14mar2012181326 - Holding & Investment Companies - Deeply in Discount

ANALYST:
PriteshBumb|+912240935008
pritesh.bumb@sushilfinance.com
SALES:
DevangShah|+912240936060/61
devang.shah@sushilfinance.com
p
Sushil Financial Services
Private Limited
hilfi www.sushilfinance.com
For Private Circulation Only
Please refer to important disclosures at the end of the report
Holding&InvestmentCompanies
DeeplyinDiscount
We have covered Holding & Investment companies in this report, which are trading at very high discount to their NAVs.
Selection of stocks are based on qualitative and quantitative factors as explained below:
QualitativeFactors
Promotershistoryandbackground&theirstakeinthecompany
Qualityofinvestments
Possibilityofvalueunlocking
Majorshareholdersotherthanpromoters
Quantitative Factors QuantitativeFactors
Sizeofthecompany&averagevolumes
CurrentdiscounttoNAV
HistoricaldiscounttoNAVinvariousmarketsituations
Otherliabilitiesinthebalancesheet
Al i h di di id d i h l i i id d di id d i ld l i i i Also,inshorttomediumterm,dividendistheonlyincomeinvestorgenerates,weconsidereddividendyieldasaselectioncriteria.
OURVIEW
We believe holding company discount arises due to few factors which includes lack of controlling stake, long term nature of
investment, liquidation cost etc. Over a period of time the discount varies based on market & economic conditions and due to some
fundamental changes like group restructuring, promoter increasing stake, large investor getting interest etc. In this report, we have
selected a list of 12 companies which we believe are trading at a discount much higher than historical average. We expect the
discount to decrease as investors would flock towards buying these undervalued companies, keeping in mind the sharp recovery in
the stock market and improved sentiments.
Return for investors in these companies can be two fold driven by appreciation of its investments and decrease in discount. Hence,
We expect that most of these companies will turn out to be the safest bets in the current environment & would provide extremely
d t th i t
2 March14,2012
good returns over the coming two years.
DeeplyinDiscount
Why holding company trades at discount?
Strategicstake:Sincemostoftheholdingcompanyinvestmentsarestrategicinnature,unlockingofvalueofinvestment
couldnotbeforeseeninnearfuture.Sotheunrealizedgainsareonlyinthebooksbutseldomrealized.Thus,whatan
investorofholdingcompanyearnsisnottheappreciationinthesharepriceoftheunderlyinginvestmentsbutthedividend
d f th i t t earnedfromtheseinvestments.
Lack of majority : If a holding company does not have a majority stake in its investments, then the financials of the
investments thus held, do not reflect in the holding companys financial statements. Hence, valuing financials of the holding
company may not give a fair picture of the value of overall investment held by it.
Liquidation Cost: High liquidation cost of the investment i.e. if it sells a large block of shares in open market, it might have to
do so at a price below the market price and the price may correct drastically unless the investments are highly liquid stocks. do so at a price below the market price and the price may correct drastically unless the investments are highly liquid stocks.
Triggers that can result in decrease in holding company discount:
1. Fundamental Change
Group /Business Restructuring: Generally group restructuring results in unlocking of value of investments and reduction in
discount.
Promoter trying to increase its stake: Sometime promoter wants to increase their stake in its group So the cheapest & Promoter trying to increase its stake: Sometime promoter wants to increase their stake in its group. So the cheapest &
easiest way for them is to increase their stake in holding company at a steeply discounted valuation (rather than that of
individual companies at market related prices). This results in reduction of discount for holding company.
Launch of holding company funds: Since large number of mutual funds/PE Funds are trying to focus in niche area of
operation, we may see holding company funds to get launched in India in next few years which would result in decrease in
the discount due to fresh buying interest.
2. Technical Behavior/ Market sentiments
Our historical analysis points out that when markets are at top, holding company discount is lowest and when market
bottoms, it is at highest. We have observed a trend (within the universe we covered in this report) which shows that the
discount was least, when the market peaked in Jan08 and it was maximum when market bottomed in Mar09. Despite of a
sharp revival in the market recently, the discount currently are still at high. Hence, we expect discount to decrease
3 March14,2012
substantially over the coming two years as the market condition remains upbeat and expect the investors to flock towards
buying these undervalued holding companies.
DeeplyinDiscount
NAV Calculation Methodology
A holding company typically does not have ongoing operations other than the management of investments and cash. The valuation
of these companies usually relies significantly upon the value of the underlying asset as normal valuation techniques dont apply to
these companies as there is no consistency in revenue generation i.e. Net profit will be extremely volatile based on liquidation of p y g p y q
shares. If the company sells its part of holding and book profit in a particular year, its Income and Net Profit for that year will look
extraordinarily high. Hence, we estimate business value based upon the market value of the underlying assets rather than income
producing capacity or peer valuation. We used Net Asset Value (NAV) based valuation methodology, which is market value of
company assets less liabilities and apply appropriate discount to it. Discount generally depends on nature of its assets and general
market condition market condition.
Disclaimer: For analysis, we have considered investments breakup based on last annual report. Since some of the investments may
have been sold, since then, at much lower price, our conclusion may be inappropriate to the extent of price rise after the sale of
shares.
4 March14,2012
DeeplyinDiscount
COMPANIESCOVERED CMP(RS.) MCAP(MN) NAV(RS.) DISCOUNT(%) PAGENO.
BajajHoldings&InvestmentLtd. 805 89355 2230 64 6 j j g
TataInvestmentCorporationLtd. 459 22032 790 42 8
BombayBurmah &TradingCorporation 549 7686 1793 69 10
l S I L d 68 3840 322 6 12 Nalwa SonsInvestmentsLtd. 768 3840 3225 76 12
MaharashtraScootersLtd. 307 3377 1688 82 14
Balmer Lawrie InvestmentsLtd. 150 3300 265 43 16
Bengal&AssamLtd. 204 1836 691 71 18
SILInvestmentsLtd. 73 803 354 80 20
UniphosEnterprisesLtd. 26 650 106 75 22
MajesticAutoLtd. 59 614 194 70 24
WilliamsonMagor&CoLtd 46 506 212 78 26
Williamson Financial Services Ltd. 27 227 138 81 28
5 March14,2012
WilliamsonFinancialServicesLtd. 27 227 138 81 28
March 14,2012 CMP:Rs.805 NAV:Rs.2230 Discount :64%
BajajHoldings&InvestmentLtd.
