CONTENTS Vol. 32 No.

21 • SEPT 18 - OCT 1, 2017

Recommendations

10 Choice Scrip

12
18 14
Low Priced Scrip

Hot Chips

Regulars
06 Editor’s Keyboard
07 Company Index
08 Market View
16 Technicals
92 Our Call Tracker
98 Expert Speak
100 Query Board
105 Reviews
106 Kerbside

27 Subscribers can access

the complete databank
consisting of more than

84 94
3500 companies on our
website www.DSIJ.in
Analysis Special Report
Derivatives: The ❛High Risk, Communication Feature sections
Bombay Dyeing & are advertorials provided by the
High Return❜ Instrument For company & carried on “as is” basis.
Manufacturing Company The Brave Hearts
4 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in
 Rising Retail Participation:
Equity Culture Is Here To Stay
I
know most of you must be wanting to hear from me on “Which direction will markets take from
here on”? Before I even talk about where we are headed, do remember I had said that the
market, i.e Sensex may not fall below 31000 even when most of the analyst on the street
predicted a downfall.

Markets have a tendency to correct and any correction is healthy for the markets. Such bouts of
corrections are to be used optimally and it is indeed in situations like these that a savvy investor
accumulates and makes fresh purchases.

What we have with us is a difficult geopolitical

situation to deal with and a slowing GDP growth.
Must say these are two big walls of worries that
markets have to scale. On the positive side, we have
abundant liquidity and an ever-growing emerging
investor class in the form of retail investors. Retail
investors are participating in equity markets like
never before. Can say that the equity culture is finally
here to stay in India.

In this issue, we thought we will celebrate the

performance of small-cap stocks. Indeed small-cap
investing is becoming popular with the masses and
there are multiple options available for the investors
to invest in quality small-cap stocks, mutual funds
investing in small-caps being one of the popular
options. We bring to you fresh views from market
experts on small-cap stocks and why they think
small-cap investing will be a huge rewarding experience.

Investors should focus on quality small-caps with less amount of debt on the books and pay attention
to the qualitative aspects such as management quality and corporate governance. Money will be made
in small-caps, we have no doubt and you should also have no doubts as well, on the potential of
small-caps. In this issue, we have come up with a fresh set of small-cap stocks as recommendations.

Derivatives market is another area which is gaining popularity and we are carrying an article on ‘Best
derivatives trading practices’ for the benefit of readers.

There are no major triggers for the markets, however, markets will start discounting earnings for
coming quarters and market participants will react to the inflation data and start discounting interest
rate cut scenarios as well. May be there will be at least one small rate cut before the budget session even
as the policy makers struggle to put Indian economy on a faster growth trajectory.

Someone rightly said that “India is like a house that is undergoing renovation”. We will have a better-
looking India in 6 to 9 months from now. With better economic prospects, the stock markets can only
take one direction, that is, upwards. Till that time markets may trade rangebound with a positive bias.

Stay invested and invest in a staggered manner.

V B PADODE
Editor-in-Chief

6 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 facebook.com/DSIJin twitter.com/DSIJ

Vol. 32. No. 21 • SEPT 18 - OCT 1, 2017

Founder & Editor-In-Chief Mumbai: enquiry@dsij.in

www.dsij.in/apps.aspx
linkedin.com/in/DalalStreetInvestmentJournal
V B Padode Nitin Zimur
Chief Copy Editor (Sr. Manager - Sales)
Prakash Patil Anand Chinchole
Assistant Editor (Manager-Media Sales)
Yogesh Supekar
Research
Neerja Agarwal
Delhi:
Atul Verma
(Sr. Manager - Sales & Marketing)
MF Selection

I
(Asst. VP – Research) Lokesh Sharma
(Sr. Manager - Media Sales) have never understood how to select best performing mutual fund. I read
Karan Bhojwani
(Manager Research) Bengaluru:
you article on MFs and I thank you for suggesting the top 7 mutual fund
N K Vishwanatha schemes. Should I invest in these funds in SIP format or lump sum?
Bhagyashree Vivarekar
(Sr. Research Analyst) (Sr. Manager - Sales) 
Lohit Bharambe Chennai: - Kishore Debere
(Research Analyst) P V Bhaskar
(Sr. Manager - Media Sales) Editor Responds: We thank you for your query. Good question. We have
Graphics
Vipin Bendale Kolkata: recommended best mutual funds for investment purpose. One may choose to go for
Dipanjan Lahiri
Subscription & Customer Service (Manager- Media Sales) lump sum or the SIP route, depending on availability of investible funds at your end.
Utkarsh Sawale Thanking you once again for your query. Keep writing to us.
Arvind Manor Mutual Funds :
Hemant Rustagi
Marketing & Sales
G M - Marketing & Sales Tax:
Farid Khan Jayesh Dadia
Recommendations
Company/Scheme Reco. Price (`) Column Page No
DSIJ Private Limited 20 Microns Limited l Buy 37.90 Cover Story 24
Managing Director ADF Foods l Avoid 223.00 QueryBoard 100
Rajesh V Padode
Alkali Metals l Buy 76.70 Low Priced Scrip 12
For Customer Service
Ashok Leyland l Buy 118.00 Kerbside 106
020-49072626 OR  service@DSIJ.in
Atlanta Limited l Buy 90.50 Cover Story 25
Mumbai Office
419-A, 4th Floor, Arun Chambers, Tardeo, Next to AC Market Blue Dart l Exit 4225.00 Reviews 105
Mumbai - 400034 022-43476012/16/17
Bodal Chemicals l Buy 170.00 QueryBoard 104
Pune Office
C-305, 3rd Floor, Trade Center, North Main Road, Near Axis Bank, Bombay Dyeing & Manu. Co. l Hold 149.00 Analysis 84
Opposite Lane no. 6, Koregaon Park, Pune - 411001
020-49072600
GAIL India l Buy 409.00 Hot Chips 14
Bengaluru Havells India l Buy 506.95 Technicals 17
Boston Financial Advisory Group, # 54, Hi Tech Pipes l BP 211.00 Reviews 105
3rd Floor, 13th Main, 17th Cross, HSR Layout,
Bengaluru - 560102 080-25724800/600 IFB Agro Industries Limited l BP 408.00 QueryBoard 102
Chennai 9445546165 Indian Hume Pipe Company l Buy 556.00 Cover Story 25
Delhi 8800978622 JBF Industries Limited l Hold 171.00 QueryBoard 100

To advertise, mail us on ads@dsij.in Jubilant Foodworks l Buy 1425.00 Hot Chips 14

Printer and Publisher: Nitin Sawant, Editor: V B Padode for DSIJ Pvt Ltd.
Karur Vysya Bank Limited l BP 151.00 QueryBoard 102
on behalf of Achievements Merchandise Pvt Ltd. Printed at Kala Jyothi L&T Finance and Holding l Buy 202.00 Kerbside 106
Process Pvt. Ltd. Plot No.: W-17&18, M.I.D.C. Industrial Area, Taloja,
Dist. Raigad, Navi Mmbai. - 410 206. and published from 419-A, 4th MCX l Buy 1119.00 Kerbside 106
Floor, Arun Chambers, Tardeo, Next to AC Market, Mumbai - 400034 
All rights reserved.  While all efforts are made to ensure that the Minda Industries l Hold 863.00 QueryBoard 104
information published is correct and up-to-date, Dalal Street Investment
Journal holds no responsibility for any errors that might occur. All National Aluminium l Buy 82.25 Kerbside 106
material contained herein is based on fundamental and technical analysis
and other in-house methods, which though reliable, are not infallible. The Prima Plastics Limited l Buy 239.00 Cover Story 26
information given in the magazine is of an advisory nature. Readers are
advised to consult experts before taking any investment decision and Dalal Symphony l Buy 1430.00 Choice Scrip 10
Street Journal holds no responsibility for any losses that may arise due to
investment decisions made on the basis of information given within the Tata Sponge Iron Ltd l Buy 920.50 Technicals 17
magazine. No reproduction is permitted in whole or part without written
consent from Dalal Street Journal  All disputes are subject to the
Yash Papers l Buy 39.25 Cover Story 26
exclusive jurisdiction of competent courts and forums in Mumbai only. 
Dalal Street Investment Journal is a member of INS/ABCs. BP - Book Profit • BPP - Book Partial Profits • BL - Book Loss

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 7

Market Watch
Market To Move Close
To All Time Highs Soon !!
M
arkets have finally
broken the shackles and
have attempted to settle
above the crucial
support levels. Nifty
closing above 10,000 levels is something
that will cheer the investors. The
September series began with lowest open
interest in the index for calendar year
2017. However, we have been consistently
observing good amount of build-up in
both indices, indicating revival of
sentiment among the traders.
Sensex inched up by 1.57 per cent in the
past 15 days even as Nifty gained 2.14 per
cent. The broader markets out-performed
the major benchmark indices in the past
two weeks, with Mid-cap index gaining
3.85 per cent and Small-cap index
climbing 5.08 per cent.All of the sectoral
indices gained over the past 15 days,
except the IT index, which delivered
negative return of 1.5 per cent.
Metal index generated 8.48 per cent
returns, Realty index was up by 5.24 per
cent and Bankex gained nearly 2 per cent
in the past couple of weeks.
Globally all the major indices gained over
the past 15 days. Dow Jones was up by
0.88 per cent, S&P 500 by 1.71 per cent
and NASDAQ by 2.07 per cent.
European markets outperformed globally,
8 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
with the German DAX being the highest
gainer, climbing up by 4.43 per cent.
France’s CAC40 was up by 2.88 per cent
and while UK’s FTSE 100 inched up by
1.04 per cent.Asian markets
underperformed its global peers, but
remained in the positive territory. Nikkie
gained 0.93 per cent, Hang Seng gained
0.68 per cent and Shanghai was up by
0.33 per cent.FIIs turned net sellers in
the Indian markets, with net sales figures
of Rs 4586.72 crore. The DIIs were net
buyers in the markets during last
fortnight to the tune of Rs 3619.7 crore.
The recent GDP data reflects slowness in
the growth in economy. Investors seem
to be ignoring the near-term pain and
focusing on the long term outlook. The
geopolitical tensions emanating from
North Korea and America threaten to
disturb the positive momentum of the
global equity markets. However,
Performance Of Indices
11th Sept 29th Aug Gain/Loss
Indices
2017 2017 (%)
SENSEX 31,882.16 31388.39 1.57
Nifty 10,006.05 9796.05 2.14
Mid-Cap 15,865.88 15,277.65 3.85
Small-Cap 16,451.70 15,656.02 5.08
Auto 24,207.73 23,455.32 3.21
Bankex 27,803.84 27,261.24 1.99
FMCG 10,133.02 10,041.20 0.91
IT 9,903.33 10,054.60 -1.50
Metal 14,048.55 12,950.49 8.48
Power 2,281.33 2,232.40 2.19
Realty 2,188.63 2,079.68 5.24
A breakout on higher side,
though not impossible,
looks unlikely and may
disappoint die-hard bulls
in the market. Investors
should continue to focus
on individual stocks and
look for investing
opportunities in quality
stocks across market caps.
investors seemed to have already
factored in the risks in the market
prices.
The liquidity-driven rally may continue
and small-cap and mid-cap stocks will
continue to attract investors with their
higher growth trajectory.
All eyes will now be on the inflation data
and it is expected that inflation may
inch up a little bit from the previous
month’s level. Looking at the improving
sentiment in the global markets and not
ignoring the fact that the geopolitical
tensions may persist, the markets at best
may trade range-bound. DS
11th Sept 29th Aug Gain/Loss
Indices
2017 2017 (%)
Dow Jones Ind 22,057.37 21,865.37 0.88
S&P 500 2,488.11 2,446.30 1.71
NASDAQ 6,432.26 6,301.89 2.07
FTSE 100 7,413.59 7,337.43 1.04
DAX 12,475.24 11,945.88 4.43
CAC 40 5,176.71 5,031.92 2.88
Hang Seng 27,952.99 27,765.01 0.68
Nikkei 19,541.88 19,362.55 0.93
Shanghai 3,376.42 3,365.23 0.33
Net Investment In Equity Markets (`/Cr)
Date FIIs DIIs
30-Aug -12.46 290.78
31-Aug 77.58 509.71
01-Sep -832.81 731.72
04-Sep -873.91 -49.1
05-Sep -379.16 474.36
06-Sep -1,353.02 51.57
07-Sep -564 245.32
08-Sep -256.42 487.97
11-Sep -392.52 877.37
Total -4586.72 3619.7
DSIJ.in
Recommendations Equity
Symphony lower indirect tax due to GST would
benefit customers.

THE 'COOL' SYMPHONY FOR INVESTMENT Successful Business Model: Symphony

outsources manufacturing of air coolers
to about nine exclusive vendors in India
and uses the 'cash-and-carry' model for
sales. However, the company retains the
rights for product development, design
HERE IS WHY and marketing to maintain the exclusiv-
ity of its products. This in turn enables
Expected recovery in sales post GST Symphony to concentrate on its core
Asset light-low debt business model competence: Innovation. This business
model has turned Symphony into an

S
Expected Restocking by dealers
ymphony Ltd, arguably the
world’s #1 air cooling company,
has been cooling the world since
1939. It manufactures products
such as domestic air coolers,
industrial air coolers and water heaters.
The company has been at the forefront of
innovation with 108 trademarks, 49
registered designs, 7 copyrights and 8
patents related to air cooling.
The company has a global presence across
60 countries. Symphony has a strong
network of over 30,000 retailers and
1000-plus distributors. The company has
its headquarters in Ahmedabad. Sym-
phony acquired Munters Keruilai Air
Treatment Equipment Co. Ltd. (MKE),
China, to get access to the Chinese
market which is the second largest air
cooler market after India.
Industry Overview: Air coolers
represent a low-cost and energy-efficient
alternative to air conditioners. The air
cooler industry is highly dominated by
unorganised players with contribution of
72 per cent in volume terms. The top
four players account for more than 90
per cent of the branded air cooler
Best of LAST ONE Year
Name of Reco CMP Gain
Company Price (`) (`) (%)
Mahanagar Gas 518.00 1180.00 127.80
Rajesh Exports 435.00 748.00 71.95
Hi Tech Pipes 133.00 211.00 58.65
Bharat Electronics 1279.00 1885.00 47.38
Muthoot Finance 359.00 518.00 44.29
(Closing price as of Sept 12, 2017)
market. Symphony enjoys about 50 per
cent share of the organised segment.
Other players include Kenstar (Videocon
Industries Limited), Bajaj Electricals,
Orient, Maharaja and Usha.
The government’s key reforms such as
implementation of GST and pay hike are
likely to benefit the consumer durable
companies. The Seventh Pay Commis-
sion boosted the disposable income of
1.4 crore government employees, while
asset-light and zero-debt company. The
zero-debt status provides adequate room
to fund its organic and inorganic growth
opportunities, whenever required.
Financials: Due to weak summer,
Symphony Ltd. reported net sales of
`129.75 crore in Q1FY18 with a decrease
of 29.5 per cent QoQ and 15 per cent
YoY. Its EBITDA for Q1FY18 stood at
`19.44 crore, a de-growth of 60.8 per
cent QoQ and 50.2 per cent YoY mainly
due to high raw material cost during the
quarter, the raw material cost being
higher by 58.2% YoY. The PAT for
Q1FY18 stood at `22.95 crore, declining
by 23.8 per cent YoY. The new products
were launched at introductory prices
which impacted the profitability as well.
Symphony has maintained strong RoCE
and RoE at 43 per cent and 36 per cent,
respectively. The company is currently
trading at a P/E of 53.69x.
With its strong brand image, the
company is building strong distribution
network to penetrate the rural markets
which will lead to robust growth. Also,
recovery in sales post GST is expected.
Taking all these factors into consider-
ation, we recommend our reader-inves-
tors to BUY this stock. DS

CMP
Monthly Stock Market Returns Last Five Quarters - Consolidated (`/Cr)
Shareholding Pattern
(`) Jun '17 Mar '17 Dec '16 Sept '16 Jun '16
June 2017 Particulars
Promoter 75.00 Total Income 129.75 184.05 180.09 150.43 152.60
FII 6.83 Other Income 12.65 15.07 11.87 4.73 5.35
DII 6.00 Operating Profit 32.09 64.60 79.05 55.99 44.51
BSE Code: 517385 Others 5.74 Interest 0.00 0.00 0.00 0.01 0.00
CMP: `1430 FV: `2
BSE Volume: 42,199 General Public 6.43 Net Profit 24.04 46.69 56.06 39.28 31.56
Date: 12/09/2017
Total 100 Equity 13.99 13.99 13.99 13.99 7.00

10 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

Recommendations Equity
Alkali Metals Rallis India, Granules India, Porus Drugs
& Intermediates, Dr. Reddy’s Lab, Punjab
Chemicals, TEVA API India, and Allied

GOOD CHEMISTRY TO GROW YOUR PORTFOLIO Chemicals. AML’s international clients

include Allwin Asia Limited, Nihon
Siberhegner K.K, Novasep Syntheasis,
Euticals S.P.A and Teva Pantex Chemicals

HERE IS WHY The company sold 1443 MT of finished

products during 2016-17 as against 1610
Positive outlook of chemical industry MT in the previous financial year. AML is
Strong R&D capabilities planning to expand and diversify the
range of products in the coming years
Strong customer base which will in turn increase the turnover

A
and margins.

lkali Metals Limited On the financial front, Alkali Metals

(AML), incorporated in
1968, is a well-known name
in chemical industry. The
company manufactures
products ranging from alkali metal
derivatives, amino pyridines, tetrazoles,
cyclic compounds and fine chemicals. Its
products are sold to pharmaceutical and
chemical companies for further
processing and conversion into bulk
drugs or any other form of end use. The
company has three manufacturing units:
Uppal (Unit I), Dommara Pochampally
(Unit II) and JNPC, Visakhapatnam
(Unit III). The company converted its
Unit-1 into R&D facility and it is
approved as an "in-house R&D facility"
by the Ministry of Science & Technology,
Government of India.
Industry Overview: The Indian chemical
industry is the third largest in Asia and
sixth largest in the world. Indian
chemical industry is expected to double
its share in the global chemical industry
to 5-6 per cent by 2021. Also, the Indian
specialty chemical industry is expected to
reach USD 70 billion by 2020. A number
of MNCs are focusing on India for their
PRICED SCRIP
Best of LAST ONE Year
Name of Reco CMP Gain
Company Price (`) (`) (%)
Nocil 77.00 142.00 84.42
Meghmani Organics 45.85 83.50 82.12
Federal Bank 64.50 114.00 76.74
Virinchi 61.45 107.00 74.13
Himadri Speciality Chem. 61.50 106.00 72.36
(Closing price as of Sept 12, 2017)
manufacturing hub due to lower cost of
labour, availability of key raw materials
and large consumer markets. The Indian
government is planning to incentivize the
chemical units set up with new technology
catering to export markets to give boost to
exports and, in turn, reducing the current
account deficit.
Well-Established Customer Base: AML
caters to the product requirements of both
the domestic as well as international
markets. Its major domestic customers are
Limited posted a 5.70 per cent rise in its
revenue to `15.53 crore in the first
quarter of FY18 from `14.69 crore in the
same quarter of the previous year. The
company’s PBIDT slumped by a marginal
0.65 per cent to `1.67 crore in Q1FY18.
The company recorded a net profit of
`0.26 crore in Q1FY18, up by 16.30 per
cent on a yearly basis.
On an annual basis, the company posted
a 20.77 per cent drop in its revenue to
`58.06 crore in FY17 as against the
revenue in previous fiscal. The PBIDT of
the company declined 30.82 per cent to
`6.87 crore in FY17 compared to FY16.
Future demand for specialty and fine
chemicals is expected to grow at a good
pace. AML has well-established infra-
structure, in-house R&D capabilities and
reputed customer base. The company
expects to commercialize some R&D
products and further implement various
marketing strategies to counter the
competition and increase its topline and
bottomline. Considering all these, we
recommend our reader-investors to BUY
this stock. DS

