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) :

Marico  Ltd
Personal Products
FV – Rs 1; 52wks H/L –466.3/301.3 ; TTQ – 51 K; CMP – Rs 402.55(As On November 06, 2015; 15:30) ;                     

       Market Cap – Rs 25967 Crs

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

Consolidated Financials and Valuations for H1 FY16

      *The profit on sale of divestment in the company’s subsidiary of Rs.9.62 Crs has been included in other income.

 Key Updates:

• The company’s domestic business grew by 26% and international business grew by 10% in FY 14-15.
• The company’s rural sales are at a faster pace to 32% as compared to urban sales of 23% by increasing its rural reach by 25% to 50000 villages in last two years.
• The company launched its new project called ONE (Outlet Network Expansion) for increasing direct coverage in top six metros.
• The company has low long term debt and Return on Equity of 31%.
• The company has maintained a healthy dividend payout ratio.

Overwiew:

Marico Ltd is engaged in the business of branded consumer products and services. The Company operates in two segments: Consumer Products and Others. Its Consumer Products include Coconut oils, other edible oils, hair oils and other hair care products, male grooming products, fabric care products, healthy foods, soaps, health care products and female beauty care products. Others segment is engaged in skin care. In India, Marico Limited manufactures and markets products under the brands such as Parachute Advansed, Saffola, Hair & Care, Nihar, Mediker, Revive, Manjal, Setwet, Zatak and Livon. Marico’s international portfolio includes brands such as Parachute, Hair Code, Fiancee, Caivil, Hercules, BlackChic, Code 10, Ingwe, X-Men, L’Ovite and Thuan Phat. It is present in Skin Care solutions business under the brand name Kaya in India and international markets and the brand Derma Rx in Singapore and Malaysia. The Company currently present in 25 countries.     

Management:

• Saugata Gupta – MD & CEO
• Vivek Karve – CFO

Major Non-Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs) :

The company raised capital amounting to Rs.500 Crs on preferential basis and investors were allotted 29411764 equity shares of FV Rs.1 each at a share premium of Rs.169 each on 16^th May,2012 which resulted in increase in Equity share capital.

Risks:

• Changing consumer Preferences.
• Product Innovation and New Product Launches.
• Foreign Currency exposure as export oriented company.
• Competition and Political Risks.
• Accquisitions and Retention.

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.

JK Tyre & Industries Ltd
Auto Tyres & Rubber Products
FV – Rs 2; 52wks H/L –162.95/78.25 ; TTQ – 66 K; CMP – Rs 102.25 (As On September 28th 2015; 10:20) ;                       

     Market Cap – Rs 2329 Crs

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

 *On 18^th Dec, 2014 Stock Split from Rs.10 to Rs.2.

Consolidated Financials and Valuations for Q1 FY16

Key Updates:

• JK Tyre has has signed a binding agreement withBK Birla flagship Kesoram Industries to acquire 100% equity in a tyre unit in Haridwar for Rs.2200 Crs.
• The company has established 17 Truck Radial Tyre Care centres, which operate along all major National Highways on 365 day, 24*7 basis.
• It has also established 16 truck radial total solution showrooms branded “truck Wheels”.
• The first company to introduce unique concepts like “Dial-a-Tyre” and only company to launch 24*7 on-road tyre assistance initiative called “Fix-a-Tyre”.
• JK Tyre is expecting its Rs.1430 crore expansion plan near Chennai and is expected to be completed by mid-2015.

Overwiew:

Part of the JK Organisation, JK Tyre & Industries Ltd is a leading tyre manufacturer in India and amongst the top 25 manufacturers in the world with a wide range of products catering to diverse business segments in the four wheeler automobile industry. The company has global presence in 100 countries across six continents with six plants in India and three in Mexico. Currently, the capacity across 9 plants exceeds 20 million tyres per annum. The company is the leader in Truck Bus Radial Segment. JK Tyre offers tyres for –

• Truck/Bus
• LCV
• Passenger Cars
• MUV
• Tractors

The company is the manufacturer of India’s largest OTR tyre weighing 3.7 tons and 12 feet high. The nationwide network comprises of 143 selling locations, 4000 dealers and over 120 retail outlets.