Pursuant to Bajaj Autos scheme of demerger, Bajaj Holdings & Investment Ltd (BHIL) was formed
on 30th April 2007, whereby its manufacturing undertaking was transferred to the Bajaj Auto and
its strategic business undertaking consisting of wind farm business and financial services business
has been vested with Bajaj Finserv. All other investments and liabilities remained with BHIL.
BHIL is essentially a Holding & Investment company and currently holds strategic stake in
B j j A t (31 49% t k ) i I di d l t t h l ith 19% k t
STOCKDATA
ReutersCode
BloombergCode
BJAT.BO
BJHI.IN
BSECode
NSE Symbol
500490
BAJAJHLDNG
Bajaj Auto (31.49% stake) is Indias second largest twowheeler company with 19% market
share and is among the leader in three wheeler segment with +40% market share.
Bajaj Finserv (39.15% stake) which is one of the leading financial services company in India, is
engaged in life insurance, general insurance and consumer finance
Maharashtra Scooters (24% stake) has a scooter manufacturing facility but has ceased
production since April 2006. It holds huge investments in its balance sheet, which is valued at
b R 18 b k i f li d i i
NSESymbol BAJAJHLDNG
Mkt.Cap. 89355mn
SharesOutstanding 111mn
52WeeksH/L Rs.831/625
about Rs.18+ bn at current market price for listed entities.
MultiCommodity Exchange (3.06% stake) is the largest commodity trading exchange in India
with 84% market share and is 5
th
largest in the world in terms of turnover.
BSE and Other unlisted investments: It holds 3 mn shares in BSE India with book value of +2.1
bn. It also holds Investments in other securities which includes Gsec worth Rs.0.8 bn,
Debentures worth Rs.10 bn & MF units worth Rs.0.4 bn.
Avg.DailyVol.(6m) 9,047Shares
PricePerformance(%)
1M 3M 6M
4 17 9
200 Days EMA Rs.736
Strong, Reputed Management: The Bajaj Group is amongst the top 10 business houses in India. Its
footprint stretches over a wide range of industries, spanning automobiles (2wheelers and 3
wheelers), home appliances, lighting, iron and steel, insurance, travel and finance. The group's
flagship company, Bajaj Auto, is ranked as the world's fourth largest two and three wheeler
manufacturer and the Bajaj brand is wellknown across several countries in Latin America, Africa,
Middle East and Asia.
200DaysEMARs.736
SHAREHOLDING(%)
Promoters 40.1
FII 11.8
FI/MF 12.7
At the CMP, the stock is available at +64% discount to its NAV, which seems to be very attractive.
BHIL holds considerable stake in other unlisted exchanges like BSE & NMCE and a ratings company
CARE which could trigger price if compared to listed peers in the market.
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 12.0
Public&Others 23.4
6 ThisreportbasedonTechnoFundaResearchandourView/TargetPricehasbeenderivedaccordingly.Pleaserefertothedisclaimeronthelastpage.
FY10
8134.8 7713.3
293.5 72.7 19.9 11.1 2.2 1.2
FY11
10764.5 10000.9
29.7 89.9 21.7 9.0 2.0 1.1
BajajHolding&InvestmentsLtd.
NAVCalculation NoofShare
(mn)
Stake(%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
BajajAuto 91.1 31.5 1,789 2,862 82,149
BajajFinserv 56.0 39.2 615 3,461 35,137
ICICIBank 12.2 1.1 930 4,460 16,061
BajajElectricals 16.7 2.0 190 1,118 1,854
OtherQuotedShares 5,987 6,654
ValueofQuotedEquity 17,888 218,585
Otherinvestmentincl.stake inBSE (cost) 27,847 27,847
ValueOfInvestment 45,735 246,432
Less:NetDebt (DebtCash) (1775) ( ) ( )
NAV 248,207
No. ofshares 111
NAVPerShare(Rs.) 2,230
CMP(Rs.) 805
Discount(%) 64
PriceHistory
ValuationGapChart
7
Source: Company,SushilFinancialServicesEstimates
March14,2012 Holding&InvestmentCompanies
TataInvestmentCorporationLtd.
Tata Investment Corporation (TIC), formerly known as Investment Corporation of India, is a NBFC
located in Mumbai. TIC is primarily involved in investing in longterm investments such as equity
shares. TIC was promoted by Tata Sons in 1937 and went public in 1959.
TIC currently holds strategic stake in all major Tata companies like Tata Chemicals, Tata Steel,
Tata Motors Voltas Tata Tea Titan Industries TCS & other Tata companies which together
STOCKDATA
ReutersCode
BloombergCode
TINV.BO
TICL.IN
BSECode
NSE Symbol
501301
TATAINVEST
Tata Motors, Voltas, Tata Tea, Titan Industries, TCS & other Tata companies, which together
constitute about +60% of its total value of investments. It also holds investments in other listed
companies like HDFC, Ambuja Cements, Sun Pharma among others. Also, it holds investment in
certain unlisted entities like Tata AMC, Tata Capital, TATA Tele, NSE etc.
Strong Management: TIC is a part of Tata group which holds about 73% stake. The Tata Group is
amongst the top 10 business houses in India. Group is respected in India for +140 years for its
NSESymbol TATAINVEST
Mkt.Cap. 22032mn
g p p p y
adherence to strong values and business ethics. Its footprint stretches over a wide range of
industries, spanning automobiles, retail, iron and steel, insurance, IT & communications, power &
chemicals, etc. It also has significant international operations. The total revenue of Tata
companies taken together was $83.3 bn in FY11 with 57% coming from international operations
and it employs around 424,365 people worldwide.
i l b h i h l l k i h ld f i i d
PricePerformance(%)
1M 3M 6M
(5) 6 (13)
200 Days EMA Rs.471
Group Companies: Tata Steel became the sixth largest steel maker in the world after it acquired
Corus. Tata Motors is among the top five commercial vehicle manufacturers in the world and has
major brands like Jaguar and Land Rover. TCS is a leading global software company with delivery
centres in the US, UK, Hungary, Brazil, Uruguay and China, besides India. Tata Global Beverages is
the second largest branded tea company in the world. Tata Chemicals is the worlds second
largest manufacturer of soda ash.