CMP
Monthly Stock Market Returns Shareholding Pattern Last Five Quarters - Standalone (`/Cr)
BSE Code: 533029 (`) June 2017 Particulars Jun'17 Mar'17 Dec'16 Sep'16 Jun'16
CMP: `76.70 FV: `10
BSE Volume: 14,447 Promoter 69.74 Total Income 15.53 15.39 15.36 13.53 14.69
Date: 12/09/2017 FII -- Other Income 0.03 0.14 0.00 0.14 0.06
DII -- Operating Profit 1.70 1.22 2.60 1.61 1.74
Others 5.13 Interest 0.65 0.84 0.78 0.62 0.61
General Public 25.13 Net Profit 0.26 -0.83 0.89 0.06 0.23
Total 100 Equity 10.18 10.18 10.18 10.18 10.18

12 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

Recommendations Equity
JUBILANT FOODWORKS CMP - `1425

BSE CODE Volume Face Value

533155 72002 `10

T
his company holds franchise of Scrip’s Movement
Dominos and Dunkin Donuts with
67% market share in pizza segment in
India. The company is seen focusing more
on online business for home delivery and
reducing store launches to recover rental
losses. Moreover, it is looking forward to
investing `100 crore on rejuvenating and
upgrading products and packaging. The 2017
profits would also be utilised to offset the
loss-making Donuts business. The company
is also considering higher penetration in Sri Last Seven Days’ Volume Table
Lanka and has changed product line
(No. of Shares)
accordingly. Financially, Q1FY18 has been
exuberant with nearly 11% and 255% Days Volume
revenue and PAT growth, respectively, as 04-Sep-17 42,931
compared to the previous quarter. Annually, 05-Sep-17 30,498
the company has posted marginal 2.7% and 06-Sep-17 36,675
7.2% revenue and PAT growth, respectively, 07-Sep-17 24,230
in FY17. We recommend a BUY in this 08-Sep-17 20,773
zero-debt company for a target price of 11-Sep-17 1,11,936
12-Sep-17 72,002
`1680 and with a stop loss of `1340.
The scrips in this
column have been GAIL INDIA CMP - `409
recommended
BSE CODE Volume Face Value
with a 15-day investment 532155 1874037

T
`10
horizon in mind and his Maharatna company is engaged in
Scrip’s Movement
carry high risk. Therefore, natural gas processing and distribution.
investors are advised to Recently, Government of India’s
attempt to renegotiate on the import pricing
take into account their risk policy of LNG with Australia is expected to
appetite before investing, benefit gas utilities. Thereby GAIL, which
as fundamentals may also buys imported gases, would benefit
from reduction in the prices. Standing at
or may not back the 78MMSCMD, GAIL has shifted its preference
recommendations. more towards long term contracts in LNG.
2017 The LT contracts increased to 20 from-
18MMSCMD while ST contracts declined to
Hot Chips of Last One Month 8 from 15. Financially, despite subdued
revenue growth, the stock's EBITDA and
Reco. Peak Likely profit margins have shown substantial growth
Price After Gain
amid decline in raw material, employee
(`) Reco* (%) Last Seven Days’ Volume Table
benefit and impairment of asset expenses.
Issue No 19 ,Aug 21 -Sept 3 .2017 (No. of Shares) Moreover, the company has been reducing its
Tata Global Beverages 193.00 213.00 10.36 Days Volume debt YoY since FY15, keeping D/E at 0.1x. The
Blue Star 699.00 812.00 16.17 04-Sep-17 95,318 only risk persists is offtake obligation of 5.2
Issue No 20 ,Sept 4 - 17,2017
05-Sep-17 67,750 million tonnes of US LNG in 2018. However,
Insecticides India 843.50 942.00 11.68
06-Sep-17 6,59,092 it would sign one deal soon to hire LNG
07-Sep-17 5,18,019 tanker for three years with a French oil
Kolte Patil Developers 159.00 215.00 35.22 08-Sep-17 3,32,226 company to haul the same gas. We recom-
*Highest price after our recommendations 11-Sep-17 9,13,291 mend a BUY in the scrip for a target price of
12-Sep-17 18,74,037 `435 and with a stop loss of `370.
(Closing price as of Sept 12, 2017) DS

14 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

Technicals
NIFTY Index Chart Analysis
Some more consolidation likely before major breakout or breakdown
T
he repercussions of
geopolitical tensions seemed
to have been blurred for the
Indian stock markets. This is
evident from Nifty's
consolidation breakout and its inching
higher since last couple of days. More
than any extreme positive movement in
the specific frontliners, this time around
it was because of stronger positive market
bias which has been pushing indices
higher. The DIIs are seen offsetting the
sell-offs from the FIIs, which had turned
to safe havens amid tensions prevailing
between North Korea and the US.
However, SEBI has been constantly
amending norms so as to make Indian
markets a better place to invest and
thereby attract higher capital. The
breakout driven by exuberant auto sales
data is seen continuing ahead of inflation
and IIP release.
Technically, considering the daily time
frame, after a symmetric triangle
breakout at the 9925 level on the first day
of Sept 2017, Nifty witnessed a pullback
on the very next trading session, wherein
16 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Roadmap for the next 15 trading sessions
Ideas
Resistance for the medium term
Support for the medium term
prices entered the triangle yet again.
Thereafter, Nifty consolidated for a while
and has yet again witnessed
consolidation breakout heading towards
the 10100 mark, which is the crucial
resistance level. The consolidation
breakout is supported by justifiable
volumes and the 14-period RSI entering
the momentum level of 61. Going
forward, above the level of 10100, we
hold 10135-10150 as the immediate
resistances for the Nifty. Nifty is showing
lesser signs of a downside. However, in
case of any turnaround in the wake of
any new development in the geopolitical
situation, we hold 10000-9970 as the
immediate supports, followed by 9925 as
resistance-turned-support.
On a weekly basis, Nifty finally gave a
Equity
Nifty Levels Action to be Initiated Probable Targets
Close above 10100 on the daily chart would
10100 10135-10150
give further momentum to the bulls.
Close below 9925 on the weekly chart would
9970-9925 9820
change the trend and trigger a retreat.
breakout of four weeks consolidation and
is on the verge of giving 14-period RSI
positive crossover at the 68 level. Nifty
may hit the peak levels and then
consolidate in the overbought zone for a
while. Thereby, on the upside above
10100-10150, we hold 10300 as our next
resistance level for the Nifty. If Nifty
retreats from the current levels, which is
not very likely, we hold 9940 as the major
support, which is the upward sloping
trendline level.
Nifty's trend remains positive, unless
9685 is broken on the downside. For
immediate triggers, we have macro
numbers which may direct the markets,
followed by RBI policy review at the start
of next month.
DSIJ.in
 STOCK RECOMMENDATIONS

HAVELLS INDIA .......................... BUY ...................... CMP `506.95

BSE Code : 517354 Target 1 ..... `535 | Target 2 ..... `555 | Stoploss....`484 (CLS)
The stock of Havells India is currently trading at
`506.95. Its 52-week high/low stand at `525.40 /
`303.60 which were made on May 11, 2017 and
November 21, 2016, respectively. Considering the
daily time frame, the stock formed 8 points
symmetric triangle and thereafter witnessed
consolidation near the eighth point, where prices
trailed near `496 level for nearly 10/11 trading
sessions. Recently, the stock gave a breakout on a
closing basis with huge volumes and 14-period RSI
quoting at 64 depicting good momentum.

The stock holds multiple resistances at `510-511. In

case the stock breaks out of `511 on a closing basis, it
may witness an upward rally. Thereby, we
recommend a BUY on the stock for a target of
`535, followed by `555 and with a stop loss of
`484.

TATA SPONGE IRON LTD .................. BUY ..................... CMP `920.50

BSE Code : 513010 Target 1 ..... `975 | Target 2 ..... `1000 | Stoploss....`875 (CLS)
The stock of Tata Sponge is currently trading at
`920.5. Its 52-week high and low stand at `938/
`474.95 made on September 12, 2017 and November
9, 2016, respectively.

The stock has closed above the `886 level for the first
time on a monthly basis forming inverse Head &
Shoulders pattern, though on the upside. In case it
sustains above `886 till the end of September 2017, it
could give a sharp upside thereafter. On the daily
time frame, the stock has been trading in the range
of `775 and `900 since April 2017. Recently, the
stock gave a multiple resistance breakout at `900 and
witnessed a pullback followed by a bounce back on
September 12 candle with high volumes.

With this, we recommend a BUY on the stock for a

target of `975 followed by `1000 and with a stop loss
of `875. DS

(Closing price as of Sept 12, 2017)

*LEGEND: n EMA - Exponential Moving Average. n MACD - Moving Average Convergence Divergence n RMI - Relative Momentum Index
n ROC - Rate of Change n RSI - Relative Strength Index
Disclaimer : Above recommendations are based on various technical parameters and any fundamental input has not been considered for the recommendations. Follow strict stop loss for the recommendation.

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 17

Cover Story

Small-Cap
Stocks

Investing in small-cap
stocks is in vogue globally
as small-cap stocks are
considered long-term
investors' best friends.
Yogesh Supekar and
Tanay Loya hunt for the
best small-cap stocks
available for investment
at the current juncture and
recommend staying in-
vested in them for the
long term.
S
ensex is up by nearly 14
per cent over the past one
year and is trading at 18.6
times its projected
earnings. Nifty has moved
from 20.95 P/E multiple
to 25.89 over the past
three years. With
corporate earnings yet to see signs of
revival, majority of analysts believe
valuations are on the higher side. While
valuation concerns and global
geopolitical tensions are affecting the
market moods, small-cap stocks continue
to impress investors with their
performance.
Small-cap investing is again the talk of
the town as the category continues to
outperform its peers on the Indian
bourses. Well, we observe that the trend
is global and not restricted to India. The
small-cap equity as an asset class has
outshined all the other asset classes on
multiple year basis.
Popularity of mutual fund investing has a
lot to do with the liquidity in the markets
today. Lack of investment choices are
driving many investors towards mutual
funds in India. Balanced funds, small-cap
funds and mid-cap funds are amongst
the most popular categories of mutual
funds with investors in recent times.
The rebalancing of asset allocation of
Indian investors is in progress and
mutual funds are its biggest beneficiaries.
With mutual funds being one of the
biggest beneficiaries, small-cap stocks
become a natural beneficiary indirectly
as the fund managers deploy the new
funds in high growth small-cap and
mid-cap stocks. We can say that retail

18 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

investors' continuous buying of equity via
mutual funds has pushed the equity
valuations higher.
The million dollar question is: Will the
small-cap outperformance continue in
the coming years and whether investors
should allocate more of their funds to the
category. The answer definitely is not as
easy at it may seem, because historically,
we have seen that when markets are in
consolidation phase, the small-caps have
a tendency to crack more than their
large-cap peers. Having said that, any
correction due to the global geopolitical
factors or high valuations should present
investors an opportunity to enter the
markets.
Owing to some extraordinary
performance by the small-cap category
Haresh Mehta
Chief Institutional Trader, First Global
❝Traditionally, institutional investors
worldwide have tended to focus on
large-cap stocks for the obvious
reason that they find them less
risky, have better corporate
governance, better liquidity and
greater investment capacity as
compared to small-cap stocks.
However, recently, we are seeing a
big paradigm shift happening and
now small-caps are becoming an
important part of institutional
portfolio across the globe. More
importantly, the revenues of
small-caps are exposed to domestic
sales, hence are less affected by
global worries❞
TOP SMALL-CAP PERFORMER
Company 1-Year Return
Indiabulls Ventures 716.85
VenkyS (India) 345.63
Jindal Stainless 326.06
HEG 305.27
Bhansali Engineering Polymers 270.29
Shakti Pumps (India) 261.01
Thirumalai Chemicals 254.37
Graphite India 253.86
ITI 253.57
Avanti Feeds Ltd. 238.43
Visaka Industries Ltd. 235.64
Source : ACE Equity
DSIJ.in
Ritesh Ashar ❝Investors are betting on small caps as they are
Chief Strategy Officer, seen as multi-baggers. They are also considered as
KIFS Trade Capital the riskiest segment in the capital market.❞
Yearly Volatility 10 YEAR with high amount of borrowing. This
makes the small-cap companies immune
Sensex to any changes in interest rates, besides
35.3% keeping the likely burden of surmounting
Small Cap interest cost at bay.
55.77%
Small-cap companies (and most
growth-oriented stocks across all market
over the last 5 years, retail investors are caps) typically raise most of their capital
increasingly showing interest in parking from investors (by selling shares of
their funds in the small-cap stocks. stock), as opposed to borrowing money
While there may be little doubt that (by issuing bonds) like larger companies.
small-caps can be more volatile than Therefore, higher interest rates have less
their large-cap peers, retail investors have negative impact on the ability of small
a preference for the category looking at companies to grow, because they do not
the return potential. Says Suraj Agarwal, rely heavily on loans (bonds) to expand
who is an HNI and has been investing operations and fund projects.
in stock market for more than 16 years
now, “Small-caps, if chosen carefully, give Small companies are able to take more
excellent returns across all market rapid decisions about products, services
conditions.” and operations with lower instances of
red-tapism and bureaucratic
WHY SMALL-CAP STOCKS CAN impediments, unlike large enterprises.
BEAT LARGE-CAP STOCKS
Even as the future of a small company Thus, small-cap stocks make for an
may seem unpredictable, they are quick investment haven, especially at a time
to rebound faster in the developing when the economy is recovering from a
economies as compared to the larger slump or a recession. In an environment
companies. The growth momentum of conducive to growth, the small-cap
these companies do not directly rely stocks respond more quickly and
upon the macro factors of the economy potentially grow at a faster pace as
such as interest rates, unlike larger compared to the large-cap stocks who
companies. have much higher stakes.
The small companies typically rely on ECONOMY OUTLOOK :-
investors rather than borrowing funds to Stock market fortunes are linearly related
raise capital, unlike large companies
whose vast needs of funds are mostly met
Vikas Agarwal
WORST SMALL-CAP PERFORMER Co-founder & CFA , CAGR Funds
Company 1-Year Return
❝ A conservative investor should try
Signet Industries -78.8 to restrict the exposure to small-cap
Videocon Industries -81.7 stocks to 15-20 per cent of his
JMT Auto -81.92 portfolio. Also, for aggressive
Lanco Infratech -83.47 investors, it should not exceed
40-50 per cent of their portfolio.
Synergy Bizcon -83.74
The time duration is also an
Nitin Fire Protection Industries -85.31
important consideration for small-
Shilpi Cable Technologies -88.85
cap stock investment and a
Energy Development Company -90.85
minimum horizon of 7 years is
Panafic Industrials -92.19
suggested for such investments.❞
Capital Trade Links -92.5
Source : ACE Equity
SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 19
Cover Story
to the economic growth of the country in and the Index of Industrial Production
the long run. Recent economic data (IIP) contracted 0.1 per cent YoY in June Anita Gandhi
suggest there is a visible slowdown in the 2017, as against 8 per cent growth in June Whole Time Director
Indian GDP growth. On the negative 2016. India's gross domestic product rose Arihant Capital Markets
side, the GDP growth has slowed down 5.7 per cent in April-June from a year
❝Small cap companies have potential
to grow faster than the average
growth of large companies as their
Small Cap Stock Performance base is small. As they enjoy higher
growth, they generally enjoy higher
Out of total 777 small-cap stocks, almost 66 % stocks have delivered positive returns valuations and, therefore, having
over a one year period. At least 8.62 per cent of the 777 stocks, i.e 67 companies have possibility of offering multiple
more than doubled in over one year. returns. In early 90s Hero Motorcorp
(Hero Honda then) was also small-
More than 16 per cent of the small-cap stocks, i.e 125 companies have delivered cap company and over a period 2/3
returns between 50 to 100 per cent over the last one year. Almost 134 companies or decades it has become large cap
more than 17 per cent of the small-cap companies generated returns between 25 per company and has rewarded investors
cent and 50 per cent in the period under consideration. multifold. There are many such small
cap companies that have emerged as
Small-Cap One Year Performace large caps and have given consistent
returns to the shareholders. However,
Returns Positive Negative Total retail investor should keep in mind
No. of stocks 513 264 777 that they should invest only in those
small-cap companies that have good
Returns > 100% 50-100% 25-50% 0-25% < 0% management and are having good
corporate governance policy. ❞
No. of Stocks 67 125 134 187 264

Past Small-Cap Recommendation Performance

In issue no 20, volume 31 dated Sept 5-18 , 2016 we had recommended five
small-cap stocks in our cover story titled , “Small, but significant, when it comes to
owning them”.We had recommended FIEM Industries, Pokarna, Surya Roshni, Rama
Steel Tubes and Hinduja Global Solutions. Out of these five recommended stocks,
Pokarna, Surya Roshni and Rama Steel Tubes have delivered positive returns, whereas
FIEM Industries and Hinduja Global Solutions witnessed downward movement.
Pokarna showed a nominal annualized return of 50.96 per cent, whereas Surya Roshni
and Rama Steel Tubes have shown stupendous annualized growth of 288 and 421.45
per cent, respectively. On the other hand, FIEM Industries and Hinduja Global Solutions
gave annualized returns of -17.10 and -15.72 per cent, respectively.