Clientele & Partners :

• Maruti Suzuki
• Honda
• Ashok Leyland
• General Motors
• Eicher
• Volvo
• Volkswagon
• Nisaan
• Caterpillar India

        Bulk Deals:    

Management:

• Raghupati Singhania – CMD.
• Bakul Jain – Director.
• Ashok Kumar Kinra – CFO.

The Equity Capital is @ Rs.45.36  Crs consisting of 226813480 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) :

Peer Comparison:

INOX Leisure Ltd
Speciality Retail
FV – Rs 10; 52wks H/L –269.6/145 ; TTQ – 13 K; CMP – Rs 224.05 (As On September 21st 2015; 14:30) ;                          

  Market Cap – Rs 2161 Crs

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

Consolidated Financials and Valuations for Q1 FY16

Overwiew:

INOX leisure Ltd is a part of the INOX group of companies which has diversified interests and a significant market leadership position across various verticals, including industrial gases, chemicals, refrigerants, engineering plastics renewable energy and entertainment. INOX Leisure is the second largest operator in the country today, 1^st being PVR. Over the last decade the company has aggressively scaled up through organic and inorganic expansion from two properties and 8 screens in FY03 to a whopping 383 screens and 99 multiplexes till today. The company accounts for about 19% of the multiplex screens in India and about 7% share of aggregate domestic box office collections in the country. The company has built a very strong brand reputation with its premium multiplex properties, state of the art technology, unmatched service and ambience.

       Key Updates:

• The company has strong partnerships with over 50 leading Indian and global brands offering a huge potential for advertising and other ancillary revenue growth.
• The company expects robust results in the second quarter with movies like Baahubali, Bajrangi Bhaijaan, Dhrishyam, Brothers, Mission Impossible 5, Phantom etc. hitting the box office collections.
• The company in future wants to focus on the growth of high margin segments of cinema advertising and Food & Beverages.
• The Indian film industry expects growth touching Rs. 204 Billion in revenues by 2019 with a CAGR growth of 10.6%.
• Cinema advertising is a 490 crore market, projected to reach 1,382 crore by 2019.
• The advertisement revenue/screen has improved from ` 0.8m/screen in FY2011 to ` 2.3m/screen in FY2015.
• Food & Beverage spend per head has increased to Rs.55 from Rs.41.
• The company has issued paperless tickets in few cities.

Block Deals:

 Bulk Deals:

Management:

• Deepak Asher – Director
• Alok Tandon – CEO
• Upen Shah – CFO

The Equity Capital is @ Rs 96  Crs consisting of 96457754 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) :

Peer Comparison:

        Risks:

• Ticket pricing and show timings regulated by some States.
• High taxation restrains sector’s growth. ( High Entertainment tax)
• Timely execution of expansion plan.
• Cable and satellite rights.
• Direct competition from peers.

Kovai Medical Center & Hospital Ltd
Electric Utilities
FV – Rs 10; 52wks H/L –928.25/308 ; TTQ – 2 K; CMP – Rs 799 (As On September 1st 2015; 14:04) ;                           

 Market Cap – Rs 871.02 Crs

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

Standalone Financials and Valuations for Q1 FY16

Overwiew:

Kovai Medical Center and Hospital Ltd (KMCH) is an India-based company engaged in the running of hospitals. The Company’s hospital provides facilities, such as medical facilities, surgical facilities, diagnostic facilities, rehabilitation centers and a wellness center. It consists of 20 operation theatres and medical paraphernalia including Varian Trilogy Linear Accelerator, Positron emission tomography–computed tomography (PET-CT) Scan, 3T (magnetic resonance imaging) MRI, 500 slice Volume CT Scanner, Endo Bronchial Ultra Sound (EBUS), 4D Ultra Sound Scanner, Bi Plane Cath Lab, Cardiac Electrophysiology Lab, Bone Mineral Densitometer, Digital Mammography, Laser equipment, Video Endoscope and Operating Microscope, Auto analyzer, Computer Assisted Navigation for hip and knee replacements, and Laser for removal of kidney stones.