200DaysEMARs.471
SHAREHOLDING(%)
Promoters 65.8
FII 2.5
FI/MF 7.0 g
TIC has high dividend yield of +3% given dividend per share of Rs 16. At the CMP, the stock is
available at 42% discount to its NAV, which seems to be attractive.
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
/
BodyCorporates 3.4
Public&Others 21.3
FY10
2326.2 1939.1
4.1 38.0 15.7 12.1 1.4 2.8
FY11
2481 1985.9
2.4 38.5 12.5 11.9 1.4 3.5
TataInvestmentCorporationLtd.
NAVCalculation
NoofShare
(mn)
Stake (%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
TataChemicals 15.8 6.2 353 455 5,560
TitanIndustries 17.2 1.9 246 171 4,236
TataMotors 14.8 0.4 284 858 4,183
Tata Global Beverages 27.5 4.5 117 74 3,215 TataGlobal Beverages 27.5 4.5 117 74 3,215
Tata Steel 3.4 0.4 456 615 1,544
Voltas 9.5 2.9 127 36 1,198
IndianHotels 9.9 1.3 68 581 670
OtherQuotedShares 5,269 10,546
OtherInvestment(cost) 4,850 4,850
Less:NetDebt(DebtCash) (2,095)
Less:NetCurrentLiabilities
NAV 38,097
No. ofshares(inMn) 48
NAVPerShare 790
CMP 459
PriceHistory ValuationGapChart
CMP 459
Discount(%) 42
9
BombayBurmah TradingCorpLtd.
The Bombay Burmah Trading Corporation Ltd (BBTCL), a 142 years old company, is a leading
concern of the Wadia Group. BBTCL has a number of diverse businesses viz. Tea and Coffee Estates
under Plantations, Dental Products under Health Care and Weighing Products under Electronics.
While plantations continue to be its core business, the other divisions, although profitable, are
relatively small in size.
BBTCLs tea & coffee plantations business is in Southern India with eight estates under tea, totaling
STOCKDATA
ReutersCode
BloombergCode
BBRM.BO
BBTC.IN
BSECode
NSE Symbol
501425
BBTC
2822 hectares and has seven factories producing about 8 mn kg of tea annually. Its has 8 Estates,
totaling 927 hectares of planted coffee and produces about 1000 tons of clean coffee per year, out
of which 50 tons is organically cultivated coffee, which is in highest demand for export.
BBTCL major holdings consist of:
Bombay Dyeing (14.6% stake) is engaged into Real Estate and textiles business with products
ranging from stylish linens, towels, home furnishings, leisure clothing, kids wear and range of
th d t
NSESymbol BBTC
Mkt.Cap. 7686mn
other products.
Britannia Industries engaged in the manufacture and sale of biscuits, bread, rusk, cakes and
dairy products with ~38% market share. BBTCL indirectly holds (50.96% stake) in Britannia
Industries through its 100% subsidiary Leila Lands Limited, which strategically holds majority
stake through its 100% subsidiary Associated Biscuits International Ltd holding 45.13% stake
and 5.83% through other five 100% subsidiaries.
At the CMP the stock is available at +69% discount to its NAV which seems to be very
PricePerformance(%)
1M 3M 6M
27 48 27
200 Days EMA Rs.425
At the CMP, the stock is available at +69% discount to its NAV, which seems to be very
attractive. As indicated in FY11 annual report, BBTC has strong inclination to move up the value
chain by shifting the focus from commodity to branded offerings. A number of actions have
been initiated to achieve this objective and some positive developments are expected to take
place in years ahead. As a part of restructuring exercise in last 2 quarters, BBTC has sold its two
business segments namely Sunmica Division for Rs.1003 mn and an autoancillary division for
Rs.1805 mn. We believe this is the beginning of the restructuring process with next in line
200DaysEMARs.425
SHAREHOLDING(%)
Promoters 66.0
FII 0.2
FI/MF 1.3
g g g p
would be real estate. BBTCL holds land at KanjurmargMumbai, AkurdiPune and Coimbatore.
BBTC intends to sell Pune land, where as other land parcels have been converted to stock in
trade and necessary permission has also been taken for development of these properties.
.
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 3.6
Public&Others 28.9
FY10
44298.7 528.3
1809.7 21.8 6.6 25.9 1.0 0.6
FY11
53265.5 578.3
9.5 78.5 6.8 7.2 0.9 1.2
BombayBurmah TradingCorpLtd.
(mn)
Stake(%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
Bombay Dyeing 5.9 14.6 463 987 2,744
ValueofQuotedEquity 987 2,744
BritanniaIndustries* 60.9 51.0 570 34,719
Otherinvestment(cost) 81
ValueOfInvestment 37,544
Less:NetDebt (DebtCash) 12,419
Less:NetDeferred TaxLiability 89
NAV 25,035
No. ofshares(inMn) 14 ( )
NAVPerShare(Rs.) 1,793
CMP(Rs.) 549
Discount(%) 69
*BombayBurmah holdsindirectstakeinBritanniaInds.viaLeilaLandsSenderian Berhad,a100%Subsidiary.
PriceHistory
ValuationGapChart
11
NalwaSonsInvestmentsLtd.
March 14,2012 CMP:Rs.768 NAV:Rs3225 Discount :76%
Nalwa Sons Investments Ltd (NSIL), formerly known as Jindal Strips Ltd, is an O.P. Jindal Group
company. NSIL was incorporated in the year 1970 and converted to public limited company in the
year 1975.
NSIL is an investment company and continues to hold significant investments in
i d l S ( 9 % S k ) i f h ' l d f S i hi h i
STOCKDATA
ReutersCode
BloombergCode
NALS.BO
NINV.IN
BSECode
NSE Symbol
532256
NSIL
Jindal Saw (19.4 % Stake) is one of the country's largest producers of Saw pipes, which is
widely used in the energy sector for the transportation of oil and gas.