Company Reco Price Reco Date DSIJ Close Price % Gain DSIJ Reco Close Date Annual Return (%)
FIEM Industries 1037.55 30-Aug-16 895.85 -15.82 21-Aug-17 -17.10
Pokarna 791.90 30-Aug-16 929.5 14.80 15-Dec-16 50.96
Surya Roshni 182.70 30-Aug-16 234.6 22.12 28-Sep-16 288.00
Rama Steel Tubes 111.70 30-Aug-16 135.1 17.32 15-Sep-16 421.45
Hinduja Global Solutions 578.95 30-Aug-16 509.7 -13.59 17-Aug-17 -15.72
Average 146%
# Sensex rose 13.5% and Small-Cap Index rose 32.4% in previous one year

20 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in


❝Taking a
stock-specific
call is the way
to go❞
Nitasha Shankar
Sr. Vice President and Head of
Research
YES Securities (I) Ltd.
Small-cap stocks continue to
outperform the major benchmark
indices. How long do you think
this outperformance will
continue?
Historically, in the various time periods
leading up to market peaks – 3, 6 and 12
months – the small-cap stocks have most
of the time outperformed the large cap
peers and under-performances have been
marginal. During periods where
small-caps have outperformed their
larger counterparts (represented by a
wide margin), the decline thereafter has
been just as sharp.
With the outperformance occurring this
time around as well, that too at a quick
pace, it would be prudent to book some
profits. Having said that, one key factor
that is different this time around is the
earlier, missing the economists'
estimates. The gap between the index
P/E multiple growth and GDP growth is
also at multiple-year highs.
On the positive side, direct tax
collections jumped 19 per cent in the
four months of the current fiscal, as
demonetisation of higher denomination
DSIJ.in
overall improvement in the balance
sheets of the small-cap companies,
which has led to a broad-based re-rating
within stocks that form part of the
index that represents small-caps. This is
one factor that makes a historical
comparison not so easy, and thus, taking
a stock-specific call is the way to go about
things.
What are the common
misconceptions surrounding
small-caps?
Investors often confuse ‘cheap’ with the
absolute price of a stock. For example: a
company, whose stock trades at `5 would
often be considered as a more attractive
investment than one whose stock is
trading at `1,000. One cannot be any
more wrong. Let’s assume two companies
have the same annual profit figure of `1
billion. One company has 1 million of
shares outstanding, while the other has 1
billion shares outstanding. The EPS thus
is INR 1,000 in case of the former and
INR 1 for the latter. If we assign both the
companies the same earnings multiple
(assuming all other things being equal)
of 14x, then their shares would trade at
INR 14,000 and INR 14 respectively. One
may be easily fooled into thinking that a
stock trading at `14 can rise to `18 much
easily than an investment of INR 14,000
rising to INR 18,000.
Prominent examples of how large value
stocks have outperformed include MRF
and Eicher Motors. Investors should
instead gauge attractiveness in the form
of the various valuation methods – with
the key ones being, dividend yield,
price-to-equity ratio, free cash yield,
among others.
Another common misconception is that
currency bought in more number of
individuals into the tax net.
Says Sanjeev Prasad, Co – Head and
Managing Director, Kotak Institutional
Equities , “We believe market
participants may be ignoring the
structural challenges to India’s GDP
growth by overly focusing on the cyclical
SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL
small cap stocks are more risky because
of their size and sharp movement in
stock prices. A company earning very
strong and stable RoCEs and margins
with good operating cash flows and
steady growth, but having a market cap
of INR 300 cr could be a much more
attractive investment (i.e. when invested
at a fair price) as compared to a large-
sized behemoth with not so great
fundamentals (having cyclical business
and commodity-product business traits)
trading at similar valuations. Also, price
volatility in stocks can in fact be used to
one’s advantage, rather than being
considered as a risk.
At this moment, would you prefer
investing in small-caps instead of
mid-cap and large-cap stocks?
For an individual to have a healthy
investment track record, it is equally
important to cap the decline as it is
important to get upside calls right. Given
the run up in stocks, valuations have
become a bit stretched when gauged
from a broad perspective. To justify the
same, the earnings performance will
have to match up.
At the end of the day, valuations are
determined by factors such as the quality
of earnings, the predictability of those
earnings and the staying power of
companies. Instead of classifying stocks as
mid, small or large cap in nature, one
would do better to look at the qualitative
factors like financial ratios, balance sheet
strength, stance in industry, the changing
industry dynamics, competitive pressures,
amongst others. An investment in a
company with good economics and
growth prospects is bound to fare well
over the long run, even if not purchased at
the cheapest of valuations.
factors of demonetisation and GST. In
our view, weak investment demand (30%
of GDP) is a far bigger ‘structural’
challenge for the economy. We are not
sure how this will change in the short
term. We note that continued weak
investment will affect consumption
eventually, high government expenditure
notwithstanding.”
21
Cover Story
Cholamandalam Finance Journey From Small-Cap To Large-Cap
❝Creating
value for all
stakeholders is
the fulcrum of
our business❞
N Srinivasan
Executive Vice Chairman &
Managing Director
Cholamandalam Finance
How has been your journey from
being a relative small player in
equipment finance player in 1978
to a large diversified financial
service provider currently?
It has been an amazing journey so far
and we have been able to touch so many
people’s life. In our journey covering four
decades, we have grown our clientele to
over eight lakhs. The growth of Chola
can be attributed to our ground level
understanding of the customer’s profile
and their credit needs, which helped
us to innovate and customize products
to suit their needs. With better product
lines, lower cost, wider and effective
reach, strong risk management
capabilities to check and control bad
debts and better understanding of our
customer segments helped us not only
achieve success in vehicle finance
business, but we have also managed to
build substantial assets under
management (AUM) in the housing
finance sector. At Chola, integrity,
passion, quality, respect and
responsibility are our five lights and all
our actions are governed by these
guiding principles. All the above have
enabled us to grow from an equipment
financing company to a comprehensive
and full-fledged financial services
provider.
22 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
In your opinion, which factors
were the absolute drivers of
growth for the company?
Strong pan-India presence, key focus
on rural and semi-urban sectors,
well-diversified portfolio of asset
financing products, experienced
management team with unrivalled
industry experience, strong backing
and exceptional lineage from the
Murugappa Group.
What were the key growth
challenges faced by your company
at the initial stages?
Initially, we were concentrated in South
and our operations were limited to few
products and geographies. Dependence
on banks for funding and limited access
to capital market was also a hurdle. The
financial sector reforms in the early 90s,
liberalisation of regulatory control over
markets, institutions and instruments,
along with rationalised regulatory
framework in 2000s enabled NBFCs to
function as a catalyst to economic
development of the country.
What are the major strategies of
the company that have helped it
grow over the years?
Positioning Chola as a strong asset
financing company, creating business
value through technology innovation,
strong dealer and manufacturer
relationship, highly experienced and
stable team and customized product
offerings for our target customers.
How do you compare the business
environment today to the
environment in 1980s when it
was early days for your company?
The business environment in the 1980s
was very restrictive for NBFCs because of
the non-availability of instant credit and
regulatory restrictions, while the current
business environment and the Industry
outlook is very encouraging. NBFCs play
an important role in nation-building and
financial inclusion by complementing the
banking sector and reaching out credit to
unbanked segments of the society. Going
forward, the latent credit demand of an
emerging India will allow NBFCs to fill
the gap, especially where traditional banks
have been wary to serve.
Additionally, improving macroeconomic
conditions, higher credit penetration,
increased consumption and disruptive
digital trends will allow NBFCs' credit to
grow at a healthy rate. The RBI is
constantly striving to bring necessary
changes in the NBFC regulatory space to
proactively provide regulatory support to
the segment and also to ensure financial
stability in the long run.
In the current environment, alternative
credit scoring methods are used on
multiple data sources, which enables
informed underwriting, thereby reducing
default rate and providing instant
decision-making. This improved
underwriting practice enables in financial
inclusion and has the ability to reach a
diverse and widespread audience. This was
not the scenario in the 1980s as the credit
manager had limited data for evaluating
the credit worthiness of the customer.
In the journey so far, has there
been any shift in vision and
mission of the company?
There has never been any shift in vision
and mission of the company. The vision of
Chola is to enable customers enter a better
life. Ever since its inception and all through
its growth, the company has kept a clear
sight of its values. The basic tenet of these
values is a strict adherence to ethics and a
responsibility to all those who come within
its corporate ambit - customers,
shareholders, employees and society.
Initially, we were
concentrated in South and
our operations were limited to
few products and geographies.
Dependence on banks for
funding and limited
access to capital market
was also a hurdle.
DSIJ.in
 is risky. The fear of small-caps being
CORPORATE VOICE extremely volatile may be overblown, as
our research suggests that small-caps in
❝ Being a small-cap company, we may have to work hard and spend little the long run are not as volatile as they are
more time to raise funds from the market. However, considering the growth perceived to be. With the global fund
in our revenues, profitability, service offerings and the quality of managers looking positively at emerging
acquisitions, which may enable us to raise funds at better valuation. market small-cap stocks as an asset class
We are almost a debt-free company, as our short term and long term loan within equity, chances are that there will
on the books is very marginal at `7.50 crore in the last financial year. The be no dearth of liquidity in small-cap
company has been depending on debt for its expansion and current stocks.
business growth. Internal accruals are sufficient to take care of our
expansion plans. We are open for mergers and acquisitions in the near With lot of investors' attention, both retail
future. To meet this requirement, we keep options open for raising funds in and institutional, on small-cap stocks, one
the near future.❞ needs to only avoid highly leveraged
L. N. Ramakrishna stocks with poor earnings outlook. In the
Managing Director, Bodhtree Consulting Limited current market scenario, with slowdown
in GDP and expensive valuations, the
expectation on small-cap stock returns
CONCLUSION: - popular with the investing community need to be realistic. We believe that
A good stock is a good stock to buy, lately due to their recent performance. small-cap stocks as a category may still
notwithstanding its market capitalisation. Also, due to tapering of growth in outperform their peers in large-cap space.
Investors should not get carried away by large-caps, investors find relative higher However, the returns in the coming years
the recent run in small-cap stocks. growth in small-caps attractive. It is may not be as high as we have seen in the
Small-cap stocks seem to be extremely widely perceived that small-cap investing previous three to five years.

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 23

Cover Story
Methodology of Picking up 400 Small-cap Stocks

To emerge with “400 Small-Caps” we have considered four factors. First factor is related to market data i.e. market
capitalization; second and third factor is from profit and loss account that are sales and net profit; fourth is return
to investors in terms of dividend. We ranked every data and then gave equal weight-age of 25 bps points to each
parameter so that ranking does not get tilted due towards any one factor. One could wonder why we have taken
dividend as one of the parameters. This is to safeguard that investor friendly companies should represent in our
“400 Small-Caps” list. It also gives effect of different face value. We took dividend as a percentage to ensure that
face value (FV) of 1 or 2 put them at disadvantage over companies having face value (FV) of 10. Since we have run
the query in first week of August 2017, all the data available of the companies during that period has been
comprised in our study.
(All the financial data are sourced from Dion Global Solutions Ltd.)

20 Microns Limited
BSE Face Market Cap
CODE 533022 Value `5 CMP `37.90 F F (Cr.) 60.18

20 Microns Limited is engaged in the production and trading
of industrial minerals. The company’s business segments
majorly include micronized minerals. The micronized
minerals segment includes products such as calcined clay/
calcined kaolin, china clay/kaolin, natural redoxide, natural
silica, natural mica, natural baryte, natural ground calcium
carbonate, natural talc, and nepheline synite/feldspar. Its
products also include specialty chemicals such as white
pigment opacifier and speciality matting silica, among others.
On the financial front, the company’s revenue dropped 4.30
per cent to `97.37 crore in Q1FY17 as compared to the same
quarter of the previous fiscal. The company’s PBIDT fell 18.90
per cent to `12.16 crore in the first quarter of FY18 on a
year-on-year basis. The company’s profit after tax declined
37.24 per cent to `3.13 per cent in Q1FY18 as against `4.99
crore in Q1FY17. On an annual basis, the company’s net sales
rose 6.78 per cent to `371.68 crore in FY17 as compared to
the previous fiscal. The company’s PBIDT rose 17.17 per cent
to `48.53 crore in FY17, as against `41.42 crore in FY16. The
Last Five Quarters (`/Cr)
June-17 Mar-17 Dec-16 Sept-16 June-16
Total Income 97.37 88.52 83.85 97.93 101.74
Other Income 0.35 0.61 0.49 0.68 0.70
Operating Profit 12.51 8.89 11.48 15.02 15.70
Interest 5.42 5.23 5.53 5.82 5.97
Net Profit 3.13 0.98 2.28 4.48 4.99
Equity 17.64 17.64 17.64 17.64 17.64
company’s profit after tax increased 35.97 per cent to `12.70 crore
in FY17 as compared to `9.34 crore in the previous fiscal.
The company’s TTM PE stood at 8.92x as against the industry PE
of 12.33x, while the company’s peers such as NMDC maintained a
TTM PE of 15.64x and Sandur Maganese Iron Ore's stood at
18.33x. The company is likely to gain significantly as an outcome of
improved demand scenario and greater stabilisation in
government regulations. The company has also witnessed
significant rating upgrades in recent times.

24 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

Atlanta Limited
BSE Face
CODE 532759 Value `2
Atlanta Limited, the India-based construction company, is
engaged in the business of contracting activities, such as the
construction and development of infrastructure. The
company’s business is based on engineering, procurement
and construction (EPC) basis and public private partnership
(PPP) model on build, operate and transfer (BOT) and
design, build, finance, operate and transfer (DBFOT) basis.
The company is engaged in the construction of roads,
highways and bridges, among others, on BOT and DBFOT
basis. The company has a growing presence in mining of coal
and limestone, infrastructure segment, mining, realty and
tourism infrastructure segment in India with several BOT
and PPP projects in its name. In the tourism infrastructure
segment, the company’s major subsidiaries include Atlanta
Infra Assets Limited and Atlanta Tourism Ventures Limited,
among others.
On the financial front, Atlanta Limited posted 8.01 per cent
decline in its revenue to `76.44 crore in Q4FY17 from `83.09
crore in Q4FY16. However the company’s PBIDT rose 76.80
Indian Hume Pipe Company
BSE Face
CODE 504741 Value `2
Indian Hume Pipe Company Limited is engaged in the
business of construction and maintenance of projects
relating to water supply, irrigation, sanitation and sewerage
systems as well as manufacturing pipes. The company
majorly operates through construction contracts, among
other segments, with the construction contracts segment
including water supply schemes, pipes supply and laying
projects. The company also has a strong presence in other
segments, including railway sleepers, air rifles, development
of land and other miscellaneous items.
On the financial front, the company’s revenue rose 63.92 per
cent to `494.36 crore in the fourth quarter of FY17 on a
year-on-year basis. The company’s PBIDT increased 127.24
per cent to `63.50 crore in Q4FY17 as against the same
period in the previous year. The profit after tax of the
company increased 252.60 per cent to `33.24 crore in
Q4FY17 as against `9.43 crore in Q4FY16.
DSIJ.in
Market Cap
CMP `90.50 F F (Cr.) 221.27
Last Five Quarters (`/Cr)
June-17 Mar-17 Dec-16 Sept-16 June-16
Total Income 52.49 76.44 42.76 41.15 58.43
Other Income 2.03 0.00 2.28 0.07 1.81
Operating Profit 32.24 39.54 31.91 23.48 44.82
Interest 8.44 9.47 5.83 6.96 7.45
Net Profit 16.48 21.58 20.40 12.57 28.87
Equity 16.30 16.30 16.30 16.30 16.30
per cent to `39.53 crore in the fourth quarter of FY17 on a yearly
basis. The company’s profit after tax rose 64.15 per cent to `21.58
crore for the corresponding period.
On an annual basis, the company’s revenue rose 65.22 per cent to
`224.48 crore in FY17 as compared to the previous fiscal. The
company’s PBIDT rose 280.30 per cent to `135.73 crore in FY17 on
a yearly basis. The company’s profit after tax rose tremendously
from `3.34 crore in FY16 to `82.44 crore in FY17. The company’s
TTM PE stood at 9.61x, starkly undervalued against the industry
PE of 25.79x. The company’s peer Brahmaputra Infra maintained a
TTM PE of 141.98x.
Market Cap
CMP `556 F F (Cr.) 808.32
Last Five Quarters (`/Cr)
June-17 Mar-17 Dec-16 Sept-16 June-16
Total Income 500.12 407.41 450.73 447.62 301.96
Other Income 1.35 0.40 0.69 0.52 0.77
Operating Profit 64.85 43.84 48.74 53.12 28.72
Interest 10.24 13.77 12.74 10.97 11.50
Net Profit 33.24 17.80 21.76 26.00 9.43
Equity 9.69 4.85 4.85 4.85 4.85
On an annual basis, the revenue of the company increased 90.19
per cent to `1810.13 crore in FY17 as against the previous fiscal.
The company’s PBIDT also rose 114.09 per cent to `207.58 crore in
FY17 on a yearly basis. The net profit of the company increased
239.48 per cent to `98.79 crore in FY17 as compared to the
previous fiscal. The company’s TTM PE stood at 27.09x as against
the industry PE of 25.79x, while the company’s peers, IL&FS
Engineering and Construction maintained TTM PE of 16.72x and
KNR Construction's PE of 14.99x.
SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 25
Cover Story
Prima Plastics Limited
BSE Face
CODE 530589 Value `10
Prima Plastics Limited manufactures plastic moulded
articles, including designing and manufacturing plastic
moulded furniture such as chairs, baby chairs, dining tables,
stools and tea-poys in a range of colours. The company
majorly operates in the plastic moulded furniture. However,
it has a strong presence in the aluminium composite panel as
well. Prima Plastics’ manufacturing units are located at
Daman and Kerala. These units meet the strong export
demand in the markets of United States, Africa and the
Middle East. On the domestic front, the company markets its
products in Coimbatore, Delhi, Hubli, Jammu, Jaipur,
Kanpur, Rohtak, Bhiwandi, Ongole, Telangana, Vapi and
Zirakpur. The company's clientele include hotels, restaurants
as well as households for swimming pools and gardens in
both domestic and international markets.
On the financial front, Prima Plastics Limited posted 10.01
per cent drop in its revenue to `26.53 crore in the fourth
quarter of FY2017 as compared to the same quarter in the
previous fiscal. The PBIDT of the company fell 13.90 per cent
to `2.97 crore in Q4FY17 on a year-on-year basis. The
Yash Papers
BSE Face
CODE 516030 Value `10
Yash Papers Limited provides consumer, industrial and
protective packaging solutions, besides manufacturing low
grammage machine glazed (MG) industrial bleached and
unbleached grades of paper. The total paper production
capacity of the company is of about 39,100 metric tonnes per
annum, with pulp mill capacity of over 130 tonnes per day,
whereas its chemical recovery unit has a capacity of about
140 bone dry metric solids.
On the financial front, Yash Papers Limited posted 1.60 per
cent rise in its revenue to `46.64 crore in the first quarter of
FY18 on a year-on-year basis. The company’s PBIDT rose
30.74 per cent to `8.98 crore in Q1FY18 as compared to
`6.87 crore in the first quarter of FY17. The PAT of the
company increased 144.63 per cent to `2.94 crore in the first
quarter of FY18 on a yearly basis. On an annual basis, the
company’s revenue increased 0.28 per cent to `173.81 crore in
FY2017 as compared to the previous fiscal. The company’s
26 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Market Cap
CMP `239 F F (Cr.) 110.30
Last Five Quarters (`/Cr)
June-17 Mar-17 Dec-16 Sept-16 June-16
Total Income 27.13 22.26 20.43 20.53 29.91
Other Income 1.85 3.64 0.59 0.36 2.59
Operating Profit 4.83 5.56 2.44 2.32 6.05
Interest 0.13 0.13 0.16 0.15 0.06
Net Profit 3.02 3.81 1.40 1.54 4.05
Equity 11.00 11.00 11.00 11.00 11.00
company’s profit after tax dropped 25.59 per cent to `3.02 crore in
Q4FY17 as against `4.05 crore in Q4FY16.
On an annual front, the company’s revenue dropped 6.26 per cent
to `95.69 crore in FY17 as against `102.08 crore in FY16. The
company’s PBIDT fell 15.12 per cent to `8.70 crore in FY17 on a
yearly basis. However, the company’s profit after tax rose 1.35 per
cent to `9.76 crore in FY17 on a year-on-year basis. The
company’s TTM PE stood at 28.37x, as against industry PE of
27.57x, while the company’s peers, Hindustan Adhesive
maintained a TTM PE of 16.72x and Mitsu Chem Plast PE of
14.99x.
Market Cap
CMP `39.25 F F (Cr.) 82.99
Last Five Quarters (`/Cr)
June-17 Mar-17 Dec-16 Sept-16 June-16
Total Income 46.64 46.66 44.33 41.13 45.90
Other Income 0.65 0.00 0.00 0.00 0.21
Operating Profit 9.63 9.41 8.24 6.57 7.08
Interest 3.74 3.84 3.40 3.23 3.71
Net Profit 2.94 2.47 1.66 1.14 1.20
Equity 32.16 32.31 32.31 32.31 32.16
PBIDT rose 21.02 per cent to `31.21 crore in FY17 as against
`25.79 crore in FY16. The company’s profit after tax rose 124.21
per cent to `6.39 crore in FY17 as compared to `2.85 crore in the
FY2016. The company’s TTM PE stood at 16.90x, as against the
industry PE of 10.98x. The company witnessed a significant
traction in its earnings and is intensely making substantial
investments and technology upgradation for the expansion of its
operations.
(Closing price as of Sept 13, 2017)
DSIJ.in
DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 27
Communication Feature
K
iri Industries Limited (KIL)
is one of the largest
manufacturers and exporters
of wide range of dyes,
intermediates and chemicals
from India. KIL is a preferred resource
centre for many of the most extensive
product lines in textile dyes. Sophisticated
quality control practices and procedures,
modern manufacturing facilities and
ERP-driven enterprise management has
enabled KIL to offer internationally
recognised quality products and services.
The company came into being in 1998
with the setting up of dyes manufacturing
unit at Vatva, Ahmedabad. KIL is an ISO
9001:2008-certified company listed on
Bombay Stock Exchange and National
Stock Exchange of India.
On February 4, 2010, Kiri Industries
Limited (KIL) acquired DyStar Group,
through SPV Kiri Holding Singapore Pvt
Ltd. The acquisition of DyStar, a
multinational German company having
worldwide market share of around 21%,
has changed the dynamics, making KIL
now a global conglomerate adding to the
profitability of KIL significantly.
KIL is accredited with many revolutionary
innovations in the process and chemistry
of producing dyes and dye intermediates.
These have enabled it to contribute
towards cost rationalisations for
customers, improved compliance with
28 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Kiri Industries Ltd.