Major Non-Promoter Holdings:

Orient Green Power Company Ltd
Electric Utilities
FV – Rs 10; 52wks H/L –20.10/11 ; TTQ – 2.43 Lacs; CMP – Rs 11.11 (As On August 25th 2015; 12.10) ;                        

    Market Cap – Rs 631.13 Crs

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

Consolidated Financials and Valuations for Q1 FY16

Triggers:

• Generation Based Incentive (GBI) has been notified which would entitle the company to get a benefit of up to Rs. 10 Million per Mw on 75.6Mw leading to improved viability.
• Government Offers Tax Incentives (such as Tax holidays, Accelerated Depreciation etc.) and Non – Tax Incentives (Feed In tariff, Capital Grants, Rebates On equipments etc.)
• Major non tax Incentive is Renewable Energy Certificates ( RECs are generation-based ‘certificates’ awarded (electronically, in demat form) to those who generate electricity from renewable sources such as wind, biomass, hydro and solar, if they opt not to sell the electricity at a preferentially higher tariff. These certificates are trade-able on the exchanges and are bought by ‘obligated entities’, who are either specified consumers or electricity distribution companies. These obligated entities may either required to purchase a certain quantum of either green power or RECs. Trading happens on the last Wednesday of each month. Within the obligation, there is a small slice carved out for solar-RECs, or RECs from solar power generators.)
• The company is also working on ways towards reducing the fuel cost for its biomass business and has already taken steps such as entering into contract farming agreement with farmers for ensuring stable and consistent supply of fuel.
• Currently , a 20 MW biomass Project in Kolhapur, Maharashtra , 8.4 MW wind project In Gujarat and 7.2 MW wind project In Andhra Pradesh are under construction and plans to develop wind projects Of 70 MW by March 2015.

Recent Updates:

• On 19^th August,2015 the company informed that it would raise Rs.100 Crs from Edelweiss Group Companies (EW Special Opportunities Fund II Pte Ltd, Ecap Securities Ltd and Forefront Capital Management Pvt Ltd.) and the promoters will subscribe to shares worth Rs 150 Crs through SVL Ltd (formerly known as Shriram Industrial Holdings Ltd) and its subsidiaries.
• India has become the world’s third largest market (in terms of generation capacity) surpassing Japan and Russia in 2013 and current installed capacity as of March 2015 stood at ~268 Gw.
• The Government is also planning on constructing 1,07,440 circuit kilometres of transmission lines by 2016-17 as India’s energy consumption has been increasing fastest due to population growth and economic development.

Overwiew:

Orient Green Power Company Limited (OGPL) is one of India’s leading independent renewable energy-based power generation company focused on developing, owning and operating a diversified portfolio of renewable energy power plants. The Company’s portfolio includes Wind and Biomass energy assets at various stages of development. Headquartered in Chennai, Tamil Nadu, OGPL benefits from the support and commitment of the Shriram Group. The other major shareholders are Bessemer Venture Partners through Bessemer India Capital Limited and Olympus Capital through AEP Green Power Limited. The identified Biomass undertaking of the Company will get demerged into BGPL, a subsidiary of the company , effective October 1, 2015.

The Company had raised an IPO on 9^th October,2010 Of Rs. 900 Crs priced at Rs.47 per share to fund capacity expansion and repayment of debt.

       Segment Analysis :

1. Biomass Energy Business:

• The company is a clear market leader with an installed capacity of 106 Mw.
• Generated revenues worth Rs.153 Crs .

The Units in Tamil Nadu were facing issues of fluctuating fuel costs and lack of adequate cost effective fuel in some units which led to shut down of these units for some period of time.

2. Wind Energy Business :

• The company has a total installed capacity of 435 MW.
• Generated revenues worth Rs.340 Crs.

Delay of over three weeks for the onset of the wind season impacted the wind business in Q1 FY15.

Capacity Expansion Trend: (In Units MW)

 Management:

• Mr. N Rangachary – Chairman
• Mr. S Venkatachalam – MD
• Mr. K. V Kasturi – CFO

Bulk Deals:

Major Non-Promoter Holdings:

Consolidated Financial Trends (In Rs. Crs)

*During the year 2013-2014 fresh issue of 100000000 shares was made of face value Rs 10 each.

Risks:

• Dependent On Governmnent Policies to a greater extent and regulatory Issues related to Incentives.
• High Financed Costs.
• High feedstock prices/low quality due to heavy rains for its Bio-mass plants.
• Increase in Levy Charges in Tamil Nadu for Wind Business.
• Largely Dependent On nature which is unpredictable and uncontrollable.

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