JSW Holdings (10.24% stake) is an Investment Company of the JSW Promoters Group with its
investments mainly in Jindal Group of Companies.
JSW Steel (2% direct stake and 1.5% indirect holding via Jindal holdings, which is a subsidiary
i h 87% k ) i I di d l l k i h 10 MT i hi h i f
NSESymbol NSIL
Mkt.Cap. 3840mn
with 87% stake) is Indias second largest steelmaker with 10 MT capacity, which consists of
the most modern, ecofriendly steel plants with the latest technologies for both upstream &
downstream processes.
NSIL also hold investments in Stainless investment, Brahmaputra Capital as its majority
holdings. The company has four unlisted subsidiaries namely Jindal Holdings Ltd, Jindal
Stainless (Mauritius) Ltd Jindal Steel & Alloys Ltd and Massillon Stainless Inc USA
Avg.DailyVol.(6m) 447Shares
PricePerformance(%)
1M 3M 6M
(8) 33 20
200 Days EMA Rs.700
Stainless (Mauritius) Ltd, Jindal Steel & Alloys Ltd and Massillon Stainless Inc., USA.
Strong Background: Nalwa Sons is a part of O.P. Jindal Group which is amongst the Indias largest
corporate groups having business collaborations around the world. Group is involved in
Infrastructure, Hightech realms of deepocean oil drilling, Prospecting for oil, gas and petroleum
products and Exports
At the CMP the stock is available at 76% discount to its NAV which seems to be very attractive
200DaysEMARs.700
SHAREHOLDING(%)
Promoters 55.6
FII 4.2
FI/MF 0.6
At the CMP, the stock is available at 76% discount to its NAV, which seems to be very attractive.
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
/
BodyCorporates 2.1
Public&Others 37.5
FY10
237.0 158.1
(84.6) 30.8 3.2 24.4 1.2
FY11
311.9 259.1
63.9 50.4 7.5 14.9 1.1
NalwaSonsInvestmentsLtd.
NAVCalculation
NoofShare
(mn)
Stake (%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
JindalSaw 53.5 19.4 169 35 9,069
JSWSteel 4.6 2.0 764 199 3,477
JSWHoldings 1.1 2.5 769 118 875
O h Q d Sh 9 OtherQuotedShares 14 169
JindalHolding(87%Stake) 3.1 87.0 764 610 2,424
OtherInvestment(cost) 775 775
Less:NetDebt(DebtCash) 215
Less: Net Current Liabilities Less:NetCurrentLiabilities
NAV 16,574
NAVPerShare 3,225
CMP 768
Discount(%) 76
PriceHistory
ValuationGapChart
13
MaharashtraScootersLtd.
Maharashtra Scooters Ltd (MSL) is primarily a scooter manufacturer. It is a joint enterprise
promoted by Western Maharashtra Development Corporation (27%) and Bajaj Auto (24%). The
company was incorporated in 1975. MSLs main business is to assemble geared scooters, but due
to nonavailability of CKD packs from Bajaj Auto, MSL ceased production of geared scooters in
April 2006. MSL has managerial and technical agreement with Bajaj Auto for production of
STOCKDATA
ReutersCode
BloombergCode
MHSC.BO
MHSC.IN
BSECode
NSE Symbol
500266
MAHSCOOTER
p g g j j p
scooters in which scooter brands included are Chetak, Super and Priya. The company has its
plants in Waluj and Akurdi.
MSLs major investment holdings consist of
Bajaj Auto (2.34% stake) is Indias second largest twowheeler company with 19% market
share and is among the leader in 3wheeler segment with +40% market share.
NSESymbol MAHSCOOTER
Mkt.Cap. 3377mn
g g
Bajaj Finance (4.48% stake) primarily dealing in financing consumer durables, personal and
small business loans, loan against property, loan against shares.
Bajaj Finserv (2.34% stake) which is one of the leading financial services company in India, is
engaged in life insurance, general insurance and consumer finance
Bajaj Holdings (3 04% stake) is essentially an Holding & Investment company for Bajaj group
PricePerformance(%)
1M 3M 6M
6 (52)
200 Days EMA Rs.322
Bajaj Holdings (3.04% stake) is essentially an Holding & Investment company for Bajaj group.
Its investments also include Debentures and MFs worth Rs.1000 mn.
Strong Background MSL is the part of the Bajaj Group, which is amongst the top 10 business
houses in India. Bajajs footprint stretches over a wide range of industries, spanning automobiles,
home appliances, lighting, insurance, etc. Bajaj Auto is ranked as the world's fourth largest two
and three wheeler manufacturer and the Bajaj brand has presence in several countries in Latin
200DaysEMARs.322
SHAREHOLDING(%)
Promoters 51.0
FII 3.7
FI/MF 3.1
and three wheeler manufacturer and the Bajaj brand has presence in several countries in Latin
America, Africa, Middle East, South and South East Asia.
At the CMP, the stock is available at +82% discount to its NAV, which seems to be very attractive.
MSL has dividend yield of 1.7%.
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 10.0
Public&Others 32.2
FY10
241.5 81.8
(3.8) 6.4 4.2 47.7 1.7 1.8
FY11
410.4 212.3
159.5 17.6 10.6 17.5 1.7 2.9
MaharashtraScootersLtd.
(mn)
Stake(%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
BajajAuto 6.8 2.3 1,789 183 12,119
BajajHoldings 3.4 3.0 806 467 2,728
BajajFinserv 3.4 2.3 615 177 2,083
BajajFinance 1.6 4.5 801 216 1,312
OtherQuotedShares 4 43
Less:NetDebt(DebtCash) (35)
b l Less:NetCurrentLiabilities 118
NAV 19,296
NAVPerShare 1,688
CMP 307
Discount(%) 82
15
BalmerLawrieInvestmentsLtd.
Balmer Lawrie Investments Ltd (BLIL), incorporated in 2001, as a public Ltd company under
the administrative control of the Ministry of Petroleum & Natural Gas.
BLIL was formed under the scheme of demerger of IBP, where investment in Balmer Lawrie
was transferred to BLIL and other business was kept with IBP. Government of India currently
STOCKDATA
ReutersCode
BloombergCode
BLMI.BO
BALM.IN
BSECode 532485
p y
holds about 60% stake in the company.