Kiri Industries: Committed To Grow Sans
Equity Dilution Or Debt
Manish Kiri
Managing Director, Kiri Industries Ltd.
sustainability norms. KIL has set its
footprint in over 50 countries across 7
continents.
INDUSTRY OUTLOOK
We believe the chemical industry in India
will show rapid growth in the coming
years. There is good amount of policy
support from the government to facilitate
industry growth. 100 per cent FDI is
permissible in the Indian chemicals
sector, which will attract foreign
investment in chemical sector. Also, the
Government of India has launched the
Draft National Chemical Policy, which
aims to increase share of India’s chemical
sector in the GDP.
The chemical industry is an indispensable
and integral constituent of the growing
Indian industry and remains one of the
oldest industries of the nation. The sector
has grown from a small-scale sector to
multi-dimensional sector, which is taking
on the challenges of globalisation. The
Indian chemical industry has certainly
come a long way to hold a recognised
position on the global map.
Indian chemical industry is the third
largest in Asia after China and Japan and
sixth largest in the world. India accounts
for approximately 16% of the world
production of dyestuffs and dye
intermediates, particularly for reactive,
acid and direct dyes. India specialty
chemical market is expected to reach USD
70 billion by 2020. However, significant
investments in capacity creation,
technology development, extensive R&D,
access to feedstock and creation of a larger
pool of skilled human resources, remain
some of the major areas of concern.
FINANCIALS
The company has delivered strong
operating results on both standalone and
consolidated basis. This performance was
despite a temporary GST-related overall
slowdown. The company has eliminated
several low margin lines and is
concentrating on higher margin products.
The results of this rationalisation are clear
on the EBITDA margin, absolute
EBITDA, PBT and PAT levels.
The company's expansion into higher
value-added chemicals is on track and will
start to reflect in operations from the
second half of the current financial year.
The company's commitment is to grow
without any equity dilution or debt. The
company's internal free cash generation is
sufficient to meet all its capex needs. The
company's performance metrics are
centred around delivering high RoE,
RoCE and free cash flow.
HIGHLIGHTS OF Q1 of 2018
RESULTS :-
The standalone EBITDA margin
expanded by 3.8 per cent points YoY and
2.6 per cent points sequentially, to 17 per
cent on a stand-alone basis. Standalone
EBITDA for the quarter stood at `37.8
crore, growing by 12.6 per cent YoY and
8.8 per cent sequentially.
Profit before tax has come in at `31.75
crore, where growth was 22.8 per cent
YoY and 14.1 per cent sequential on a
standalone basis. Standalone profit after
tax (PAT) for the quarter is `30.3 crore, a
growth of 16 per cent YoY and 19 per cent
sequential.
Overall, Kiri's consolidated PAT has come
in at `103.7 crore and `81.7 crore in the
corresponding quarter last year and
`54.8 crore in the quarter ending March
2017, a growth of 26.9 per cent YoY and
89.2 per cent sequentially. DyStar, in
which KIL holds 37.5 per cent stake, has
delivered a strong PAT of USD 28.47
million, a growth of 47.5 per cent YoY.
The half-year (Jan 2017 -June 2017) PAT
for DyStar stands at USD 55.1 million, a
growth of 23 per cent YoY.
DSIJ.in
Communication Feature
Datamatics has recorded
impressive numbers in FY17.
Which of your strategies do you
think worked out best for your
company?
Datamatics has witnessed balanced
growth in FY2016-17 across focused
verticals, geographies and business lines
as the company sought new opportunities
for digital transformation. We attribute
this success to our fundamental belief in
aligning our business goals and objectives
with those of our customers.
We believe that it is our unique client
partnership model and our focus on
understanding the client’s business
challenges to provide smart solutions
that has enabled us to not only get new
clients on board but also expand our
existing partnerships.
Datamatics’ emphasis on account mining
has also shown a positive movement and
we have seen a lot of interest and
significant traction in the areas of
Robotics, Artificial Intelligence (AI) and
Machine Learning, which is proving to
be an important differentiator.
Another step that we took this year to
support the growing business of our
clients was to invest in new domestic and
international facilities, including an office
in Kansas City, a subsidiary in
Philippines and ramping up operations
in Puducherry.
30 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Datamatics Global Services Ltd.

Datamatics is extremely bullish on the
new digital wave
Rahul Kanodia
Vice Chairman & CEO, Datamatics Global Services Ltd.
The key thrust area for us in FY2018 as a
business is around cognitive systems,
robotics and automation for which we
have made new technology investments,
and with the sector growing and creating
new opportunities, we are well-
positioned for the years ahead.   the company is working towards
What will be the effect of
changing H-1B policy in the US
on the Indian IT sector in general
and your company in particular?
The Indian IT sector is well-recognized
as a global outsourcing hub and our IT
services have high brand equity
worldwide. While there would be a
marginal short-term impact on the
industry, we believe that it would cause
companies to think beyond onsite
services, consequently giving an impetus
to more offshore activity.
Currently, companies are taking steps
towards building a local talent pool
organically and then explore global talent
to supplement it. We believe that the
company’s operating models should be
collaborative and visa neutral.
The change in the H-1B policy will have
no impact on Datamatics as our H1
population is under 0.5% of our
employee strength and our US staff
members are local Americans. We have
adopted this model for over a decade and
have found it to be very effective in
servicing our US customers.
‘Smart automation’ is being
termed as the next big thing in
your industry. How is Datamatics
placed to make strides in
automation space?
Datamatics has been a pioneer of Robotic
Process Automation in India and is the only
Indian company to have its own product
and IP in this space. Datamatics’ award-
winning proprietary product TruBot has
helped organizations build a positive RoI by
automating their labour intensive, repetitive
and rule-based processes.
Through its smart solutions, Datamatics
has been closely working with banks and
insurance companies to automate and
transform their back-end processes,
which has led to significant increase in
productivity and accuracy. Additionally,
integrating artificial intelligence into our
product TruBot which gives it the ability
to process natural languages, leading to
reduced manual intervention and
increased efficiency. The emphasis will
remain on some key thrust areas
revolving around automation, mobility,
text analytics and cognitive technologies
such as AI, Natural Language Processing
and Machine Learning.
Datamatics’ core operation focuses on
“Data to Intelligence”; i.e. leveraging data
to extract intelligence and patterns,
thereby facilitating smarter and quicker
decision-making. We have a four-
pronged agenda of providing fully
integrated offerings through Smart
Processes, Smart Systems, Smart Devices
and Smart Data; and this has been a
significant differentiator for us.
Datamatics has made considerable
strides in the AI and automation space,
supporting organisations in making their
critical business functions more efficient.
Datamatics also foresees greater demand
and growth in device centric businesses
including IoT, mobility, and self-service
kiosks, among others.
What are the key growth
challenges for Datamatics in the
next 3-5 years? 
Datamatics believes that every challenge
brings with it new opportunities and
with that comes new risks; but it is for us
to seize these opportunities.
With the growing demand for new
digital technologies and the dominance
of the IT sector, Datamatics is extremely
bullish about this new digital wave and
has already started witnessing keen
DSIJ.in
interest from customers across sectors.
The major concern that we see is that
companies are a bit apprehensive about
adopting these new technologies and
making large investments in digital
which may require some additional skill
sets. However, we do see that changing
gradually especially in banking, financial
services, and insurance, transport and
logistics as well as retail sectors.
Datamatics recently acquired
major equity stake in Techjini
Solutions Private Limited. How is
this going to help the EPS of your
company?
As you are aware, enterprise mobility has
gained significant momentum with
companies adopting ‘mobile first’ as a
core strategy for their business and cloud
platforms. TechJini is a domestic software
services company with a presence in key
geographies and has a specialized focus
on enterprise mobile application
development. With 250+ employees,
DSIJ.in
TechJini caters to companies across
business verticals such as media,
engineering, manufacturing and
start-ups.
Datamatics’ partnership with TechJini will
further enhance our mobility offerings,
improve our revenue and create a niche
that will help us gain a competitive
advantage. The objective is also to jointly
tap more opportunities in newer market
segments and offer a wide array of
integrated services to our clients who can
reap the benefits of this alliance. For the
past three years, TechJini’s revenues have
been growing at a CAGR of over 50%, and
in FY17, the company posted a revenue of
INR 350 million. The acquisition is EPS
accretive for Datamatics.
Most of your revenue comes
from foreign clients. Do you
think that the digital push given
by the current government will
help improve your domestic
SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL
revenues?
Datamatics has been extremely positive
about the recent innovations in the IT
industry. We are witnessing increasing
interest from our customers in Robotics,
Advanced Analytics, Cognitive
Technologies such as AI, Machine
Learning and Pattern Detection, as well as
Mobility, IoT, and Cloud. We see a distinct
increase in interest from our domestic
customers and a willingness to invest in
new, emerging technologies. Although we
see good growth from domestic
customers, we will not de-focus our
energy from our international customers,
as that segment continues to be our core
base and is seeing good growth as well.
Going forward, we will continue to refine
our innovation strategy and bring in
more data-centric business models. Our
focus will be to further harness the
emerging technologies such as AI,
robotics and analytics to further enhance
user experience and generate greater
value for all our stakeholders.
31
Communication Feature
What will be the company's
macro and micro expansion
strategy in the current fiscal?
At the macro level, our expansion strategy
is focused on setting up rice bran oil
extraction and refining plant in industrial
area at Dankuni (West Bengal), for which
the Govt. of West Bengal has already
granted permission, and C.S. liquor plant
at Assam. In the near future, we also
propose to set up edible oil refining and
packaging plant in Karnataka.
At the micro level, we have streamlined
and initiated capacity expansion in all of
our IMFL and C.S. liquor plants. In
continuation with our efforts for cost
control and cost mitigation, backward
integration for setting up of PET
preform/PET bottle plant in some of our
factories have also been scheduled for
captive consumption of PET bottles in
our IMIL/C.S. liquor, IMFL and edible
oil segments. This would enable us to
achieve additional contribution to our
bottomline by way of reduced input cost
in bottles.
In which segment is your
company likely to focus on—IMIL,
FMCG, IMFL—in the coming
32 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Pincon Spirit Ltd.
quarters?
All the segments are good contributors in
the topline of our business activity.
In IMIL, i.e. C.S. liquor, we have created
our market presence amongst the largest
players. We have focus for further market
share. We have initiated for business
presence in Assam in this segment.
Taking all these factors together, the C.S.
liquor segment would be the forerunner
in topline contribution.
In IMFL, we have continued to achieve
expanded business volumes across
different states in the country where we
are already operating. Entry with brandy
and rum in Kerala within Q3 of FY18
should add further business volume in
this vertical.
Edible oil in FMCG continues to be
substantial participant in the topline.
Initiation of institutional supply in this
fiscal and volume increase through
distribution chain, business penetration
in other states should make FMCG a
worthy business line.
Considering the above, I feel all the
segments need parallel focus, which shall

We have our
vision for more
acquisitions and
mergers
Monoranjan Roy
CMD, Pincon Spirit Ltd
enable Pincon Spirit in business risk
mitigation proposition.
Is the company likely to witness
more merger and acquisitions in
the near future?
In Pincon Spirit, mergers and
acquisitions are viewed from regulatory-
cum-operational convenience and for
inorganic expansion–all cumulatively
focused at achieving greater business
volume. We do have our vision for more
acquisitions and mergers, which again
would be effected as per the parameters,
if so required.
Pincon Spirit is rapidly growing
its presence. What will be its
distribution strategy in the
current fiscal?
In the current fiscal, in IMFL and IMIL,
we have focused on greater business
volume through state government-
owned alcoholic beverages corporations;
West Bengal being one of the new
entrants.
In FMCG, we have focused on larger
business scale in existing distributor
base along with increase in the
number of distributor base in new
geographies.
DSIJ.in
 ❝In IMFL, we have
continued to achieve
expanded business volumes
across different states in the
country where we are
already operating. Entry
with brandy and rum in
Kerala within Q3 of FY18
should add further business
volume in this vertical❞

What will be the company's
growth strategy for FY18?
The growth strategy of the company
continues along the following lines:
• Strengthened product mix.
• Deeper market penetration across
geographies.
• Deriving benefits from value chain
proposition.
• Strengthened distribution chain.
• Strengthening of captive logistics.
• Analytical market approach from
the income profile of Indian
demography.
How can Pincon Spirit improve
its market share?
Pincon Spirit continues to be one of the
fastest growing corporates in India. I
believe that placing of product range in
the untapped segment in the product
chain has benefited the company in being
a fast growing corporate in India. Each
business vertical being managed by
people with vast experience in their
respective fields, interactive and need-
based marketing strategy formulation,
24x7 efforts by a committed team shall
enable Pincon Spirit to improve its
market share.

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 33

Communication Feature
Salzer is one of the most
competitive global
manufacturers of advanced
electrical products. How do you
manage to maintain this coveted
position in the market?
Thanks for the compliment. The
leadership for the last 30 years is the
result of the two point philosophy
adopted by the company.
First is, we begin with customers. All the
products we develop are as per customer
needs and hence there is always a good
demand for our products. Our marketing
and design team closely co-ordinate with
customer and end users before
developing any new product.
Second is vertical integration. Nearly 70
to 80 % of the parts that go intoany of our
products are made in-house. The
required R&D, tooling, moulding,
manufacturing andtesting facilities are
in-house.
This gives competitive edge over others,
like flexibility in design, quality control
on the entire value chain, cost control of
the product, quick introduction of new
products, etc.
What is your outlook on industry
growth and economic growth in
the coming years?
We are expecting the switchgear industry
to grow in the next 3 to 5 years at about 7
to 8%. Customers prefer single source,
hence consolidation or basket offering
will grow.
With GST implementation, we expect all
the organised playersto get level playing
field. Anybody can sell anywhere in
India. No forms, no logistic hassles. We
34 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Salzer Electronics Ltd

We are already practicing ‘Make in India’
for the last 30 years!
R Doraiswamy
Managing Director, Salzer Electronics Ltd
expect to see the benefits of GST in the
second half of FY17-18.
The economy is expected to accelerate as
well. Thegovernmentinvestments will be
supported with private investments,
though not yet started. Infrastructure,
water management (like combining of
rivers, a multi-billion dollar project
expected to be announced soon),
housing andelectricity for all anddefence
will be the growth drivers
What percentage of your sales do
you invest in R&D?
Around 1.5-2% of sales is invested in
R&D every year.
How is 'Make in India' initiative
helping your company grow?
As we said above, vertical integration is
our strength.
Also, Salzer believes in developing
affordable products locally to replace
imports. We think we are already
practicing ‘Make in India’ for the last 30
years!
Many large multinational OEMs are
looking at India as a manufacturing hub
and looking for good suppliers to source
products for international markets. This
has already started to transform into
business for us as well as for various
other companies. ‘Make In India’ as a
policy should ensure that the ease of
doing business in India is getting better
year-on-year. This will bring in more
companies and thereby technology into
the country.
What steps are being taken to
enhance EBITDA margin by 100
bps and to bring ROCE to around
18% in three years?
The company’s policy is to see that the
RoCE is increased year-on-year. For this,
EBIDTA margins have to improve.
Already we have a mix of products where
some of them give us 14-15% margin and
some of them like wires &cables give
7-8% EBIDTA margins. On blended
basis, we see the company’s EBIDTA
margins between 10–12% depending on
the revenue mix between these two
products mix.
We have initiated various steps to
increase EBIDTA,such as:
- Cost reduction through value
engineering.
- Process improvement in various
factories – continuous process.
- Growing high margin business
faster by introducing new
technology products.
What is your product-mix
strategy that you think will
optimise revenues for Salzer?
New Product Index (NPI),i.e, the sale
from new products as a percentage of
total sales is the new financial parameter
adopted by Salzer. New product means
those which are launched in the last 4
years.
We are aiming for 25%-30% NPI every
year.
Also we operate in fouruser verticals,
namely,switchgear, magnetics, building
andcopper. Our product mix from these
four verticles is such that the revenue and
profitability as a group is maintained as
per target. Also 21% of our sales are
exported.
We are always looking at growing the
more profitable business. We also as a
policy ensure that the customer mix,
product mix, region mix is very widely
spread, so that any impact on any one
segment or region does not affect the
company largely.
DSIJ.in
Communication Feature Arfin

Next 2-3 years might be very good for
aluminium industry in India
Jatin M. Shah
Managing Director, Arfin

has resulted in increased gross margins each of the segment. Conductor and
and net profit margins. We have added Master Alloys & Ferro Alloys would add
Cored Wire Products during 2014-15, good volumes and margins in existing
Alloy Products 2015-16 and Master sales mix. We are targeting export market
Alloys & Ferro Alloys during 2016-17. for our products and getting good
We have added high margin products to response from customers across Japan
the existing product portfolio. Also, we and Middle East.
have been benefited on account of
improved efficiencies, increased volumes What is your outlook on
and increase in the scale of business. aluminium and aluminium
products?
What are the growth From the current scenario, it is clear that
opportunities you believe your the next 2-3 years might be very good for
Introducing new products company will be able to the aluminium industry in India on
consistently has been the key
growth strategy for your
company. What are the new
products that will be launched in
coming year?
We have recently launched Master Alloys
and Ferro Alloys products during March
2017. This year we are expecting to start
commercial production from Conductor
& Cables Plant.

What sort of volume and profit

growth are you targeting over
the coming one to three years?
We are expecting volume growth in the
range to 15 to 20% going forward. We are
expecting to maintain the ratio of net
profit percentage to net sales.
successfully tap in the coming account of government push on
What steps taken in the past has years? infrastructure, Make in India policy and
helped Arfin improve on its gross Currently, we are supplying to steel sector power sector growth in India. Indian
profit margins and net profit and automobile sector and entering into economy has a huge infrastructure
margins? supply to power sector through the demand looking at the current
We have diversified the product portfolio Conductor Plant. Going forward, we are infrastructure, which will push growth of
through addition of new products which looking at one third sales coming from aluminium industry as well as our
company. The demand for aluminium is
estimated to grow at 6% to 8% per
The demand for aluminium is estimated to grow annum in view of the low per capita
at 6% to 8% per annum in view of the low per consumption in India. The demand for
aluminium is expected to pick up as the
capita consumption in India. The demand for scenario improves for user industries like
power, infrastructure and transportation.
aluminium is expected to pick up as the scenario The demand is also expected to get a
improves for user industries like power, boost following the focus on Smart Cities
and improving prospectus of business
infrastructure and transportation. and construction industry.

