and Infrastructure Pte Ltd in April 2016. Divestment of the stake has assisted Madhucon Group to pare down its debt by Rs 212 Crs and is the first major strategic sale in Madhucon’s highway portfolio, the release added.
• Last October, the Company had sold its 100% in Madhucon Agra- Jaipur Expressways Ltd (MAJEL) to Singapore-based Cube Highways and Infrastructure for Rs 248 Crs. Cube Highways and Infrastructure is the Indian toll road and transportation investment platform of I Squared Capital, a private equity firm. Madhucon Projects sells Agra-Jaipur expressway project for Rs 248 crore

Overview:

• Madhucon Projects Limited is engaged in civil construction.
• It was founded by Nama Nageswar Rao in 1983 and is based in Hyderabad.
• The Company is an integrated construction, infrastructure development and management company.
• It caters to various sectors of construction and infrastructure projects, such as transportation, irrigation, water resources infrastructures, railways, engineering, procurement and construction (EPC), turnkey projects, developments of smart cities, and properties, in India.
• Its projects include 4 Lane National Highway-5; 4 Lane National Highway-76; 4 Lane National Highway-45; Sriram Sagar Flood Flow Canal, Karimnagar, Telangana State; excavation at Polavaram Left Main Canal, Tuni, Andhra Pradesh; 4×150 megawatt (MW) thermal power plant at Tamminapatnam village, SPSR Nellore Dist., AP-Entrance Gate; Dewatering at BCCL, Dhandbad, Jharkhand; MSPIL-3500 TCD Sugar Plant-cum-24.2 MW Co-generation power plant at Rajeswarapuram, Khammam, and Heavy Engineering Workshop at Amlori, Coal India, among others.

Management:

• Mr N Seethaiah is the MDs
• Mr K. Srinivasa Rao is the COO

None of the promoter’s holding is pledged

Consolidated Financial Trends ~ Amt in Rs Crs

Manappuram Finance Ltd
Finance (including NBFCs)

FV – Rs 2; 52wks H/L – 55.5/19.75; TTQ – 3.96 Lakhs; CMP (May 31, 2016) – Rs 53.5;

Market Cap – Rs 4500 Crs

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

Valuation Parameters

1. EV/EBITDA: 3.54
2. EV/Share: Rs 65
3. EV/Sale: 2.3
4. Market Cap/ Sale: 1.89
5. Debt to Equity: 0.58
6. RoE: 12.8%

• March quarter PAT stood at Rs 130.7 Crs on a consolidated basis, up by over 86.6% Q-o-Q. PAT for FY 16 was Rs 353 Crs, up by 30% Y-o-Y. The improvement came on the back of margin improvement due to a reduction in the cost of funds and improvement in yields, along with a stronger than expected growth in overall AUM. Cost of funds came‐off 10 bps Q-o-Q and 150 bps Y-o-Y due to a rating upgrade earlier in the year and lower base rates during the year. Yield has improved 190 bps Y-o-Y as Manappuram has shifted to shorter duration loans because of which the quantum of auction was lower. Auctions this quarter stood just at Rs 190 Crs (1.9% of gold AUM) aided by higher gold prices.
• The company’s consolidated assets under management also rose to Rs 11433 Crs from Rs 9593 Crs recorded in the previous fiscal year.
• The recent diversification into new business areas has gained further traction with new businesses now contributing about 12% of its consolidated AUM. Microfinance subsidiary, Asirvad Microfinance Pvt Ltd, had ended the year with an AUM of Rs 82 Crs, representing a growth of 210% over Rs 322 Crs.
• Commercial vehicle loans and mortgage-based finance (housing loans and loans against property) have contributed Rs 52 Crs to the total AUM. Their contribution in FY 15 was Rs 44.80 Crs.
• Manappuram Finance fiscal net profit up 30%
• NBFCs including Manappuram Finance are now targeting short tenure (3 to 6 months) gold loans instead of earlier one year duration loans. By focusing on short-term loans, auction of gold deposited by defaulting customers could come down. And, this helps in protecting margins. Apart from protecting margins, these shorter duration gold loans also help companies by shielding them against the volatility in gold prices that get more pronounced in longer duration loans. NBFCs, banks focus on shorter tenure gold loans to boost margins
• The company is now looking at increasing its non-loan portfolio. It is aiming at organic and inorganic growth to grow the non-gold loan business, now Rs 1300 Crs. In the next two to three years, it aims to grow it to Rs 4000 Crs. This is being done to reduce concentration risk from gold loans. The Reserve Bank of India has also said it wants large companies to diversify their portfolio, as a single business will lead to this risk. Manappuram Finance looks at inorganic growth to diversify business

Bulk Deals:

Block Deals:

Overview:

• Manappuram Finance Limited is a non-banking financial company (NBFC).
• The Company provides a range of fund based and fee based services including gold loans, money exchange facilities, and others. It is also engaged in the housing finance owing to low loan defaults.
• It provides customers with credit primarily against their used gold jewellers.
• The Company’s business areas include gold loan, money transfer, housing finance and foreign exchange.
• It provides higher amount of loans depending upon the purity, net weight of the gold.
• The money transfer service is available in all the branches.
• The Company acts as a money changer, undertaking currency exchanges and sale of travellers’ cheques for a variety of purposes. It operates through 3,293 branches spread across the country.

Housing Finance: Manappuram Finance acquired Milestone Home Finance Company Pvt. Ltd. (Milestone), a company possessing a valid Certificate of Registration from National Housing Bank, as a wholly- owned subsidiary company. Subsequently, the name of company was changed to Manappuram Home Finance Pvt Ltd in September 2014.