The Company does not carry any business except its investments in Balmer Lawrie. Hence
BLILs source of income is only dividend income.
Strong Background: BLIL is the holding company of Balmer Lawrie Co Ltd with 61.8% stake.
Balmer groups principal activity is engaged in diversified businesses like Industrial Packaging
Mkt.Cap. 3300mn
A D il V l (6 ) 4 548 Sh
Balmer group s principal activity is engaged in diversified businesses like Industrial Packaging,
Logistics Management, Greases & Lubricants, Travels and Tours. Its Infrastructure business
includes three Container Freight Stations (CFSs) in Mumbai, Chennai and Kolkata. Balmer is
Indias largest manufacturer of MS drums used in packaging of lubricants, chemicals, paints,
etc and it holds the largest market share in India. It delivers BALMEROL brand of Industrial,
Automotive & Speciality range of lubricants.
PricePerformance(%)
1M 3M 6M
(5) 5 (7)
200 Days EMA Rs.153
p y g
BLIL has been rewarding investors with good dividend consistently. It paid final dividend of Rs
8.5 per share during FY11 resulting in yield of 5.6%.
At the CMP, the stock is available at +43% discount to its NAV, which seems to be attractive.
200DaysEMARs.153
SHAREHOLDING(%)
Promoters 59.7
FII 3.2
FI/MF 2.1
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 16.1
Public&Others 18.9
FY10
221.6 211.1
17.5 9.51 45.0 15.8 6.8 5.0
FY11
253.0 242.2
14.7 10.91 46.9 13.8 6.1 5.6
BalmerLawrieInvestmentsLtd.
NAVCalculation
NoofShare
(mn)
Stake (%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
Balmer Lawrie 10.1 61.8 544 327 5,473
OtherQuotedShares
Value of Quoted Equity 327 5 473 ValueofQuotedEquity 327 5,473
OtherInvestment(cost)
ValueOfInvestment 327 5,473
Less:NetDebt(DebtCash) (405)
NAV 5 878 NAV 5,878
NAVPerShare 265
CMP 150
Discount(%) 43
17
Bengal&AssamLtd
Bengal & Assam Ltd is essentially a Finance & Investment company. It has four subsidiaries with
interest in engineering products, polymers, cotton yarn, dairy products and investment. The
Groups turnover was at Rs.82 bn with Fenner India contributing more than 50% in FY11.
Fenner India commenced operations in India in 1929 and put up their first manufacturing unit at
Madurai in Tamilnadu in the year 1956. Currently it has 7 manufacturing units over 5 locations. It
offers a total solution to Mechanical Power Transmission and Sealing requirements on a single
STOCKDATA
ReutersCode
BloombergCode
BAAC.BO
BENG.IN
BSECode
NSE Symbol
533095
window basis and is a market leader. The product lines covers VBelts, Oil seals, Moulded Rubber
Components and Engineering Products for applications in both Industrial and Automotive
mechanical power transmissions. It also exports to more than 50 countries globally. As of FY11, it
had revenue of Rs.4198.7 mn and PAT of Rs.472.7 mn.
Bengal and Assam currently holds strategic stake in
J.K Lakshmi Cement (22.3% stake) has a capacity of 5 mn tons p.a. with clinkerisation unit
l t d t Si hi i R j th d i di iti i Si hi d K l l Ah d b d
NSESymbol
Mkt.Cap. 1836mn
located at Sirohi in Rajasthan and grinding capacities in Sirohi and Kalol near Ahmedabad.
J.K Paper (20.7% stake) is Indias largest producer of branded papers and a leading player in the
Fine Papers and Packaging Board segments. With combined capacity of 2,40,000 tons its
products are marketed under various popular brand names such as JK Copier, JK Bond, etc.
J.K Tyres (20.9% stake) is one of leading player in radial tyre market with capacity of more than
16 mn tyres p.a. It is known for manufacturing Indias leading tyre brands JK Tyre, Vikrant and
Tornel in Mexico for all categories of fourwheelers
PricePerformance(%)
1M 3M 6M
(6) 6 (16)
200 Days EMA Rs.1001
Tornel in Mexico, for all categories of fourwheelers.
J.K Agri Genetics (38.5% Stake) is a leading Hybrid Seed company engaged in Research &
Development, Production, Processing and Marketing of Hybrid Seeds of wide range of crops.
Strong background: The Singhania Group JK Organization is amongst the eminent business houses
in India. Its footprint stretches over a wide range of industries, like Automotive Tyres, Paper & Pulp,
Cement, Power Transmission Systems, Woolen Textiles, Sugar, Food & Dairy Products, etc.
At the CMP, the stock is available at +71% discount to its NAV (Valuing Fenner India at Book Value),
200DaysEMARs.1001
SHAREHOLDING(%)
Promoters 69.7
FII 0.2
FI/MF 4.6
At the CMP, the stock is available at +71% discount to its NAV (Valuing Fenner India at Book Value),
which seems to be very attractive. Considering potential of value unlocking in its other companies
like Fenner India (87.9% stake) and Clinirx Research as these companies are on a excellent growth
path and already have good revenues.
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 6.2
Public&Others 19.3
FY10
304.9 240.4
86.6 27.7 10.8 7.3 0.8 1.2
FY11
342.8 292.1
21.5 33.7 11.9 6.0 0.7 2.0
Bengal&AssamLtd.
(mn)
Stake(%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
JKLakshmiCement 27.2 22.3 60 534 1,646
JK Paper 28.3 20.7 37 255 1,039
JK Tyres 8.4 20.9 74 494 628
JKAgriGenetics 1.4 38.6 333 131 450
Umang Dairies 10.0 45.1 41 5 404
Otherquoted Shares 97 166
Otherinvestment(cost) 1,514 3,903
Value Of Investment 3 072 8 235 ValueOfInvestment 3,072 8,235
Less:NetDebt (DebtCash) 2,151
NAV 5,994
NAVPerShare(Rs.) 691
CMP(Rs.) 204
( )
Discount(%) 71
19
SILInvestmentsLtd.