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 35

Communication Feature Sunil Hitech Engineers

Excellence’ Is The Common

Attribute To Any Work We Do
Sunil Gutte
Managing Director, Sunil Hitech Engineers

If you had to identify one

highlight of the company’s
working during the year under
review, what would it be?
Clearly the fact that we reoriented our
order book and the corporate direction
decisively towards road building during
the year under review. There was a time
during the last few years when projects
related to the power sector accounted for
90 per cent of our order book. Sometime
in 2013, the Sunil Hitech management
took a conscious decision: since the
power sector was affected by policy
slowdown, fuel linkages, declining
viability and increasing withholding of
our contracted revenues on account of
disputes with customers, we took a
conscious decision to moderate our segments. Three, the road building sector year; in four years, we believe that we
exposure to this sector. Even as this provides opportunities to extend from could possess `2500 crore of road assets
decision was taken at that point, there EPC engagement to asset building on our books that would not only
was a recognition that the reorientation without stretching the Balance Sheet. provide us with road construction
would only play out progressively across Four, there is a case for India’s road assets revenues but generate steady cash flows
the future. I am pleased to report that to be treated like a standalone investible and create attractive monetization
during the year under review, the asset, if we list the project on the opportunities without disproportionately
Company’s decision could be clearly international capital markets. Five, for increasing our debt. We are optimistic
showcased to shareholders: from a time companies like ours that seek a listing of that a combination of these realities
in 2012-13 when the non-power segment road building assets there could be an would enhance our corporate stability,
accounted for only 20 per cent of our attractive opportunity in deleveraging strengthen ROCE and enhance corporate
order book, we are pleased to state that the Balance Sheet, strengthening value.
this segment now accounted for 80 per business sustainability. Six, the Hybrid
cent of our order book as on 31 March Annuity Model segment of the country’s How does the company intend to
2017. road building sector provides scope for enhance stakeholder value?
an attractive revenue increase and I will repeat what I had stated in last
What is the implication of this visibility. year’s report: the sustainability of our
transformation? business will be derived from controlled
The implications are robust and positive. How does the company intend to growth: the sustainable ability to generate
One, there is ample reason to believe that grow the road building business? an annual topline growth of 15 per cent
the road building sector is possibly At Sunil Hitech, we believe that our without straining the Balanced Sheet in
growing faster than most infrastructure growth is likely to be catalyzed through any way. We believe that the annual
sectors in the country. Two, the spreads EPC road building on the one hand and topline growth will be generated from
available in the road building sector are HAM projects on the other. We intend to priority sectors; we intend to generate a
higher than what is available in the other successfully bid for one HAM project a 2x in order book of our annual revenues,

36 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

which will keep us growing sustainably;
we intend to leverage the strength of our
Balance Sheet and mobilise debt at
progressively moderated costs; we intend
to seek infrastructure building
opportunities where we can leverage our
existing competencies that make it
possible to generate a superior return on
knowledge, people, and assets. In
addition to road building, we perceive
such opportunities in civil construction
for the government (housing, offices,
institutions, and hospitals).
I will also state in a working capital
intensive business, we intend to make a
better use of our financial resources. Our
planned moderation in exposure to the
power sector will help in this regard: our
significant Balance of Plant exposure in
the past consumed excessive working
capital and project delivery was often tied
to deliverables by other companies. So
even as we often completed our portion
of the project on schedule, delays by
other vendors would result in delays in
our payments. The phased reduction in
DSIJ.in
exposure to power projects will enhance
5 ways in which we
have strengthened our
business in the last few
years
Reduced proportion of power
projects in the revenues
Moderated receivables from a
peak 131 days of turnover
equivalent to 96 days (2016-17)
Worked completely on
government projects funded by
global agencies; eliminating bad
debts
Moderated working capital cost
from banks by nearly 100 bps
Restructured the business;
reduced BoP business manning by
400 people
SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL
our profitability and business
sustainability, going forward.
What are some of the sectoral
realities that provide optimism?
There are three developments that one
needs to indicate here. One, the Road
Ministry is sending out positive signals
related to the quantum of road building
projects being announced coupled with
larger contract sizes. Two, the focus of
the Ministry has shifted from project
announcement to projects completion,
which indicates a subtle shift visibly
reflected in an increased pace of road
building across the country. Three, the
institution of a time-bound dispute
resolution mechanism enhances the
confidence of sectoral players who
suffered for years even after project
handover. The sectors where we have a
larger presence are relatively clean in that
they do not usually attract disputes and
where the pending amounts are usually
cleared, resulting in a faithful match
between the reported numbers and
nitty-gritty.
37
Communication Feature
How is your company tackling
the slowdown in petrochemicals
industry?  policy flexibility. As regards chemical
The company has a diversified range of
products which is not only restricted to
petrochemical industry, but it has a large
end-user base. The company also caters
to oil, gas, fertilizers, pharma, cosmetic
industries, textiles etc. Due to a
diversified range of products, our
company is not much affected by the
slowdown in the petrochemical sector.
The company has regular customers such
as refineries and gas plants in the
country. The company supplies tailor-
made products for some of its clients
after carrying out special simulations,
and these clients will continue to buy
from the company.  The company has multi-plant, multi-
Methyl Diethonalamine (MDEA)
and N Methyl Morpholine
Oxide (NMMO) are your main
products which are used
in petrochemicals and oil
refineries. How are your
earnings correlated to crude oil
prices?  of products, such as Ethoxylate and
Methyl Diethanolamine (MDEA) and
some other related products are used in
petrochemicals and in all existing and
new refineries as raw material. The
fluctuations in crude prices do not affect
consumption. As far as N Methyl
Morpholine Oxide (NMMO) is
concerned, it is a “eco-friendly solvent”
for making new generation viscose fibres
38 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Amines & Plasticisers Ltd.

Our Unique And Innovative Products
Help Us To Meet Competition
Hemant Kumar Ruia
Chairman and Managing Director, Amines & Plasticisers Ltd.
which is widely used in North America,
Europe, China and Taiwan.
What is the outlook on Indian
economy and on your industry?  strategy has paid off.
The Indian economy, despite various
factors, continued to remain the fastest
growing economy in the world in fiscal
2016-17 and the outlook for the current
fiscal continues to remain positive. The
Indian economy is expected to grow at
6.5-7.0% in the fiscal 2017-18 with
various reforms introduced by the
government, including Goods and
Service Tax, budgetary provisions and
industry, there is spur in demand in
specialty chemicals and all companies
dealing in chemicals are expected to do
well.  has over a period of time developed
What are your internal growth
targets for the coming year?  development of existing ones. The
As discussed in point no. 3 above,
chemical sector is doing well. Policies are
favourable and export is picking up. We
expect to grow 12% to 15% during fiscal
2017-18.
What is your product mix
strategy to optimise revenues?
product facilities and has adopted
various measures which have resulted in
higher plant production at lower energy
consumption levels. This has resulted in
our products being very competitive in
the market and thus earn better
realization, especially in exports. Also,
continuous efforts to develop new range
Propaxylate have added value to product
range. There is a continual growth in
specialty products/formulations for gas
plant, natural gas, fertilizers and
ammonia plant and local power plants
for CO2 recovery. Thus, as there is
optimum utilization of the resources
and conservation of energy, the company
had overall growth in terms of
production, profitability and revenue.
The company shall continue to
concentrate on specialty products, which
results in higher profitability as that
What are the key challenges
faced by your industry and how
do you plan to change your
strategy to grow consistently? 
The company has few challenges from
multinational companies, volatility in the
dollar and raw material prices. However,
the company operates in a high entry
barrier industry which has been in this
segment for more than four decades and
has now through its constant efforts in
research and development has
established its brand name. The company
various new products, simulations,
processes and has engaged in the
unique and innovative products
developed by the company help to meet
competition in the industry. The
company has a team of experts/
professionals in the field who look after
the development of new products,
customization of existing product range
and proper handling and storing of
volatile products. We plan to provide
more technical and analytical services as
many of the new products are
performance-oriented. More emphasis is
being given to developing new products
and processes.
We have been following these practices
for long and will continue to follow
them so that consistent growth is realized
year after year. The company has been
taking every possible step in order to
mitigate the effects of unstable global
conditions by reaching out to new
customers, exploring new markets and
constant upgradation of its R&D team.
The forex fluctuations get largely
mitigated by its import bills and shifting
to euro payment.
DSIJ.in
Communication Feature

needs of the Missing Middle
Yogen Khosla
Chairman & Managing Director, Capital Trust Limited
What is your growth outlook on
MSME sector in India?
It’s been 25 years since the economic
reforms in India……and yet, the 48
million MSMEs (micro, small and
medium enterprises) who form the heart
of Entrepreneurial India are still largely
bypassed by traditional banking
mechanisms.
These MSMEs are the growth engines of
the economy employing over 111.4
million people and contributing 37.5% to
the country’s GDP. Not only is the Indian
growth story fabricated around the
triumphs of millions of MSMEs, but it is
these MSMEs who will propel India’s
progress and prosperity in the coming
years.
MSMEs not only play a crucial role in
providing large employment
opportunities but also help in
industrialization of rural and backward
areas, thereby reducing regional
imbalances, assuring more equitable
distribution of national income and
wealth. As on date, 94% of India’s 2.65
crore MSMEs are unregistered, hence
don’t have access to traditional banking.
However unfortunate this story seems, we
see great growth potential in this sector.
With the government focusing
significantly on financial inclusion, we
believe mainstream financial banking
services to people in the semi-urban/rural
areas is no longer a pipe dream.
Between microfinance loan,
micro enterprise loan and
secured enterprise loan, which
product do you see will have
maximum demand going
forward? Historically, what has
been the trend?
A country with an extremely diverse
40 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Capital Trust Limited
Our company's vision is to fulfill funding
population, India has a huge credit
demand in each of the sectors. There is
immense potential in all the three loan
products, however, our focus will be on
micro enterprise and secured enterprise
loans. This segment represents the
'Missing Middle' which remains under-
served by microfinance institutions, banks
and large NBFCs, who typically prefer to
lend to the top or bottom end of the
pyramid. Our company's vision is to fulfill
the funding needs of the 'Missing Middle'.
By offering a range of loan sizes from
`15,000 to `10 lakh, we should be able to
cover most of the clients which are
excluded from mainstream banking.
Please share with us your non-
performing asset figures with an
historical perspective and also
how do you plan to keep NPAs at
minimal level?    going forward.
The net non-performing assets of the
company for the quarter ending June 30,
2017 was 3.4% as compared to 1.3% for
the same quarter last year. The increase in
NPA ratio was primarily due to
demonetisation, where 86% of the
currency notes were removed from the
system. Our clients were predominantly
dealing in cash.
For all disbursements made to new clients
post January 1, 2017, we have collection
percentage of more than 99%.
We believe that we would be able to keep
our NPAs at a minimal level in times to
come. Our aim is to take our collection
values as close to pre-demonetisation
values as early as possible.
Is demonetisation effect still seen
in your sector? How has GST
impacted your business
operations and sales?
The demonetisation certainly had an
impact on Capital Trust and the industry
alike. While our collection efficiencies in
Uttar Pradesh, Uttarakhand and Delhi
were impacted, we have been able to
maintain 100% collection efficiency in
Madhya Pradesh, Punjab and Rajasthan.
As of June 2017, the company-wide
collection efficiency has increased to 92%.
The collection efficiency values have been
increasing month-on-month and with
added focus on collections, we aim to take
this to pre-demonetisation levels in the
near future.
While a large number of our clients do
not fall under GST umbrella, their
businesses have been impacted indirectly.
As for company operations, GST has
increased the operational work as the
company has had to get registration for
each state where it operates. Separate
books are required to be maintained for
each state. However, we feel that this step
will ultimately be very good for economy
What are your growth targets for
coming years?
Capital Trust has been growing at a 77%
CAGR for the last four years and there is
no reason for us to believe that we would
not be able to continue this growth in the
years to come. We have expanded our
geographical network and are now
operating in eight states (Delhi, Uttar
Pradesh, Punjab, Uttarakhand, Madhya
Pradesh, Rajasthan, Bihar, Odisha). The
company is planning to enter Jharkhand,
Chhattisgarh and Gujarat in the next few
months. Apart from geographical
expansion, the company is also focusing
on product expansion and is venturing
into more secured products. These are
housing loans and vehicle loans.
The company is financially sound and its
capital adequacy ratio is 39%, which gives
the company a leverage to raise funds for
its future growth. From here on, we expect
growth to be the only constant as our
current infrastructure and capital
structure is capable of supporting business
growth multifold from the current level.
DSIJ.in
Communication Feature Generic Engineering Construction

Improving Margins By Adding Design

& Build & Other Value Added Services
Manish Patel
Managing Director, Generic Engineering Construction and Projects

Highlights of financial results for Q4 FY2017)

Q1 FY2018
- Total income increased by 13% to
`4,353 Lacs (`3,847 Lacs in Q4
FY2017)
- EBITDA increased by 54.5% to `518
Lacs (`326 Lacs in Q4 FY2017)
- EBITDA margin stood at 11.7% in
Q1 FY2017 (8.6% in Q4 FY2017)
- Net Profit after tax increased by
66.7% to `304 Lacs (`180 Lacs in Q4
FY2017)
Current Order Book:
The total value of our current order
books stands at approximately 360 Cr out
of which approximately 243 Cr is residual
(WIP). While L1 bid book is
approximately 225 Cr.
Our Q1 FY18 results have been in line
with growth expectation. We are able
to withstand the demonetization

G
- PAT Margin stood at 6.9% in Q1 period by achieving a 13% revenue
eneric Engineering FY2018 (4.7% in Q4 FY2017) growth and were also able to improve our
Construction and Projects - Basic and diluted Earnings Per Share operating margins and reduced the
Limited is a civil contracts stood at `1.86 in Q1 FY2018 (`1.10 in interest cost.
company with over five
decades of experience and more than 200
completed projects. It was established in
the year 1967 under the leadership of
Ravilal Patel, it was later transformed
into a Private Limited Company in the
year 2004 under the leadership of his son
Manish Ravilal Patel.

Generic strives to innovate and deliver

quality and cost effective services to its
clients. Generic’s core business is to
provide services for civil construction
and infrastructure projects on various
models ranging from Design, Build,
Operate and Transfer (DBOT); and
Build, Own, Operate and Transfer
(BOLT). We aim at becoming a world
class civil construction and infrastructure
organization committed to quality
work, timely completion, customer
satisfaction and enhancement of the
stakeholders’ value.

Going forward, we expect to improve our

We aim at becoming a world class civil margins by adding Design & Build and
giving other value added services. We
construction and infrastructure organization expect RERA to have a positive impact

committed to quality work, timely on the Real Estate industry in terms of

operations, cash flows and transparency.
completion, customer satisfaction and Government push for affordable housing
and Smart city projects will offer ample
enhancement of the stakeholders’ value. of high growth opportunities to the
company.

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 41

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
1 Indian Metals & Ferro Alloys 2 Sutlej Textiles & Industries
BSE Code: 533047 Price (`): 519.9 Face Value (`): 10 Book Value (`): 394.22 BSE Code: 532782 Price (`): 836.6 Face Value (`): 10 Book Value (`): 498.06
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1720.47 1226.75 1357.13 1334.91 1281.48 Net Sales 2286.94 2302.3 1917.89 1919.67 1717.98
EBITDA 561.6 128.69 253.09 314.51 280.53 EBITDA 319.15 310.8 271.8 305.62 234.31
Interest 83.47 80.23 105.68 115.58 86.98 Interest 45.67 46.52 52.99 58.07 65.32
Net Profit/Loss 248.94 -54.27 3.68 34.92 52.82 Net Profit/Loss 157.94 143.36 115.46 131.38 76.97
Basic EPS (`) 92.28 -20.89 1.42 13.44 20.33 Basic EPS (`) 96.41 87.51 70.48 80.19 70.47
Equity 26.98 25.98 25.98 25.98 25.98 Equity 16.38 16.38 16.38 16.38 10.92

Rank Rank
3 Dalmia Bharat Sugar and Industries 4 Hinduja Global Solutions
BSE Code: 500097 Price (`): 171.95 Face Value (`): 2 Book Value (`): 85.38 BSE Code: 532859 Price (`): 520.7 Face Value (`): 10 Book Value (`): 653.58
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1696.98 1187.97 1166.05 1211.25 1013.92 Net Sales 3733.77 3347.63 2832.13 2538.86 2016.71
EBITDA 375.32 323.97 128.88 127.55 166.26 EBITDA 418.01 332.44 337.32 355.9 257
Interest 93.8 163.17 78.01 75.64 65.55 Interest 42.94 40.07 38.64 38.75 43.66
Net Profit/Loss 182.18 58.4 1.49 3.05 18.37 Net Profit/Loss 179.21 101 165.03 169.55 90.57
Basic EPS (`) 22.51 7.22 0.18 0.38 2.27 Basic EPS (`) 86.58 48.72 79.65 82.24 43.99
Equity 16.19 16.19 16.19 16.19 16.19 Equity 20.74 20.73 20.72 20.62 20.59

Rank Rank
5 West Coast Paper Mills 6 KCP
BSE Code: 500444 Price (`): 187.7 Face Value (`): 2 Book Value (`): 96.77 BSE Code: 590066 Price (`): 100.15 Face Value (`): 1 Book Value (`): 53.36
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1771.71 1707.71 1651.44 1569.02 1459.44 Net Sales 1292.87 1300.75 1202.21 1081.34 1217.26
EBITDA 340.43 260.48 245.62 214.37 273.41 EBITDA 233.28 242.24 181.97 147.65 188.08
Interest 51.57 71.21 67.09 73.23 72.57 Interest 49.67 52.34 51.46 46.31 39.71
Net Profit/Loss 128.5 8.86 1.12 6.63 18.11 Net Profit/Loss 72.77 93.35 50.28 34.49 65.24
Basic EPS (`) 19.46 1.34 0.17 1 2.74 Basic EPS (`) 5.64 7.24 3.85 2.56 4.89
Equity 13.21 13.21 13.21 13.21 13.21 Equity 12.89 12.89 12.89 12.89 12.89

Rank Rank
7 Gujarat Ambuja Exports 8 Kirloskar Industries
BSE Code: 524226 Price (`): 112.2 Face Value (`): 2 Book Value (`): 79.5 BSE Code: 500243 Price (`): 1406 Face Value (`): 10 Book Value (`): 910.85
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 3348.97 2746.32 2540.43 3101.9 3014.07 Net Sales 1187.18 1175.18 1421.81 1290.14 -
EBITDA 293.58 197.68 173.73 205.03 204.02 EBITDA 219.45 205.03 198.45 154.39 -
Interest 22.79 9.91 15 20.65 21.7 Interest 13.66 23.83 29.8 14.3 -
Net Profit/Loss 158.55 103.58 84.17 111.96 113.35 Net Profit/Loss 75.4 72.29 61.65 58.33 -
Basic EPS (`) 11.5 7.49 6.08 8.09 8.19 Basic EPS (`) 77.67 74.46 63.5 60.08 -
Equity 22.93 27.67 27.67 27.67 27.67 Equity 9.71 9.71 9.71 9.71 -

Rank Rank
9 RSWM 10 SML Isuzu
BSE Code: 500350 Price (`): 343 Face Value (`): 10 Book Value (`): 257.96 BSE Code: 505192 Price (`): 986.6 Face Value (`): 10 Book Value (`): 278.43
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 3018.21 2979.25 3034.92 3158.28 2678.17 Net Sales 1373.11 1172.59 1114.34 885.99 1011.06
EBITDA 326.29 420.18 377.45 413.87 354.72 EBITDA 112.16 93.04 74.34 36.41 79.28
Interest 110.36 124.38 125.22 136.5 132.77 Interest 4 5.16 5.82 5.89 18.61
Net Profit/Loss 104.09 105.52 86.35 100.66 71.7 Net Profit/Loss 62.81 51.16 36.94 17.4 36.43
Basic EPS (`) 44.67 45.14 37.3 43.48 30.97 Basic EPS (`) 43.4 35.35 25.53 12.02 25.18
Equity 23.55 23.15 23.15 23.15 23.15 Equity 14.48 14.48 14.48 14.48 14.48

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

42 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
11 Leel Electricals 12 Lumax Industries
BSE Code: 517518 Price (`): 187.2 Face Value (`): 10 Book Value (`): 207.09 BSE Code: 517206 Price (`):1329.25 Face Value (`): 10 Book Value (`): 337.92
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 3330.65 2724.21 2185.42 1825.02 1479.34 Net Sales 1305.48 1259.06 - - -
EBITDA 264.26 262.79 245.6 214.29 155.86 EBITDA 105.5 92.43 - - -
Interest 119.95 105.52 94.31 85.5 52.7 Interest 11.41 13.44 - - -
Net Profit/Loss 69.99 41.94 88.41 89.12 52.78 Net Profit/Loss 55.22 52.03 - - -
Basic EPS (`) 17.44 11.58 25.03 25.23 17.03 Basic EPS (`) 59.07 55.66 - - -
Equity 40.34 36.21 35.33 35.33 31.01 Equity 9.35 9.35 - - -

Rank Rank
13 Electrosteel Castings 14 Thirumalai Chemicals
BSE Code: 500128 Price (`): 27 Face Value (`): 1 Book Value (`): 61.09 BSE Code: 500412 Price (`):1170.05 Face Value (`): 10 Book Value (`): 289.02
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 2239.31 2180.42 2464.01 2487.82 2309.56 Net Sales 1036.89 949.36 1080.41 1280.87 1376.28
EBITDA 290.29 308.26 370.69 326.4 293.51 EBITDA 162.13 96.79 45.73 86.4 139.61
Interest 210.35 181.23 156.57 150.46 125.66 Interest 16.73 23.05 34.71 48.54 52.28
Net Profit/Loss 165.24 -33.22 -116.09 -15.93 -23.89 Net Profit/Loss 70.54 32.15 -13.72 11.87 43.81
Basic EPS (`) 4.63 -0.93 -3.25 -0.46 -0.73 Basic EPS (`) 68.9 31.4 -13.4 11.59 42.79
Equity 35.7 35.7 35.7 34.38 32.68 Equity 10.24 10.24 10.24 10.24 10.24

