Scrip Watch

AYM Syntex Ltd

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AYM Syntex Ltd

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)


Equity Capital

Net worth

Long Term
Debt

Total  
Sales
PAT
BV
(Rs)

EPS (Rs)

P/E

Industry
P/E

P/BV

Promoter’s
Stake
39.24 194 167 801 48 49 12.23 8.49 32.58 2.12 70.1

 

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

Date Company Client Transaction Quantity Traded Price (Rs)
03-Aug-2015 AYM Syntex (BSE) ASHISH RAMESHCHANDRA KACHOLIA BUY 289007 130.44
31-Jul-2015 AYM Syntex (BSE) ASHISH RAMESHCHANDRA KACHOLIA BUY 615143 124.32
30-Jul-2015 AYM Syntex (BSE) ASHISH RAMESHCHANDRA KACHOLIA BUY 295850 118.08
16-Jan-2015 AYM Syntex (BSE) SOMESH MEHROTRA BUY 331000 45.78

 

Insider Trades

Date Person  Buy / Sell Transaction Type  No of Shares Price (Rs) Value 
(Rs Lakhs)
Aug 24, 2015 VLS Capital Ltd  Sell Market 13,500 130.05 17.56
Aug 24, 2015 VLS Capital Ltd  Sell Market 36,500 130.05 47.47
Aug 24, 2015 VLS Capital Ltd  Sell Market 50,000 130.05 65.03
Aug 24, 2015 VLS Capital Ltd  Sell Market 1,00,000 130.05 130.05
Aug 24, 2015 VLS Capital Ltd  Sell Market 27,000 130.05 35.11


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

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

Sr No. Major Non-Promoter % Stake
1 Sanjeev Rajendraprasad Bharadia 1.04
2 Sadhana Mehrotra 3.44
3 Ashish Kacholia 4.85

 

Share Price Trend

 Standalone Financial Trends ~ Amt in Rs Crs

  FY 16 FY 15 FY 14 FY 13 FY 12 FY 11
Equity Paid Up 39.24 39.24 39.24 39.24* 23.64 23.64
Networth 194 146 113 108 79 74
Long Term Debt 167 127 116 95 50 29
Total Sales 801 835 896 776 612 503
PAT 48 43** 19 16 12 13
EPS (Rs) 12.23 10.96 4.84 4.08 3.06 3.31
Book Value (Rs) 49 37 29 28 20 19

 

  • 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.

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