SIL investments (SIL), originally incorporated as Sutlej Cotton Mills Ltd is promoted by late Shri
G.D. Birla in 1934. It is engaged in investments and financial activities. The company demerged its
textile business in 1995 and became purely an investment company. SILs core investments are
mainly in group companies besides investments in Shares & Securities and Real Estate. SIL also
holds investments in immovable properties in Maharashtra, UP and Punjab. SIL earns its income
STOCKDATA
ReutersCode
BloombergCode
SILI.BO
SIIN.IN
BSECode
NSESymbol
521194
SILINV
holds investments in immovable properties in Maharashtra, UP and Punjab. SIL earns its income
in form of rent income, dividend income and profit on sale of investments & fixed assets.
SILs major investment holdings consist of Chambal Fertilizers and Zuari Industries which covers
about 88% of its total value of investment.
Chambal Fertilisers (7.7% stake) is one of the largest private sector fertiliser producers in
India. Chambal Fertilisers has three divisions : agriinputs, shipping and textiles. It has
Mkt.Cap. 803mn
Avg Daily Vol (6m) 943 Shares
India. Chambal Fertilisers has three divisions : agri inputs, shipping and textiles. It has
diversified into other sectors through its subsidiaries in the software and in the infrastructure
sector. It also has a joint venture in Morocco for manufacturing phosphoric acid.
Zuari Industries (10.9% stake) has operations that spans the entire range of agriinputs
manufacturing and delivery. The company has diversified into a number of related and non
related industries, from oil tanking to furniture.
Avg.DailyVol.(6m) 943Shares
PricePerformance(%)
1M 3M 6M
(21) 2 (21)
200DaysEMARs.85
Strong Background: SIL is part of K.K. Birla group companies who has diversified interest in
Fertilizers, Engineering, Textiles, Sugar, Tea, Media, Shipping Food Products, Media, Information
Technology, Biotechnology, Shipping and others.
SIL has dividend yield of 1.3%.
SHAREHOLDING(%)
Promoters 62.7
FII
FI/MF 0.1
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 19.6
Public&Others 17.6
FY10
195.4 76.7
2.1 7.1 6.0 11.2 0.6 1.3
FY11
208.2 93.1
22.2 8.7 6.9 9.1 0.6 1.3
SILInvestmentsLtd.
(mn)
Stake(%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
ChambalFertiliser 32.2
7.7
82 526 2,638
ZuariInds. 3.2
10.9
517 80 1,659
Other Quoted Shares 210 69 OtherQuotedShares 210 69
Less:NetDebt(DebtCash) 1,020
NAV 3,761
NAVPerShare 354
CMP 73
Discount(%) 80
21
UniphosEnterprisesLtd.
Uniphos Enterprises Ltd. (UEL) was incorporated in 1969 as a private company and went
public in the year 1986. UEL located at Gujarat was demerged from United Phosphorus Ltd
leaving it mainly with the business of trading.
UELs main business comprise into trading of chemicals, import & export of engineering
d i lt l d t d i th it It di t ib t h bi id d f i id
STOCKDATA
ReutersCode
BloombergCode
UNPH.BO
UPE@IN
BSECode
NSE Symbol
500429
UNIENTER
goods, agricultural products and various other items. It distributes herbicides and fungicides
for agricultural applications and it offers other products like additives for the paper industries,
adhesive tape, cotton yarn, dyes intermediates, mosquito mats, and many more products.
Strong Background: UEL is an associate of United Phosphorus group and UEL holds strategic
stake of 5.4% in United Phosphorous. United Phosphorus Ltd (UPL) is the largest
manufacturer of agrochemicals in India and is a leading global producer of crop protection
NSESymbol UNIENTER
Mkt.Cap. 650mn
52WeeksH/L Rs.36/21
manufacturer of agrochemicals in India and is a leading global producer of crop protection
products, intermediates, specialty chemicals and other industrial chemicals. UPL has its
presence across value added agriinputs ranging from seeds to crop protection and post
harvest activity. UPL holds 50% stake in Advanta India, its subsidiary engaged in producing
seed products. Through group activities, the company has 28 branches in India, also has
presence in the UK, USA, Denmark, Sri Lanka, Australia, Mexico, Vietnam, Zambia, Mauritius
PricePerformance(%)
1M 3M 6M
(4) 2 (12)
200 Days EMA Rs.27 presence in the UK, USA, Denmark, Sri Lanka, Australia, Mexico, Vietnam, Zambia, Mauritius
among other countries.
At the CMP, the stock is available at 75% discount to its NAV valuation, which seems to be
very attractive.
200DaysEMARs.27
SHAREHOLDING(%)
Promoters 50.4
FII 18.9
FI/MF 3.8
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 4.1
Public&Others 22.8
FY10
313.2 (75.2)
(2.5) (16.1) 1.2
FY11
51.5 (18.3)
75.7 (1.4) 1.2
UniphosEnterprisesLtd.
NAVCalculation
NoofShare
(mn)
Stake (%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
UnitedPhosp. 25 5.4 136 761 3,395
NAV 2,689 NAV 2,689
No.ofshares(inMn) 25
NAVPerShare 106
CMP 26
Discount(%) 75
23
MajesticAutoLtd.
March 14,2012 CMP:Rs.59 NAV: Rs.194 Discount :70%
Majestic Auto Ltd (MAL), established in 1973, is a part of Indias wellknown Hero Group of
Companies comprising 20 companies, each one having established its own respective production
line in India and in International Market.
MAL diversified in 1999 in the field of Fine Blanked Components by doing technical collaboration
with Feintool of Switzerland The company is supplying components to the major automobile
STOCKDATA
ReutersCode
BloombergCode
MJST.BO
MATOIN
BSECode
NSESymbol
500267
MAJESAUTO
with Feintool of Switzerland. The company is supplying components to the major automobile
companies of India like Maruti, Tata Motors, Mahindra & Mahindra, Ford, Toyota, General Motors,
Bosch India, Hero Motocorp, Fiat and Force Motors.
MAL has further established a modern unit to manufacture various types of silencers for Hero
Motocorp, Stator & Rotor assembly for LG Electronics and Tecumseh.