Rank Rank
15 JBM Auto 16 Sarda Energy & Minerals
BSE Code: 532605 Price (`): 336.1 Face Value (`): 5 Book Value (`): 100.39 BSE Code: 504614 Price (`): 340.55 Face Value (`): 10 Book Value (`): 372.56
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1800.77 1524.16 1561.04 1369.48 1174.77 Net Sales 1501.62 1520.85 1822.42 1637.62 1453.92
EBITDA 202.16 196.54 195.02 160.16 136.14 EBITDA 217.04 230.32 439.89 372.5 338.5
Interest 52.91 52.75 34.92 35.98 43.48 Interest 93.77 108.69 120.36 122.52 68.88
Net Profit/Loss 65.88 52.38 76.41 50.21 32.6 Net Profit/Loss 127.04 15.38 54.91 91.03 161.52
Basic EPS (`) 16.15 12.64 18.53 48.79 31.58 Basic EPS (`) 35.59 4.27 15.27 25.39 45.05
Equity 20.4 20.4 20.4 10.2 10.2 Equity 36.03 35.98 35.95 35.85 35.85

Rank Rank
17 Cosmo Films 18 Munjal Showa
BSE Code: 508814 Price (`): 413.65 Face Value (`): 10 Book Value (`): 280.43 BSE Code: 520043 Price (`): 229 Face Value (`): 2 Book Value (`): 127.38
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1595.73 1626.16 1651.73 1475.13 1273.62 Net Sales 1475.76 1507.03 1651.11 1604.05 1584.9
EBITDA 167.26 196.84 109.31 115.42 106.71 EBITDA 110.72 117.27 134.75 111.3 108.87
Interest 30.29 30.18 39.88 43.22 29.01 Interest 0.05 0.12 0.45 2.7 7.17
Net Profit/Loss 88.85 96.24 27.66 -5.5 11.33 Net Profit/Loss 56.55 61.15 75.63 69.7 60.68
Basic EPS (`) 45.7 49.51 14.23 -2.83 5.83 Basic EPS (`) 14.14 15.29 18.91 17.43 15.17
Equity 19.44 19.44 19.44 19.44 19.44 Equity 8 8 8 8 8

Rank Rank
19 LG Balakrishnan & Bros 20 Seshasayee Paper & Boards
BSE Code: 500250 Price (`): 723 Face Value (`): 10 Book Value (`): 306.67 BSE Code: 502450 Price (`): 702.75 Face Value (`): 10 Book Value (`): 456.06
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1291.32 1209.22 1182.32 1113.16 960.01 Net Sales 1141.97 1036.16 1020.29 - -
EBITDA 166.53 141.6 151.08 130.73 93.17 EBITDA 221.78 111.53 95.34 - -
Interest 15.53 17.89 17.7 17.9 22.94 Interest 21.59 32.36 37.28 - -
Net Profit/Loss 66.48 63.5 71.21 61.91 32.73 Net Profit/Loss 132.89 35.6 16.49 - -
Basic EPS (`) 42.35 40.45 45.37 78.89 41.7 Basic EPS (`) 105.36 28.22 13.07 - -
Equity 15.7 15.7 15.7 7.85 7.85 Equity 12.61 12.61 12.61 - -

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 43

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
21 Vindhya Telelinks 22 Maithan Alloys
BSE Code: 517015 Price (`):1019.55 Face Value (`): 10 Book Value (`): 484.85 BSE Code: 590078 Price (`): 462.1 Face Value (`): 10 Book Value (`): 200.79
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1063.24 1047.54 712 475.02 375.97 Net Sales 1362.69 1154.86 1111.29 965.22 958.25
EBITDA 157.62 203.44 129.5 67.77 45.21 EBITDA 293.43 131.25 114.17 53.72 89.72
Interest 36.7 53.52 34.53 20.29 17.51 Interest 9.43 12.23 16.85 18.52 15.93
Net Profit/Loss 86.8 94.9 74.57 34.82 21.18 Net Profit/Loss 191.46 78.85 52.62 11.39 44.38
Basic EPS (`) 73.24 80.08 62.92 29.39 17.87 Basic EPS (`) 65.77 27.08 36.15 7.83 30.49
Equity 11.84 11.84 11.84 11.84 11.84 Equity 29.11 29.11 14.56 14.56 14.56

Rank Rank
23 Jay Bharat Maruti 24 Steel Strips Wheels
BSE Code: 520066 Price (`): 554 Face Value (`): 5 Book Value (`): 140.63 BSE Code: 513262 Price (`): 855.9 Face Value (`): 10 Book Value (`): 340.95
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1528.05 1306.56 1301.53 1214.22 1183.65 Net Sales 1351.06 1200.72 1173.42 1083.03 980.8
EBITDA 134.52 121.93 112.78 108.84 97.05 EBITDA 183.59 164.13 128.2 118.66 105.82
Interest 18.3 22.22 21.33 21.58 19.5 Interest 41.71 43.04 41.35 40.79 29.7
Net Profit/Loss 53.77 40.4 39.98 16.52 21.53 Net Profit/Loss 71.04 61.18 39.4 24.33 25.04
Basic EPS (`) 24.84 18.66 18.47 7.63 9.95 Basic EPS (`) 45.9 40.09 25.82 16 16.47
Equity 10.83 10.83 10.83 10.83 10.83 Equity 15.53 15.26 15.26 15.21 15.21

Rank Rank
25 Automotive Axles 26 Kirloskar Ferrous Industries
BSE Code: 505010 Price (`): 743.75 Face Value (`): 10 Book Value (`): 248.66 BSE Code: 500245 Price (`): 85.15 Face Value (`): 5 Book Value (`): 42.43
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1148.82 1087.54 461.7 682.58 644.16 Net Sales 1139.26 1116.18 1368.2 1235.24 1200.6
EBITDA 114.22 97.35 37.89 62.43 55.35 EBITDA 180.99 153.42 152.06 106.08 110.8
Interest 0.9 5.35 4.08 7.08 8.26 Interest 13.66 23.83 29.8 14.3 15.18
Net Profit/Loss 48.58 34.77 10.54 18.18 12.7 Net Profit/Loss 90.57 57.73 49.28 39.84 39.09
Basic EPS (`) 32.15 23.01 6.98 12.03 8.4 Basic EPS (`) 6.6 4.2 3.59 2.9 2.85
Equity 15.11 15.11 15.11 15.11 15.11 Equity 68.65 68.65 68.65 68.65 68.65

Rank Rank
27 Praj Industries 28 Voltamp Transformers
BSE Code: 522205 Price (`): 73.05 Face Value (`): 2 Book Value (`): 39.53 BSE Code: 532757 Price (`): 1136.4 Face Value (`): 10 Book Value (`): 531.32
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 937.27 1030.37 1045.86 1009.59 950.3 Net Sales 651.45 591.6 538.05 471.52 535.52
EBITDA 90.96 125.45 126.68 102.21 116.17 EBITDA 97.28 65.71 40.91 41.71 54.2
Interest 1.31 1.31 2.47 1.44 2.31 Interest 0.47 0.44 0.3 0.37 0.49
Net Profit/Loss 44.6 69.45 76.27 54.63 68.03 Net Profit/Loss 67.97 43.98 28.41 26.29 32.9
Basic EPS (`) 2.49 3.9 4.3 3.08 3.83 Basic EPS (`) 67.18 43.47 28.08 25.98 32.52
Equity 35.89 35.59 35.49 35.49 35.49 Equity 10.12 10.12 10.12 10.12 10.12

Rank Rank
29 Balaji Amines 30 Clariant Chemicals (India)
BSE Code: 530999 Price (`): 322.85 Face Value (`): 2 Book Value (`): 109.22 BSE Code: 506390 Price (`): 614 Face Value (`): 10 Book Value (`): 284.23
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 675.45 645.92 623.03 612.73 515.51 Net Sales 990.08 1219.76 1059.66 1265.77 1115.42
EBITDA 157.62 129.49 106.02 93.63 83.94 EBITDA 76.23 100.49 38.19 138.78 156.13
Interest 12.94 22.15 34.88 31.51 25.4 Interest 0.46 0.73 1.13 1.8 1.42
Net Profit/Loss 82.35 57.61 34.27 33.51 31.17 Net Profit/Loss 24.48 52.87 943.32 166.77 101.3
Basic EPS (`) 25.42 17.78 10.58 10.34 9.62 Basic EPS (`) 10.61 22.9 353.82 62.55 38
Equity 6.48 6.48 6.48 6.48 6.48 Equity 23.08 23.08 26.66 26.66 26.66

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

44 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
31 Century Enka 32 Surya Roshni
BSE Code: 500280 Price (`): 315.75 Face Value (`): 10 Book Value (`): 391 BSE Code: 500336 Price (`): 271.85 Face Value (`): 10 Book Value (`): 213.09
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1200.8 1147.53 1225.55 1479.15 1564.32 Net Sales 3146.22 3070.72 2860.83 3034.56 2960.65
EBITDA 197.36 146.09 122.69 193.24 147.88 EBITDA 230.59 242.11 226.82 237.24 238.26
Interest 5.62 9.56 17.32 24.52 29.46 Interest 87.74 96.43 109 114.47 109.67
Net Profit/Loss 90.97 59.46 36.57 62.93 21.89 Net Profit/Loss 66.22 62.05 54.09 53.36 69.25
Basic EPS (`) 41.63 27.21 16.74 28.8 10.02 Basic EPS (`) 15.11 14.16 12.34 12.17 15.8
Equity 21.85 21.85 21.85 21.85 21.85 Equity 43.83 43.83 43.83 43.83 43.83

Rank Rank
33 Rico Auto Industries 34 Vivimed Labs
BSE Code: 520008 Price (`): 74.15 Face Value (`): 1 Book Value (`): 38.34 BSE Code: 532660 Price (`): 116.55 Face Value (`): 2 Book Value (`): 90.52
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1092.15 1021.16 1378.73 1506.18 1545.29 Net Sales 1469.96 1356.44 1385.97 1359.05 1120.67
EBITDA 115.02 113.57 118.67 174.6 156.56 EBITDA 411.71 242.89 222.75 213.27 197.62
Interest 16.94 20.28 52.76 67.38 69.12 Interest 65.52 81.57 79.04 60.29 40.93
Net Profit/Loss 48.16 29.44 153.43 2.7 5.37 Net Profit/Loss 221.74 83.67 72.05 66.39 83.58
Basic EPS (`) 3.56 2.18 11.34 0.2 0.4 Basic EPS (`) 27.37 51.64 44.46 40.97 50.62
Equity 13.53 13.53 13.53 13.53 13.53 Equity 16.2 16.2 16.2 16.2 16.06

Rank Rank
35 HIL 36 Titagarh Wagons
BSE Code: 509675 Price (`):1039.75 Face Value (`): 10 Book Value (`): 611.14 BSE Code: 532966 Price (`): 114.5 Face Value (`): 2 Book Value (`): 83.81
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1077.87 1108.5 1125.41 877.47 1044.39 Net Sales 1742.62 973.24 779.25 655.73 809.66
EBITDA 126.44 111.72 135.07 52.39 128.67 EBITDA 137.03 54.63 58.05 36.53 73.01
Interest 5.18 9.17 5.77 10.23 10.61 Interest 31.31 -0.53 8.13 13.63 22.12
Net Profit/Loss 54.56 39.66 66.86 7.13 60.64 Net Profit/Loss 26.9 -25.19 -3.31 -8.93 23.58
Basic EPS (`) 73.12 53.15 89.59 9.56 81.25 Basic EPS (`) 2.33 -2.18 -1.65 -4.45 11.76
Equity 7.49 7.49 7.49 7.49 7.49 Equity 23.08 23.08 20.06 20.06 20.06

Rank Rank
37 Tata Sponge Iron 38 Sanghvi Movers
BSE Code: 513010 Price (`): 819.15 Face Value (`): 10 Book Value (`): 561.64 BSE Code: 530073 Price (`): 202.95 Face Value (`): 2 Book Value (`): 198.98
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 594.38 611.25 845.28 817.67 827.32 Net Sales 562.88 539.49 315.63 249.73 347.41
EBITDA 98.71 60.05 154.77 180.79 151.62 EBITDA 376.22 362.31 185.88 141.83 239.95
Interest 2.44 5.38 5.31 13.22 7.91 Interest 64.74 54.16 42.67 46.21 63.37
Net Profit/Loss 58.77 30.88 91.94 101.2 85.36 Net Profit/Loss 109.18 116.91 8.06 -14.5 40.93
Basic EPS (`) 38.16 20.05 59.7 65.71 55.43 Basic EPS (`) 25.22 27.01 1.86 -3.35 9.45
Equity 15.4 15.4 15.4 15.4 15.4 Equity 8.66 8.66 8.66 8.66 8.66

Rank Rank
39 Asian Star Company 40 FIEM Industries
BSE Code: 531847 Price (`): 630 Face Value (`): 10 Book Value (`): 481.67 BSE Code: 532768 Price (`): 883.8 Face Value (`): 10 Book Value (`): 321.92
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 3501.03 3301.09 3222.91 3252.07 2463.76 Net Sales 1023.54 989.13 826.37 721.13 606.78
EBITDA 128.71 128.27 138.61 132.48 92.11 EBITDA 122.5 128.27 103.65 89.06 70.67
Interest 27.59 19.77 26.86 25.6 22.1 Interest 23.27 15.78 12.05 14.45 12.97
Net Profit/Loss 66.13 72.55 81.96 77.97 47.77 Net Profit/Loss 33.13 57.33 42.48 37.28 27.72
Basic EPS (`) 41.31 45.33 51.2 48.71 29.84 Basic EPS (`) 25.17 47.93 35.51 31.16 23.17
Equity 16.01 16.01 16.01 16.01 16.01 Equity 13.16 11.96 11.96 11.96 11.96

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 45

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
41 Gati 42 NRB Bearings
BSE Code: 532345 Price (`): 114.3 Face Value (`): 2 Book Value (`): 57.94 BSE Code: 530367 Price (`): 116.45 Face Value (`): 2 Book Value (`): 32.71
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1704.11 1681.81 1662.69 1127.18 1289.51 Net Sales 735.36 677.32 673.58 610.34 600.52
EBITDA 124.96 145.62 153.83 94.72 98.74 EBITDA 127.09 112.85 126.32 106 108.94
Interest 39.94 42.48 41.92 32.5 43.67 Interest 16.85 17.01 17.25 18.61 18.62
Net Profit/Loss 29.52 36.83 41.21 23.42 17.27 Net Profit/Loss 53.98 42 53.23 32.98 47.18
Basic EPS (`) 3.35 4.2 4.71 2.68 1.99 Basic EPS (`) 5.57 4.33 5.49 3.4 4.87
Equity 17.64 17.55 17.5 17.45 17.32 Equity 19.38 19.38 19.38 19.38 19.38

Rank Rank
43 TV Today Network 44 Kothari Products
BSE Code: 532515 Price (`): 228.8 Face Value (`): 5 Book Value (`): 95.57 BSE Code: 530299 Price (`): 185.5 Face Value (`): 10 Book Value (`): 337.68
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 630.58 577.78 499.27 401.16 320.05 Net Sales 6352.45 6872.37 6643.54 5758.01 5078.44
EBITDA 182.08 178.1 154.38 120.98 41.96 EBITDA 147.46 164.99 141.62 126.87 155.45
Interest 8.41 0.19 1.48 3.59 3.34 Interest 45.81 47.31 30.09 32.11 23.86
Net Profit/Loss 100.87 94.31 81.03 61.32 12.21 Net Profit/Loss 75.72 78.24 74.35 63.14 87.09
Basic EPS (`) 16.91 15.81 13.59 10.31 2.05 Basic EPS (`) 25.37 26.22 37.37 95.21 131.32
Equity 29.83 29.83 29.82 29.74 29.73 Equity 29.84 29.85 19.9 6.63 6.63

Rank Rank
45 UFO Moviez India 46 Genus Power Infrastructures
BSE Code: 539141 Price (`): 355.65 Face Value (`): 10 Book Value (`): 179.46 BSE Code: 530343 Price (`): 47.55 Face Value (`): 1 Book Value (`): 28.16
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 604.23 572.11 479.34 425.03 - Net Sales 672.7 871.79 - - -
EBITDA 182.8 184.8 160.83 133.2 - EBITDA 86.59 138.41 - - -
Interest 10.23 9.35 15.07 16.44 - Interest 24.87 28.88 - - -
Net Profit/Loss 63.16 63.46 48.81 47.66 - Net Profit/Loss 64.51 78.51 - - -
Basic EPS (`) 22.89 23.08 18.85 18.4 - Basic EPS (`) 2.81 3.06 - - -
Equity 27.6 27.5 25.9 25.9 - Equity 22.96 25.68 - - -

Rank Rank
47 HBL Power Systems 48 DCM Shriram Industries
BSE Code: 517271 Price (`): 44.75 Face Value (`): 1 Book Value (`): 22.98 BSE Code: 523369 Price (`): 337.15 Face Value (`): 10 Book Value (`): 210.44
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1547.07 1300.44 1346.68 1290.81 1206.55 Net Sales 1506.07 1226.72 1306.19 1329.69 1109.49
EBITDA 147.25 143.97 162.05 109.81 151.03 EBITDA 200.79 93.55 71.53 108.66 83.79
Interest 46.22 52.65 70.66 75.74 93.4 Interest 30.68 35.24 40.68 39.94 42.16
Net Profit/Loss 34.74 19.43 14.62 45.01 20.44 Net Profit/Loss 122.11 34.08 6.72 31.87 5.94
Basic EPS (`) 1.16 0.77 0.58 1.78 0.81 Basic EPS (`) 70.19 19.59 3.86 18.32 3.41
Equity 27.72 25.3 25.3 25.3 25.3 Equity 17.4 17.4 17.4 17.4 17.4

Rank Rank
49 Kirloskar Pneumatic Company 50 Kolte-Patil Developers
BSE Code: 505283 Price (`): 927.6 Face Value (`): 10 Book Value (`): 256.17 BSE Code: 532924 Price (`): 155.95 Face Value (`): 10 Book Value (`): 127.29
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 556.29 529.98 460.14 525.98 562.4 Net Sales 975.76 700.05 708.35 779.38 764.01
EBITDA 87.09 70.75 47.34 75.03 83.58 EBITDA 240.01 198.88 216.08 235.98 228.59
Interest 0.04 0.02 0.02 0.35 1.31 Interest 87.99 59.13 43.96 45.67 36.35
Net Profit/Loss 52.7 36.38 22.58 38.83 47.1 Net Profit/Loss 87.19 59.08 65.32 92.04 107.44
Basic EPS (`) 90.29 28.32 17.58 30.23 36.67 Basic EPS (`) 11.51 7.8 8.62 12.15 14.18
Equity 5.84 12.84 12.84 12.84 12.84 Equity 75.77 75.77 75.77 75.77 75.77

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

46 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
51 Emami Paper Mills 52 Monte Carlo Fashions
BSE Code: 533208 Price (`): 165.2 Face Value (`): 2 Book Value (`): 68.47 BSE Code: 538836 Price (`): 458.65 Face Value (`): 10 Book Value (`): 224.73
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1156.82 545.19 527.96 549.94 511.82 Net Sales 606.21 635.44 601.53 518.26 416.46
EBITDA 144.86 53.63 59.01 73.84 73.48 EBITDA 99.41 136.4 142.54 108.84 82.97
Interest 57.02 16.14 15.07 19.03 30.22 Interest 11.96 16.24 17.08 9.32 3.69
Net Profit/Loss 25.94 27.92 12.17 18.61 11.55 Net Profit/Loss 42.32 58.94 59.77 54.4 49.48
Basic EPS (`) 3.31 3.8 1.3 2.67 1.91 Basic EPS (`) 19.47 27.12 27.5 25.03 22.77
Equity 12.1 12.1 12.1 12.1 12.1 Equity 21.73 21.73 21.73 21.73 21.73