Microfinance: Manappuram Finance acquired 85% stake in Asirvad Microfinance Private Limited. Asirvad Microfinance is an 8-year old NBFC – MFI (Non banking financial company – Microfinance Institution) headquartered in Tamil Nadu with operations in the states of Tamil Nadu, Kerala and Karnataka.

Management:

• Mr V P Nandakumar is the MD and CEO

Major Non – Promoter Holdings:

Financial Trends ~ Amt in Rs Crs

• *Note that ~ In FY 12, Company had issued 1:1 bonus shares which resulted in the increase of shares by 416874188 number of equity shares. Also, the Company issued 7404760 shares to its employees under the ESOP 2009 scheme of the Company, resulting in the paid up share capital increasing to Rs 1682306272 in FY 12.
• The fall in profits in FY 13 was on account of under-recovery of interest amounting to Rs 284 Crs on a specific pool of its portfolio that was booked during the latter half of FY12. The Company also made additional provision amounting to Rs 51 Crs being the reversal of interest booked in FY12. The Company has faced a higher incidence of defaults in this pool after it began realigning its portfolio under the new loan to value (LTV) regime brought into effect in March 2012.

Relaxo Footwears Ltd
Footwear
FV – Rs 1; 52wks H/L –614.55/360; TTQ – 2 K; CMP – Rs 460 (As On May 24 2016; 11:30) ;

Market Cap – Rs 5521 Crs

Standalone Financials and Valuations for Q4 FY16 (Amt in Rs.Crs unless specified)

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

In 2013 there was a stock split from Rs.5 to Rs.1 and on 1/7/2015 the company issues bonus of 1:1 shares held on a face value of Rs.1 each.

The company added 8 stores in Q4 FY16 with a total of 250 retail stores as of 31/3/2016.

The company is aiming for a double-digit growth in the next quarter, with focus on sales transformation and better connection with retailers. http://www.moneycontrol.com/news/results-boardroom/aiming-for-double-digit-growthnext-quarter-relaxo-footwear_6687881.html

On Monday, April 4, 2016, Jwalamukhi Investment Holdings, a unit of WestBridge, purchased 1.87 million equity shares representing 1.55% of total equity of Relaxo Footwears for about Rs 80 crore through block deal on NSE. http://www.business-standard.com/article/markets/footwear-stocks-extend-rally-relaxo-footwear-surges-over-30-in-two-days-116040500196_1.html

VLS Finance sold 1.77 million shares at Rs 425 per share, data shows. VLS Finance (6.71%) and VLS Securities (6.79%) collectively held 13.5% stake in Relaxo Footwears at the end of December 2015 quarter.

This quarter was subdued mainly due to general market slowdown and wage hike in Haryana and statutory bonus ceiling impacted the bottom line. The employee benefit cost rose up by 19.6% at Rs.45.7 Crs.

The company introduced approximately 200 designs last year, spread across categories and brands.

As on 31st March, 2015 the total no of employees of the Company are 4655 against 3980 on 31st March, 2014.

Overview:

• Relaxo Footwears Ltd is engaged in the business of manufacturing and trading footwear and articles.
• The company’s brands include Hawaii, Flite, Sparx, Schoolmate, Elena and Casualz.
• Its sparx range includes sports shoes, Sandals and SFGs range.
• Its Schoolmate brand consists of a range of school shoes for boys and girls. Its Hawaii brand provides slipper.
• Its Flite brand provides women’s footwear.
• Its manufacturing facilities are located at Bahadurgarh, Haryana; Bhiwadi; Rajasthan, and Haridwar, Uttarakhand.

Industry Updates:

95% of the footwear industry in India is driven by domestic sales with approximately 5 % coming from exports.

India is a big market with a lot of potential with a focus for growth. However, the company plans to be relevant in international markets by building their own brand.

Management:

• Ramesh Dua is the Managing Director of the company.
• Susuhil Batra is the CFO of the company.

Major Non-Promoter Holdings:

Standalone Financial Trends (In Rs.Crs):

Genus Power Infrastructure Ltd
Other Electrical Equipment Products
FV – Rs 1; 52wks H/L –62.5/21.75; TTQ – 1.04 Lacs; CMP – Rs 52.65 (As On May 24 2016; 15:30) ;

Market Cap – Rs 1352.09 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)

Overview:

• Genus Power Infrastructures Ltd is an integral part of the US $400 million Kailash group and is engaged in manufacturing/providing metering and metering solutions and power backup.
• The Company also undertakes engineering, construction and contracts on turnkey basis.
• The Company’s metering solutions include a range of electricity meters, such as multi-functional single phase and three phase meters, current transformer (CT)-operated meters, availability based tariff (ABT) and grid meters, distribution transformer (DT) meters, pre-payment meters and smart meters, among others.
• The power back-up systems and solar solutions include uninterruptible power supply (UPS) and inverters, such as home UPS, static UPS, online UPS, high capacity inverters, solar inverters, batteries and solar power packs.
• The engineering construction and contracts division undertakes turnkey power projects, such as sub-station erection up to 420 kilovolts (kV), laying up of transmission and distribution lines, rural electrification, switchyards and network refurbishment.

Genus has installed around 31 million electronic energy meters across the country.

During the year the company has produced around 5.26 million meters and installed around 4.90 million meters.

Management:

• Rajendra Kumar Agarwal – CEO & MD
• Ishwar Chand Agarwal – Chairman

The Equity Capital is @ Rs 25.67 Crs consisting of 256807850 equity Shares of FV Rs 1 currently held as under

None of the Promoter’s Holding is Pledged.

Major Non-Promoter Holdings:

Standalone Financial Trends (In Rs.Crs):