MAL essentially is a Holding & Investment company which currently holds strategic stake in Hero
Mkt.Cap. 614mn
SharesOutstanding 10.4mn
Avg Daily Vol (6m) 4 875 Shares
MAL essentially is a Holding & Investment company which currently holds strategic stake in Hero
Motocorp Ltd (0.81% stake) which is a world's largest twowheeler manufacturing company. Hero
bikes currently spin out from its three globally benchmarked manufacturing units sited at in
Haryana and Uttarkhand. These plants collectively are proficient of producing out 6.1 million units
per year.
Strong Management: MAL is a part of Hero Group which is amongst the Top 10 Indian Business
PricePerformance(%)
1M 3M 6M
(8) (9) (25)
200DaysEMARs.72
Houses of India. It is a multiunit, multiproduct, geographically diversified Group with myriad
interests. Hero, known for its twowheelers business in India and the Group's other ventures
include product designing, IT enabled services, finance and insurance etc. The Group today
comprises of 20 companies, 300 ancillary suppliers, over 5,000 outlets, and has employee strength
of more than 23,000.
At the CMP the stock is available at 70% discount to its NAV valuation which seems to be very
SHAREHOLDING(%)
Promoters 75.0
FII 1.4
FI/MF 0.8
Body Corporates 4 4 At the CMP, the stock is available at 70% discount to its NAV valuation, which seems to be very
attractive.
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 4.4
Public&Others 18.4
FY10
1479 208.3
356.1 20.0 48.3 3.0 1.2
FY11
1611 66.2
(68.2) 6.8 11.6 8.8 1.0
MajesticAutoLtd.
NAVCalculation
NoofShare
(mn)
Stake (%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
HeroHondaMotor 1.6 0.8 1,928 1 3,133
Less:NetDeferredTax Liability 38
NAV 2,013 ,0 3
No. ofshares(in Mn) 10.4
NAVPerShare 194
CMP 59
Discount(%) 70
25
WilliamsonMagor&CompanyLtd.
Williamson Magor & Company Ltd (WM&C) established in the year 1949, is primarily engaged in
the business of investing and lending funds and it operates in real estate through its subsidiaries
Woodside Park and Majerhat Estates & Developers.
WM&C Ltd holds major investments in associate companies
Mcleod Russel Ltd. (10.6% stake) is the worlds largest tea producer with over 80 mn kgs of
STOCKDATA
ReutersCode
BloombergCode
WILM.BO
WMC.IN
BSECode
NSESymbol
519224
WILLAMAGOR
Mcleod Russel Ltd. (10.6% stake) is the world s largest tea producer with over 80 mn kgs of
high quality tea p.a. from tea estates in Assam, West Bengal and Vietnam.
Eveready Industries Ltd. (23% stake) formerly known as Union Carbide India Ltd, has a
portfolio comprising of dry cell batteries, flashlights, CFLs and packet tea.
Mcnally Bharat Engg Ltd. (10.2% stake) is engaged in providing turnkey solutions in the areas
of Power, Steel, Aluminium, Material Handling, Mineral Beneficiation, Pyroprocessing, coal
Mkt.Cap. 506mn
52WeeksH/L Rs.79/32
washing, port cranes, civic and industrial water supply etc.
Williamson Financial Services Ltd. (6.9% stake) is into fundbased activities like leasing, hire
purchase and corporate financing. It also holds strategic stake in Mcleod Russel & Eveready
Industries.
Kilburn Engineering Ltd. (32.6% stake) is the worlds only company manufacturing all types of
d d ff i l t d i l ti f di li ti
PricePerformance(%)
1M 3M 6M
5 17 (15)
200DaysEMARs.46
dryers and offering complete drying solution for diverse applications.
Strong Background & Management: WM&C Ltd is a part of Williamson Magor group, which has
grown to become the world`s largest producer of tea having 28 tea estates. The group has
successfully launched three brands of packet tea Tez, Premium Gold and Jaago. The company has
experienced and renowned names on its board like BM Kaitan (Chairman), Deepak Kaitan (Vice
Chairman) and Bharat Bajoria (Director) among others.
SHAREHOLDING(%)
Promoters 61.9
FII 1.0
FI/MF 2.5
Chairman) and Bharat Bajoria (Director) among others.
Stock is currently available at 78% discount to its NAV, which seems to be very attractive.
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 5.0
Public&Others 29.6
FY10
273.1 (6.9)
80.7 (0.4) 0.4
FY11
254.3 1.2
117.4 0.1 0.1 405.0 0.4
WilliamsonMagor&CompanyLtd.
(mn)
Stake (%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
Mcleod Russel 11.6 10.6 236 672 2,753
EvereadyInds. 16.8 23.0 26 936 432
McNallyBharat 1.9 10.2 101 170 190
KilburnEngg. 4.3 32.6 26 107 114
OtherQuotedShares 81 49
NAV 2,323
NAVPerShare 212
CMP 46
Discount(%) 78
27
WilliamsonFinancialServicesLtd.
Williamson Financial Services Ltd. (WFSL), earlier known as Makum Tea Company (India), was
renamed in Dec'94. WFSLs principal area of business is fundbased activities like leasing, hire
purchase and corporate financing.
It plans to play an advisory role in foreign exchange dealing and corporate restructuring including
b id h b ki d l h b ki Th i i d NBFC
STOCKDATA
ReutersCode
BloombergCode
WILF.BO
MAKM.IN
BSECode 519214
mergers, besides merchant banking and also share broking. The company is registered as a NBFC
with RBI.
WFSL holds strategic investments in
Mcleod Russel (5.4% stake) is the worlds largest tea producer with over 80 mn kgs of high
quality tea a year from tea estates in Assam, West Bengal and Vietnam.
d d ( k ) f l k b d d d h f l
Mkt.Cap. 227mn
SharesOutstanding 8.4mn
52WeeksH/L Rs.41/18
Eveready industries (7.1% stake) formerly known as Union Carbide India Ltd, has a portfolio
comprising of dry cell batteries, flashlights, CFLs and packet tea.