Rank Rank
53 Aarti Drugs 54 Weizmann Forex
BSE Code: 524348 Price (`): 545.4 Face Value (`): 10 Book Value (`): 172.16 BSE Code: 533452 Price (`): 761.1 Face Value (`): 10 Book Value (`): 93.06
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1199.18 1139.84 1097.53 - - Net Sales 5994.88 4791.32 - - -
EBITDA 189.66 175.69 169.67 - - EBITDA 53.1 51.85 - - -
Interest 36.42 43.89 38.93 - - Interest 10.25 12.06 - - -
Net Profit/Loss 80.56 68.72 77.25 - - Net Profit/Loss 20.8 14.78 - - -
Basic EPS (`) 33.77 28.38 31.9 - - Basic EPS (`) 17.98 12.78 - - -
Equity 23.86 24.22 24.22 - - Equity 11.56 11.56 - - -

Rank Rank
55 Visaka Industries 56 Arcotech
BSE Code: 509055 Price (`): 459.85 Face Value (`): 10 Book Value (`): 244.21 BSE Code: 532914 Price (`): 100.5 Face Value (`): 2 Book Value (`): 21.51
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 970.5 1007.58 1023.55 897.46 918.16 Net Sales 737.2 730.5 657.75 626.51 371.07
EBITDA 118.52 97.96 98.33 62.65 109.22 EBITDA 92.94 91.16 86.9 86.18 48.9
Interest 18.05 21.29 22.03 21.4 15.01 Interest 46.85 30.29 31.39 31.64 15.39
Net Profit/Loss 40.8 24.44 21.24 11.97 50.69 Net Profit/Loss 26.41 36.47 33.76 33.1 22.91
Basic EPS (`) 25.69 15.39 13.37 7.54 31.92 Basic EPS (`) 12.58 17.37 16.07 15.76 11.45
Equity 15.92 15.92 15.92 15.92 15.92 Equity 21 21 21 21 20

Rank Rank
57 Panama Petrochem 58 Oricon Enterprises
BSE Code: 524820 Price (`): 182.8 Face Value (`): 2 Book Value (`): 78.25 BSE Code: 513121 Price (`): 58.3 Face Value (`): 2 Book Value (`): 43.49
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 835.94 753.56 806.44 636.23 637.08 Net Sales 1216.74 1197.97 1081.13 913.33 1019.88
EBITDA 76.6 50.51 32.99 31.83 23.63 EBITDA 145 125.68 124.77 126.62 157.36
Interest 8.58 9.26 8.01 5.89 8.46 Interest 19.22 27.56 15.88 15.24 16.4
Net Profit/Loss 43.18 25.15 17.71 18.4 11.88 Net Profit/Loss 35.29 18.67 43.25 21.73 34.75
Basic EPS (`) 10.71 6.24 4.39 22.81 13.8 Basic EPS (`) 2.25 1.19 2.7 2.01 3.28
Equity 8.07 8.07 8.07 8.07 8.61 Equity 31.41 31.41 31.41 20.51 20.51

Rank Rank
59 Munjal Auto Industries 60 Sasken Technologies
BSE Code: 520059 Price (`): 65.6 Face Value (`): 2 Book Value (`): 25.04 BSE Code: 532663 Price (`): 461.3 Face Value (`): 10 Book Value (`): 319.88
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 853.3 888.37 892.22 820.67 723.59 Net Sales 494.42 499.37 449.95 489.56 492.47
EBITDA 63.7 49.31 72.76 68.03 59.99 EBITDA 68.63 63.37 54.18 84.92 59.56
Interest 5.48 7.94 8.63 6.19 6.87 Interest 0.09 0.19 0.14 0.2 0.41
Net Profit/Loss 31.77 20.08 38.03 47.66 39.49 Net Profit/Loss 73.69 206.29 119.56 51.47 31.96
Basic EPS (`) 6.35 4.02 7.61 9.53 7.9 Basic EPS (`) 43.07 116.42 56.02 24.19 15.25
Equity 10 10 10 10 10 Equity 17.11 17.72 21.34 21.28 20.96

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 47

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
61 Empire Industries 62 Gitanjali Gems
BSE Code: 509525 Price (`): 1970.5 Face Value (`): 10 Book Value (`): 304.1 BSE Code: 532715 Price (`): 58.85 Face Value (`): 10 Book Value (`): 380.24
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 407.27 390.09 359.24 320.49 287.9 Net Sales 16831.44 14153.27 11579.59 12445.56 16489.31
EBITDA 66.95 66.03 67.74 66.62 63.24 EBITDA 671.74 904.23 1109.22 811.54 1118.64
Interest 9.06 9.67 9.31 10.76 9.03 Interest 693.94 726.37 904.16 736.31 461.32
Net Profit/Loss 32.64 30.65 34.14 36.25 35.13 Net Profit/Loss 167.71 133.24 95.5 33.52 591.69
Basic EPS (`) 54.4 51.08 56.89 60.41 58.56 Basic EPS (`) 14.62 13.01 9.73 3.64 64.27
Equity 6 6 6 6 6 Equity 118.62 102.44 98.12 92.07 92.07

Rank Rank
63 Alkyl Amines Chemicals 64 Tinplate Company of India
BSE Code: 506767 Price (`): 380.15 Face Value (`): 5 Book Value (`): 125.15 BSE Code: 504966 Price (`): 136.15 Face Value (`): 10 Book Value (`): 59.44
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 501.78 484.7 478.35 448.28 367.23 Net Sales 850.29 851.91 938.71 1084.42 898.55
EBITDA 92.83 93.55 88.78 87.04 59.1 EBITDA 109.54 184 151.4 173.04 132.83
Interest 5.62 8.04 10.23 12.25 12.94 Interest 3.09 6.05 12.21 21.15 25.28
Net Profit/Loss 51 50.04 45.13 43.27 24.21 Net Profit/Loss 27.86 73.38 44.6 62.8 28.23
Basic EPS (`) 25.01 24.53 22.13 42.43 23.74 Basic EPS (`) 2.66 7.01 3.88 5.22 1.84
Equity 10.21 10.21 10.21 10.21 10.21 Equity 104.8 104.8 104.8 104.8 104.8

Rank Rank
65 PNB Gilts 66 Lumax Auto Technologies
BSE Code: 532366 Price (`): 53.5 Face Value (`): 10 Book Value (`): 49.93 BSE Code: 532796 Price (`): 500.8 Face Value (`): 10 Book Value (`): 232.31
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 500.54 343.4 410.01 346.26 288.65 Net Sales 1027.96 912 841.33 766.52 769.98
EBITDA 482.59 327.54 395.33 333.92 278.12 EBITDA 86.14 75.23 70.95 64.23 70.78
Interest 225.72 275.62 260.51 242.67 188.65 Interest 3.95 4.74 5.17 3.67 0.53
Net Profit/Loss 167.17 34.5 89.61 61.38 61.25 Net Profit/Loss 34.14 31.77 44.98 30.21 41.07
Basic EPS (`) 9.29 1.92 4.98 3.41 4.54 Basic EPS (`) 25.05 23.3 33 22.16 30.13
Equity 180.01 180.01 180.01 180.01 135.01 Equity 13.63 13.63 13.63 13.63 13.63

Rank Rank
67 Power Mech Projects 68 Astra Microwave Products
BSE Code: 539302 Price (`): 562.3 Face Value (`): 10 Book Value (`): 421.27 BSE Code: 532493 Price (`): 126.75 Face Value (`): 2 Book Value (`): 52.32
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1345.9 1389.26 1371.98 1211.08 - Net Sales 428.9 427.33 639.82 538.97 234.38
EBITDA 166.03 188.17 172.76 166.19 - EBITDA 101.09 104.34 116.8 91.4 68.05
Interest 32.93 32.9 29.43 26.61 - Interest 10.93 9.13 9.97 6.73 4.13
Net Profit/Loss 64.65 75.53 71.4 68.09 - Net Profit/Loss 53.94 56.26 62.76 50.84 37.19
Basic EPS (`) 43.95 51.34 56.75 62.24 - Basic EPS (`) 6.23 6.5 7.67 6.21 4.54
Equity 14.71 14.71 12.58 10.94 - Equity 17.32 17.32 16.37 16.37 16.37

Rank Rank
69 Ion Exchange (India) 70 Agro Tech Foods
BSE Code: 500214 Price (`): 550.15 Face Value (`): 10 Book Value (`): 135.63 BSE Code: 500215 Price (`): 511 Face Value (`): 10 Book Value (`): 147.75
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1029.83 875.98 804.81 797.85 861.86 Net Sales 806.78 782.14 759.77 764.32 791.8
EBITDA 77.58 62.17 50.94 38.94 53.81 EBITDA 63.93 56.8 60.82 69.92 67.56
Interest 16.31 14.94 14.98 13.61 15.62 Interest 4.55 5.33 1.23 2.04 0.03
Net Profit/Loss 28.34 15.31 9.76 4.55 14.15 Net Profit/Loss 29.31 23.19 36.92 42.63 41.9
Basic EPS (`) 19.94 10.85 6.92 3.23 10.9 Basic EPS (`) 12.03 9.52 15.15 17.49 17.2
Equity 14.23 14.12 14.09 14.09 12.98 Equity 24.37 24.37 24.37 24.37 24.37

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

48 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
71 Deccan Cements 72 NCL Industries
BSE Code: 502137 Price (`):1110.55 Face Value (`): 10 Book Value (`): 467.49 BSE Code: 502168 Price (`): 207.05 Face Value (`): 10 Book Value (`): 68.48
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 559.86 580.55 440.65 393.39 502.12 Net Sales 769.16 663.93 538.77 413.8 423.96
EBITDA 101.43 116.12 67.46 59.38 67.89 EBITDA 117.91 124.15 75.02 33.11 59.59
Interest 6.7 15.22 26.63 27.35 30.69 Interest 31.11 30.6 37.12 39.99 36
Net Profit/Loss 46.6 45.56 19.88 5.02 7.31 Net Profit/Loss 54.73 53.08 8.9 -40.8 -11.54
Basic EPS (`) 66.53 65.05 28.38 7.17 10.44 Basic EPS (`) 14.9 14.45 2.55 -11.68 -3.3
Equity 7 7 7 7 7 Equity 36.73 36.73 34.94 34.94 34.94

Rank Rank
73 Atul Auto 74 Bharat Rasayan
BSE Code: 531795 Price (`): 419.45 Face Value (`): 5 Book Value (`): 68.31 BSE Code: 590021 Price (`):3050.05 Face Value (`): 10 Book Value (`): 472.71
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 477.85 532.36 498.66 433.06 365.82 Net Sales 622.91 456.11 439.63 362.35 188.16
EBITDA 62.38 77.6 63.78 48.31 42.06 EBITDA 112.45 81.06 82.24 64.95 25.87
Interest 0.58 0.78 0.59 0.35 0.4 Interest 12.01 12.47 16.44 14.72 4.44
Net Profit/Loss 37.32 47.4 40.57 29.79 25.92 Net Profit/Loss 54.44 33.88 31.75 20.15 9.59
Basic EPS (`) 17.01 21.6 18.49 27.16 23.62 Basic EPS (`) 128.13 79.73 74.73 47.42 22.56
Equity 11.2 11.2 11.2 11.2 11.2 Equity 4.25 4.25 4.25 4.25 4.25

Rank Rank
75 Bhansali Engineering Polymers 76 Alicon Castalloy
BSE Code: 500052 Price (`): 78.85 Face Value (`): 1 Book Value (`): 9.47 BSE Code: 531147 Price (`): 552.3 Face Value (`): 5 Book Value (`): 138.07
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 634.59 533.4 602.94 508.11 419.84 Net Sales 776.53 752.07 715.79 536.59 531.55
EBITDA 71.09 40.01 22.66 16.99 15.84 EBITDA 86.84 80.95 73.17 57.46 53.2
Interest 9.8 11.08 8.96 9.82 11.26 Interest 26.52 22.35 18.02 11.17 11.3
Net Profit/Loss 34.77 16.69 5.4 1.48 1.19 Net Profit/Loss 26.17 22.2 19.84 19.16 16.88
Basic EPS (`) 2.1 1.01 0.33 0.09 0.07 Basic EPS (`) 21 18.12 18.04 17.42 15.34
Equity 16.59 16.59 16.59 16.59 16.59 Equity 6.13 6.13 5.5 5.5 5.5

Rank Rank
77 Nahar Spinning Mills 78 Rane Brake Lining
BSE Code: 500296 Price (`): 115.45 Face Value (`): 5 Book Value (`): 235.53 BSE Code: 532987 Price (`): 1243.6 Face Value (`): 10 Book Value (`): 210.91
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 2154.11 2053.83 2160.91 2211.15 1969.41 Net Sales 491.96 451.64 418.49 386.51 379.68
EBITDA 204.56 239.53 224.56 357.13 324.36 EBITDA 77.33 57.65 47.57 42.62 36.08
Interest 41.03 57.63 79.48 64.47 102.76 Interest 0.76 3.26 6.02 7.67 7.29
Net Profit/Loss 45.75 51.37 20.37 145.75 78.39 Net Profit/Loss 34.72 25.76 16.11 17.21 9.1
Basic EPS (`) 12.69 14.24 5.65 40.41 21.74 Basic EPS (`) 43.87 32.55 20.35 21.74 11.5
Equity 18.05 18.05 18.05 18.05 18.05 Equity 7.91 7.91 7.91 7.91 7.91

Rank Rank
79 Nucleus Software Exports 80 Rolta India
BSE Code: 531209 Price (`): 275.9 Face Value (`): 10 Book Value (`): 160.47 BSE Code: 500366 Price (`): 54.7 Face Value (`): 10 Book Value (`): 99.53
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 402.24 374.61 386.45 370.78 314.01 Net Sales 3223.56 3837.8 3710.18 2507.4 2217.74
EBITDA 82.15 56.72 99.16 91.65 66.59 EBITDA 959.99 1151.92 1307.34 811.45 912.96
Interest 0.54 0.62 0.54 0.51 0.44 Interest 562.08 476.74 401.34 247.94 221.76
Net Profit/Loss 62.69 32.47 64.71 64.34 45.17 Net Profit/Loss 166.74 189.11 245.17 283.69 -839.19
Basic EPS (`) 19.36 10.03 19.98 19.87 13.95 Basic EPS (`) 10.2 11.62 15.2 17.58 -52.02
Equity 32.39 32.39 32.39 32.39 32.39 Equity 164.27 162.7 161.33 161.33 161.33

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 49

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
81 Oriental Carbon & Chemicals 82 BGR Energy Systems
BSE Code: 506579 Price (`): 1156.9 Face Value (`): 10 Book Value (`): 319.86 BSE Code: 532930 Price (`): 137.5 Face Value (`): 10 Book Value (`): 189.45
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 338.5 343.81 360.43 335.85 293.15 Net Sales 3448.12 3205.06 3373.36 3306.46 3125.18
EBITDA 93.58 87.45 81.81 73.95 62.28 EBITDA 375.88 325.53 296.3 371.63 438.74
Interest 6.66 8.41 10.35 13.54 15.46 Interest 263.33 247.91 206.86 181.83 174.89
Net Profit/Loss 50.49 49.52 48.29 40.49 27.63 Net Profit/Loss 77.2 27.63 30.23 93.24 162.09
Basic EPS (`) 49.04 48.1 46.9 39.32 26.84 Basic EPS (`) 10.7 3.83 4.19 12.92 22.46
Equity 10.31 10.31 10.31 10.31 10.31 Equity 72.16 72.16 72.16 72.16 72.16

Rank Rank
83 Excel Industries 84 Grauer & Weil (India)
BSE Code: 500650 Price (`): 423.95 Face Value (`): 5 Book Value (`): 193.06 BSE Code: 505710 Price (`): 41.6 Face Value (`): 1 Book Value (`): 13.27
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 471.22 451.9 489.3 421.27 387.53 Net Sales 445.82 429.36 419.9 390.33 338.54
EBITDA 50.96 65.43 79.62 43.57 43.32 EBITDA 85.61 81.04 76.66 63.6 55.39
Interest 11.48 12.54 13.92 11.38 11.32 Interest 5.99 8.84 14.07 16.74 20.54
Net Profit/Loss 63.33 26.04 41.18 17.99 14.93 Net Profit/Loss 50.2 42.12 33.37 30.3 19.81
Basic EPS (`) 50.38 20.18 34.59 16.5 13.69 Basic EPS (`) 2.21 1.86 1.47 1.34 0.87
Equity 6.29 6.45 5.95 5.45 5.45 Equity 22.67 22.67 22.67 22.67 22.67

Rank Rank
85 Rajapalayam Mills 86 Dwarikesh Sugar Industries
BSE Code: 532503 Price (`): 946.65 Face Value (`): 10 Book Value (`): 334.64 BSE Code: 532610 Price (`): 66.75 Face Value (`): 1 Book Value (`): 15.16
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 414.57 399.55 - - - Net Sales 1199.84 802.96 1138.73 940.72 700.76
EBITDA 82.28 63.43 - - - EBITDA 280.8 116.83 95.87 71.83 96.11
Interest 23.29 26.69 - - - Interest 41.94 51.59 75.21 70.56 78.86
Net Profit/Loss 145.19 102.52 - - - Net Profit/Loss 158.47 38.97 -16.75 -19.36 -11.31
Basic EPS (`) 196.84 138.99 - - - Basic EPS (`) 76.09 23.88 -10.27 -11.87 -6.93
Equity 7.36 7.33 - - - Equity 18.83 16.31 16.31 16.31 16.31

Rank Rank
87 Infinite Computer Solutions (India) 88 Sterling Tools
BSE Code: 533154 Price (`): 205.5 Face Value (`): 10 Book Value (`): 227.65 BSE Code: 530759 Price (`): 235.2 Face Value (`): 2 Book Value (`): 49.05
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 2374.19 2124.1 1744.26 1740.32 1398.09 Net Sales 380.52 373.96 - - -
EBITDA 196.02 207.02 196.96 174.44 208.5 EBITDA 73.6 63.13 - - -
Interest 1.05 1.2 1.21 1.95 2.75 Interest 5.54 6.28 - - -
Net Profit/Loss 120.88 120.84 112.88 89.8 130.74 Net Profit/Loss 38.76 28.04 - - -
Basic EPS (`) 31.52 31.22 28.11 22.2 30.72 Basic EPS (`) 11.33 40.97 - - -
Equity 33.05 38.71 40.16 40.44 42.56 Equity 6.84 6.84 - - -

Rank Rank
89 M M Forgings 90 Datamatics Global Services
BSE Code: 522241 Price (`): 582.15 Face Value (`): 10 Book Value (`): 267.61 BSE Code: 532528 Price (`): 101.55 Face Value (`): 5 Book Value (`): 86.53
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 489.66 507.67 504.93 412.98 361.63 Net Sales 886.63 829.77 834.66 741.13 558.96
EBITDA 104.02 113.42 113.17 80.49 58.29 EBITDA 80.84 86.86 91.79 97.63 56.76
Interest 9.95 8.32 9.14 7.66 7.14 Interest 4.84 6.66 6.75 3.98 3.46
Net Profit/Loss 43.42 50.09 50.55 29.32 24.45 Net Profit/Loss 90.13 44.83 43.21 48.7 26.82
Basic EPS (`) 35.97 41.5 41.87 24.29 20.26 Basic EPS (`) 15.29 7.61 7.33 8.26 4.55
Equity 12.07 12.07 12.07 12.07 12.07 Equity 29.48 29.48 29.47 29.47 29.47