Strong Background & Management: WM&C Ltd is a part of Williamson Magor group, which has
grown to become the world`s largest producer of tea having 28 tea estates. The group is on
course added value to its products and has successfully launched three brands of packet tea
Tez Premium Gold and Jaago The company has experienced and renowned names on its board
PricePerformance(%)
1M 3M 6M
10 23 (51)
200DaysEMARs.28
Tez, Premium Gold and Jaago. The company has experienced and renowned names on its board
like BM Kaitan (Chairman), Deepak Kaitan (Vice Chairman) and Bharat Bajoria (Director) among
others.
SHAREHOLDING(%)
Promoters 65.2
FII
FI/MF 1.2
Y/EMar.
Revenues
(Rs.mn)
PAT
(Rs.mn)
PATGrowth
(%Ch.)
EPS
(Rs.)
ROE
(%)
PER
(x)
Price/BV
(x)
Dividend
Yield(%)
BodyCorporates 4.1
Public&Others 29.5
FY10
39.3 14.6
1223.1 1.8 2.0 14.8 0.3
FY11
41.7 7.0
(52.1) 0.9 1.0 27.6 0.3
WilliamsonFinancialServicesLtd.
NAVCalculation
NoofShare
(mn)
Stake(%)
CMP (Rs.)
(12Mar12)
Cost
(RsMn)
Value
(Rsmn)
Mcleod Russel 5.9 5.4 236 589 1,394
EvereadyInds. 5.2 7.1 26 516 133
Other Quoted Shares 1 OtherQuotedShares 1
Less:NetCurrentLiabilities 330
NAV 1,157
No. ofshares(inMn) 8.4
NAVPerShare 138
CMP 27
Discount(%) 81
29
DeeplyinDiscount
Out of the discussed 12 holding & investment companies, we have further refined to 6 companies on the basis of following criteria:
(1) Number of Investments by the company should not be less than two. Imposing this criteria will remove names where investment is
highly concentrated and chances of value unlocking or business restructuring are remote, thereby eliminating companies Balmer
Lawrie Investments, Uniphos Enterprises and Majestic Auto.
(2) Investment Holding Discount should be above 50%, thereby eliminating Tata Investment Corporation, where discount is less than
50%, i.e 42%.
O h b i f b i i l f i h 8 i Of h 8 i h f h fi d 6 i On the basis of above two criteria, we are now left with 8 companies. Of these 8 companies, we have further refined to 6 companies
on the basis of (a) size of investments and (b) Nature of Investments i.e Cross Holding. The Whole idea behind applying these two
more filters is to see opportunities of value unlocking or business restructuring in the long run. Thereby, 2 more companies SIL
Investments and Williamson Financial Services get eliminated from the selection amidst their smaller size of investments and lack of
cross holding.
On the basis of all the above criteria we have arrived at the final list of 6 companies in which we could see higher probability of
triggers. The name of companies are Bajaj Holdings & Investments, Bombay Burmah & Trading Corporation, Bengal & Assam, Nalwa
Sons & Investments, Maharashtra Scooters, Williamson Magor & Company.
30 March14,2012
This is a guide to the rating system used by our Institutional Research Team. Our rating system comprises of six rating categories, with a corresponding risk
rating.
RatingScale
rating.
RiskRating
RiskDescription PredictabilityofEarnings/Dividends;PriceVolatility
LowRisk Highpredictability/Lowvolatility
MediumRisk Moderatepredictability/volatility
HighRisk Lowpredictability/Highvolatility
TotalExpectedReturnMatrix
Rating LowRisk MediumRisk HighRisk
Buy Over15% Over20% Over25%
Accumulate 10%to15% 15%to20% 20%to25%
Hold 0%to10% 0%to15% 0%to20%
Sell NegativeReturns NegativeReturns NegativeReturns
Neutral NotApplicable NotApplicable NotApplicable
NotRated NotApplicable NotApplicable NotApplicable
Please Note
Recommendations with Neutral Rating imply reversal of our earlier opinion (i.e. Book Profits / Losses).
**Indicates that the stock is illiquid With a view to combat the higher acquisition cost for illiquid stocks, we have enhanced our return criteria for such stocks by five percentage
points.
Stock Review Reports: These are Soft coverages on companies where Management access is difficult or Market capitalization is below Rs. 2000 mn. Views and
recommendation on such companies may not necessarily be based on management meeting but may be based on the publicly available information and/or attending Company
AGMs. Hence Stock Reviews may be just one-time coverages with an occasional Update, wherever possible.
Additional information with respect to any securities referred to herein will be available upon request. Additional information with respect to any securities referred to herein will be available upon request.
This report is prepared for the exclusive use of Sushil Group clients only and should not be reproduced, re-circulated, published in any media, website or otherwise, in any form
or manner, in part or as a whole, without the express consent in writing of Sushil Financial Services Private Limited. Any unauthorized use, disclosure or public dissemination of
information contained herein is prohibited. This report is to be used only by the original recipient to whomit is sent.
This is for private circulation only and the said document does not constitute an offer to buy or sell any securities mentioned herein. While utmost care has been taken in preparing
the above, we claimno responsibility for its accuracy. We shall not be liable for any direct or indirect losses arising fromthe use thereof and the investors are requested to use the
information contained herein at their own risk.
This report has been prepared for information purposes only and is not a solicitation, or an offer, to buy or sell any security. It does not purport to be a complete description of the
securities, markets or developments referred to in the material. The information, on which the report is based, has been obtained fromsources, which we believe to be reliable, but
31
secu tes, a ets o de eop e ts e e ed to t e ate a e o ato , o c t e epo t s based, as bee obta ed o sou ces, c e be e e to be e abe, but
we have not independently verified such information and we do not guarantee that it is accurate or complete. All expressions of opinion are subject to change without notice.
Sushil Financial Services Private Limited and its connected companies, and their respective directors, officers and employees (to be collectively known as SFSPL), may, fromtime
to time, have a long or short position in the securities mentioned and may sell or buy such securities. SFSPL may act upon or make use of information contained herein prior to the
publication thereof.
Member:BSEL,SEBIRegn.No.INB/F010982338|NSEIL,SEBIRegn.No.INB/F230607435
12,HomjiStreet,Fort,Mumbai400001.Phone:+912240936000Fax:+912222665758

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