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

50 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
91 Prabhat Dairy 92 Patel Engineering
BSE Code: 539351 Price (`): 135.4 Face Value (`): 10 Book Value (`): 70.46 BSE Code: 531120 Price (`): 75.8 Face Value (`): 1 Book Value (`): 109.85
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1411.13 1171.97 1004.33 - - Net Sales 3295.91 2844.46 2668.23 2850.26 3211.18
EBITDA 128.05 120.71 104.48 - - EBITDA 899.21 618.62 626.08 519.1 549.39
Interest 29.44 42.7 41.2 - - Interest 637.91 588.54 552.29 428.63 420.11
Net Profit/Loss 46.94 24.52 25.99 - - Net Profit/Loss 41.83 -18.69 11.89 25 49.22
Basic EPS (`) 4.81 2.51 3.64 - - Basic EPS (`) 4 -2.43 1.55 3.28 7.05
Equity 97.68 97.68 71.43 - - Equity 15.7 7.68 7.68 7.62 6.98

Rank Rank
93 Precision Camshafts 94 N R Agarwal Industries
BSE Code: 539636 Price (`): 121.55 Face Value (`): 10 Book Value (`): 61.31 BSE Code: 516082 Price (`): 272.65 Face Value (`): 10 Book Value (`): 96.54
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 473.76 494.23 542.75 - - Net Sales 1050.22 891.27 730.72 544.34 516.09
EBITDA 99.22 151.16 151.16 - - EBITDA 144.04 73.29 36.1 22.53 25.08
Interest 7.15 11.13 11.23 - - Interest 43.14 45.7 35.61 11.51 10.36
Net Profit/Loss 66.59 64.16 46.41 - - Net Profit/Loss 70.23 17.83 -33.43 0.45 4.59
Basic EPS (`) 7.03 6.77 5.67 - - Basic EPS (`) 41.27 10.47 -19.65 0.27 2.7
Equity 94.79 94.74 81.84 - - Equity 17.02 17.02 17.02 17.02 17.02

Rank Rank
95 Gloster 96 India Motor Parts & Accessories
BSE Code: 538595 Price (`): 562.75 Face Value (`): 10 Book Value (`): 383.1 BSE Code: 590065 Price (`): 805 Face Value (`): 10 Book Value (`): 63.53
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 519 440.53 335.85 341.24 349 Net Sales 524.84 509.17 - - -
EBITDA 67.72 50.57 35.68 33.71 42.34 EBITDA 35.22 38.52 - - -
Interest 3.58 4.79 4.89 5.3 4.26 Interest 0 0 - - -
Net Profit/Loss 46.58 25.51 14.56 14.68 20.85 Net Profit/Loss 27.39 26.73 - - -
Basic EPS (`) 44.62 48.75 27.81 28.06 79.67 Basic EPS (`) 32.93 32.13 - - -
Equity 10.47 5.23 5.23 5.23 2.62 Equity 8.32 8.32 - - -

Rank Rank
97 Foseco India 98 Plastiblends India
BSE Code: 500150 Price (`): 1360.9 Face Value (`): 10 Book Value (`): 194.67 BSE Code: 523648 Price (`): 258.35 Face Value (`): 5 Book Value (`): 83.61
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 341.6 294.02 266.73 229.45 248.41 Net Sales 573.82 520.52 496.21 469.3 409.33
EBITDA 56.79 52.57 42.56 32.52 37.38 EBITDA 65.41 61.65 52.66 50.68 32.78
Interest 0.42 0.12 0.17 0.26 0.46 Interest 7.98 3.55 3.6 5.79 5.67
Net Profit/Loss 33.08 31.73 24.59 17.82 21.82 Net Profit/Loss 33.03 37.67 30.05 27.24 15.36
Basic EPS (`) 51.8 49.68 38.5 27.9 34.16 Basic EPS (`) 25.42 28.99 23.13 20.96 11.82
Equity 6.39 6.39 6.39 6.39 6.39 Equity 6.5 6.5 6.5 6.5 6.5

Rank Rank
99 Sandur Manganese & Iron Ores 100 Asian Granito India
BSE Code: 504918 Price (`): 758.15 Face Value (`): 10 Book Value (`): 477.79 BSE Code: 532888 Price (`): 409.6 Face Value (`): 10 Book Value (`): 133.71
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 429.18 274.5 356.04 364.53 242.03 Net Sales 1069.52 995.27 847.14 773.26 710.79
EBITDA 96.78 8.41 46.69 73.77 48.66 EBITDA 123.55 92.2 60.73 65.4 72.28
Interest 7.25 0.3 2.36 0.02 2.39 Interest 39.48 29.11 22.71 21.13 25.21
Net Profit/Loss 54.44 7.39 25.48 36.81 24.93 Net Profit/Loss 39.11 24.26 14.8 14.26 17.11
Basic EPS (`) 62.21 8.44 29.12 42.07 28.49 Basic EPS (`) 13 10.74 6.55 6.31 7.72
Equity 8.75 8.75 8.75 8.75 8.75 Equity 30.09 22.58 22.58 22.58 22.16

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 51

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
101 Technocraft Industries (India) 102 Harita Seating Systems
BSE Code: 532804 Price (`): 475.1 Face Value (`): 10 Book Value (`): 250.81 BSE Code: 590043 Price (`): 778 Face Value (`): 10 Book Value (`): 161.31
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 977.09 937.91 1043.47 1071.76 832.34 Net Sales 714.79 640.36 583.55 513.77 528.5
EBITDA 146 167.05 149.35 161.97 146 EBITDA 62.62 54.12 40.69 38.37 42.64
Interest 18.82 9.85 8.62 4.62 8.14 Interest 0.52 1.75 5.66 7.23 8.3
Net Profit/Loss 101.48 89.71 75.2 89.64 74.25 Net Profit/Loss 28.84 25.93 8.88 7.8 11.6
Basic EPS (`) 39.14 34.11 23.85 28.43 23.55 Basic EPS (`) 37.12 33.37 11.43 10.04 14.93
Equity 26.3 26.3 31.53 31.53 31.53 Equity 7.77 7.77 7.77 7.77 7.77

Rank Rank
103 Centum Electronics 104 GMM Pfaudler
BSE Code: 517544 Price (`): 610.75 Face Value (`): 10 Book Value (`): 171.34 BSE Code: 505255 Price (`): 567.1 Face Value (`): 2 Book Value (`): 136.89
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 764.54 412.89 495.23 425.89 283.51 Net Sales 361.28 295.72 310.22 282.61 217.88
EBITDA 78.56 56.59 106.44 83.28 35.07 EBITDA 47.74 38.61 38.53 37.04 21.39
Interest 9.52 4.03 3.16 5.9 4.67 Interest 0.9 0.69 0.52 1.06 0.73
Net Profit/Loss 31.27 26.26 43.35 34.67 9.28 Net Profit/Loss 33.27 20.12 18.87 19.06 9.69
Basic EPS (`) 24.52 20.74 34.48 27.9 7.5 Basic EPS (`) 0 13.76 12.91 13.04 6.63
Equity 12.75 12.66 12.57 12.43 12.37 Equity 2.92 2.92 2.92 2.92 2.92

Rank Rank
105 Man Industries (India) 106 HPL Electric & Power
BSE Code: 513269 Price (`): 84.95 Face Value (`): 5 Book Value (`): 105.32 BSE Code: 540136 Price (`): 122.15 Face Value (`): 10 Book Value (`): 61.52
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1132.88 1456.98 1398.59 1036.17 1562.63 Net Sales 991.7 1121.25 1051.85 - -
EBITDA 48.31 186.01 148.84 86 241.48 EBITDA 123.51 146 129.87 - -
Interest 36.32 53.53 45.9 41.77 44.21 Interest 65.66 78.24 69.93 - -
Net Profit/Loss 33.57 83.29 50.38 9.03 61.6 Net Profit/Loss 28.3 36.62 34.54 - -
Basic EPS (`) 5.83 14.59 8.82 1.58 10.31 Basic EPS (`) 5.14 7.89 18.6 - -
Equity 28.55 28.55 28.55 28.55 29.88 Equity 64.3 46.43 18.57 - -

Rank Rank
107 Sandesh 108 Loyal Textiles Mills
BSE Code: 526725 Price (`): 857.95 Face Value (`): 10 Book Value (`): 795.82 BSE Code: 514036 Price (`): 739.05 Face Value (`): 10 Book Value (`): 391.98
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 369.27 380.26 - - - Net Sales 1119.53 1161.08 1402.62 - -
EBITDA 115.05 133.45 - - - EBITDA 134.27 157.49 163.3 - -
Interest 1.1 1.78 - - - Interest 42.21 54.78 69.23 - -
Net Profit/Loss 72.81 80.86 - - - Net Profit/Loss 28.1 26.9 15.83 - -
Basic EPS (`) 96.27 106.83 - - - Basic EPS (`) 58.35 55.85 32.87 - -
Equity 7.57 7.57 - - - Equity 4.82 4.82 4.82 - -

Rank Rank
109 India Glycols 110 Gravita India
BSE Code: 500201 Price (`): 181.55 Face Value (`): 10 Book Value (`): 93.49 BSE Code: 533282 Price (`): 100.2 Face Value (`): 2 Book Value (`): 21.89
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 2507.16 2332.54 2621.77 2995.89 3433.2 Net Sales 656.63 435.4 505.92 518.4 402.27
EBITDA 236.27 188.24 166.16 221.05 379.89 EBITDA 56.36 20.23 23.46 42.61 38.23
Interest 126.68 138.03 163.39 150.34 150.09 Interest 8.58 7.57 9.88 9.18 9.09
Net Profit/Loss 35.04 -49.12 -88.64 -161.36 95.53 Net Profit/Loss 30.3 4.37 6.62 21.32 19.04
Basic EPS (`) 11.32 -15.87 -28.63 -52.12 30.85 Basic EPS (`) 4.43 0.64 0.97 3.13 2.79
Equity 30.96 30.96 30.96 30.96 30.96 Equity 13.69 13.67 13.65 13.64 13.63

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

52 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
111 Avadh Sugar & Energy 112 TCPL Packaging
BSE Code: 540649 Price (`): 651.4 Face Value (`): 10 Book Value (`): 326.72 BSE Code: 523301 Price (`): 639.3 Face Value (`): 10 Book Value (`): 204.51
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1875.49 0 - - - Net Sales 613.04 592.61 497.84 394.92 373.29
EBITDA 428.74 -0.01 - - - EBITDA 97.79 100.54 82 61.18 55.8
Interest 129.97 0 - - - Interest 21.39 20.13 17.29 17.66 14.96
Net Profit/Loss 209.58 -0.01 - - - Net Profit/Loss 33.21 38.28 32.19 12.5 13.51
Basic EPS (`) 209.38 -2.18 - - - Basic EPS (`) 38.17 44 37 14.37 15.52
Equity 10.01 0.05 - - - Equity 8.7 8.7 8.7 8.7 8.7

Rank Rank
113 Balasore Alloys 114 Mercator
BSE Code: 513142 Price (`): 49.65 Face Value (`): 5 Book Value (`): 58.41 BSE Code: 526235 Price (`): 40 Face Value (`): 1 Book Value (`): 32.55
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1036.96 844.74 881.68 791.29 702.77 Net Sales 2129.34 2725.27 3106.92 3486.2 3759.06
EBITDA 178.51 88.7 141.87 131.47 112.45 EBITDA 588.22 -56.11 534.51 671.27 457.53
Interest 39.34 31.51 34.16 41.19 44.31 Interest 224.36 262.18 225.3 205.14 245.04
Net Profit/Loss 89.5 18.63 29.17 45.9 28.71 Net Profit/Loss 24.58 -890.13 -449.53 32.18 -372.09
Basic EPS (`) 11.35 2.36 4.11 7.14 4.47 Basic EPS (`) 0.89 -36.35 -18.36 1.31 -15.19
Equity 45.96 40.96 36.96 33.66 33.66 Equity 26.99 24.49 24.49 24.49 24.49

Rank Rank
115 National Peroxide 116 Ucal Fuel Systems
BSE Code: 500298 Price (`): 1396.4 Face Value (`): 10 Book Value (`): 473.82 BSE Code: 500464 Price (`): 199.7 Face Value (`): 10 Book Value (`): 45.13
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 261.95 242.11 203.12 241.97 217.58 Net Sales 795.9 731.49 746.98 650.62 660.9
EBITDA 73.13 44.45 28.75 68.47 72.05 EBITDA 96.02 84.48 98.28 73.63 75.85
Interest 2.13 5.39 4.68 0.22 0.35 Interest 26.79 27.23 31.45 35.63 37.83
Net Profit/Loss 48.31 18.45 6.68 39.94 40.06 Net Profit/Loss 33.03 15.47 24.55 6.85 5.98
Basic EPS (`) 84.06 32.1 11.62 69.5 69.71 Basic EPS (`) 14.94 6.99 11.1 3.1 2.71
Equity 5.75 5.75 5.75 5.75 5.75 Equity 22.11 22.11 22.11 22.11 22.11

Rank Rank
117 Kiri Industries 118 Sunflag Iron & Steel Company
BSE Code: 532967 Price (`): 288.85 Face Value (`): 10 Book Value (`): 319.72 BSE Code: 500404 Price (`): 44.8 Face Value (`): 10 Book Value (`): 39.08
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1127.75 1041.69 932.76 692.11 560.84 Net Sales 1517.47 1668.03 1762.59 1590.9 1577.13
EBITDA 156.86 125.38 103.62 73.83 25.98 EBITDA 145.77 196.24 175.28 152.49 126.28
Interest 8.82 73.48 86.31 80.22 77.54 Interest 35.06 61.14 71.44 72.99 82.33
Net Profit/Loss 266.35 195.71 181.52 9.91 -198.6 Net Profit/Loss 65.22 55.58 24.41 21.68 -12.5
Basic EPS (`) 95.66 73.71 79.88 5.22 -104.53 Basic EPS (`) 3.64 2.88 1.29 1.34 -0.77
Equity 27.84 26.55 22.73 19 19 Equity 180.22 188.21 180.22 162.2 162.2

Rank Rank
119 Shilpi Cable Technologies 120 Nahar Industrial Enterprises
BSE Code: 533389 Price (`): 27.2 Face Value (`): 10 Book Value (`): 65.92 BSE Code: 519136 Price (`): 102.05 Face Value (`): 10 Book Value (`): 175.11
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 3899.96 3219.31 1758.37 958.81 531.65 Net Sales 1727.86 1780.23 1808.62 - -
EBITDA 312.42 267.7 176.59 106.35 60.48 EBITDA 209.5 223.49 204.88 - -
Interest 104.67 80.76 59.68 32.59 24.16 Interest 59.82 77.63 104.88 - -
Net Profit/Loss 163.48 159.99 100.13 58.87 23.81 Net Profit/Loss 69.05 39.3 -27.78 - -
Basic EPS (`) 14.78 15.59 20.3 15.69 7.37 Basic EPS (`) 17.33 9.87 -6.97 - -
Equity 110.63 102.63 49.32 37.52 32.3 Equity 40.03 40.03 40.03 - -

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 53

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
121 SMS Pharmaceuticals 122 Nelcast
BSE Code: 532815 Price (`): 73.55 Face Value (`): 1 Book Value (`): 39.53 BSE Code: 532864 Price (`): 65.45 Face Value (`): 2 Book Value (`): 37.89
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 656.88 606.8 - - - Net Sales 579.1 562.79 546.61 517.59 509.51
EBITDA 102.75 92.8 - - - EBITDA 68.58 66.01 46.88 50.99 34.86
Interest 21.48 17.1 - - - Interest 6.15 6.96 4.68 1.85 3.05
Net Profit/Loss 41.04 40.89 - - - Net Profit/Loss 33.98 31.87 21.94 22.5 13.91
Basic EPS (`) 4.85 4.83 - - - Basic EPS (`) 3.91 3.66 2.52 2.59 1.6
Equity 8.47 8.47 - - - Equity 17.4 17.4 17.4 17.4 17.4

Rank Rank
123 Goodricke Group 124 India Nippon Electricals
BSE Code: 500166 Price (`): 236.3 Face Value (`): 10 Book Value (`): 135.13 BSE Code: 532240 Price (`): 641.05 Face Value (`): 10 Book Value (`): 243.51
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 694.81 756.05 611.88 589.76 547.8 Net Sales 363.71 346.69 334.06 271.2 277.23
EBITDA 63.92 -12.58 45.37 66.36 44.71 EBITDA 51.13 41.64 40.15 32.85 41.74
Interest 1.34 2.61 3.19 4.78 4.96 Interest 0.06 0.14 0.16 0.12 0.18
Net Profit/Loss 33.13 -12.89 22.24 33.36 20 Net Profit/Loss 29.57 23.67 23.08 21.23 29.23
Basic EPS (`) 15.34 -5.97 10.3 15.44 9.26 Basic EPS (`) 26.14 20.93 20.4 18.77 25.84
Equity 21.6 21.6 21.6 21.6 21.6 Equity 11.31 11.31 11.31 11.31 11.31

Rank Rank
125 Nectar Lifesciences 126 Dhunseri Investments
BSE Code: 532649 Price (`): 28.05 Face Value (`): 1 Book Value (`): 47.51 BSE Code: 533336 Price (`): 373.95 Face Value (`): 10 Book Value (`): 992.46
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1666.36 1681.44 1663.64 1649.94 1642.29 Net Sales 2340 32.34 - - -
EBITDA 224.72 280.29 286.91 300.4 306.2 EBITDA 244.31 18.83 - - -
Interest 117.41 122.5 125.59 137.99 115.49 Interest 63.91 0 - - -
Net Profit/Loss 55.34 59.19 66.26 62.09 85.74 Net Profit/Loss 362.59 -61.68 - - -
Basic EPS (`) 2.47 2.64 2.95 2.77 3.82 Basic EPS (`) 594.68 -101.16 - - -
Equity 22.43 22.43 22.43 22.43 22.43 Equity 6.1 6.1 - - -

Rank Rank
127 KSE 128 Veritas (India)
BSE Code: 519421 Price (`):1325.05 Face Value (`): 10 Book Value (`): 272.83 BSE Code: 512229 Price (`): 209.1 Face Value (`): 1 Book Value (`): 442.84
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1049.24 927.23 901.33 807.2 698.26 Net Sales 1650.72 1455.83 1502.75 1205.49 914.29
EBITDA 29.72 17.84 61.74 29.56 14.02 EBITDA 81.06 68.21 57.1 39.29 26.53
Interest 2.02 1.31 1.94 2.37 3.14 Interest 9.35 6.05 6.32 6.08 5.12
Net Profit/Loss 15.62 7.58 43.63 15.37 4.65 Net Profit/Loss 71.49 60.23 48.03 31.04 19.26
Basic EPS (`) 48.8 23.69 136.36 48.04 14.54 Basic EPS (`) 26.66 22.47 19.84 12.82 7.95
Equity 3.2 3.2 3.2 3.2 3.2 Equity 2.68 2.68 2.42 2.42 2.42

Rank Rank
129 Ganesh Housing Corporation 130 Sical Logistics
BSE Code: 526367 Price (`): 138.4 Face Value (`): 10 Book Value (`): 160.24 BSE Code: 520086 Price (`): 252.05 Face Value (`): 10 Book Value (`): 89.2
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 408.77 324.09 258.7 288.87 136.49 Net Sales 936.95 850.72 868.06 883 776.2
EBITDA 209.97 206.42 139.83 136.62 104.9 EBITDA 149.4 123.29 124.73 126.95 108.62
Interest 92.97 101.45 60.53 64.73 63.9 Interest 58.65 56.12 57.11 74.27 64.13
Net Profit/Loss 69.39 60.77 55.21 49.91 34.34 Net Profit/Loss 39.31 14.03 16.32 16.16 6.99
Basic EPS (`) 15.93 18.6 16.9 15.28 10.51 Basic EPS (`) 6.9 2.52 2.94 2.91 1.26
Equity 49 32.67 32.67 32.66 32.66 Equity 55.62 55.62 55.62 55.62 55.62

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

54 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
131 Shemaroo Entertainment 132 S P Apparels
BSE Code: 538685 Price (`): 360.1 Face Value (`): 10 Book Value (`): 156.86 BSE Code: 540048 Price (`): 436.45 Face Value (`): 10 Book Value (`): 152.11
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 428.5 376.68 324.72 265.95 216.09 Net Sales 656.68 537.75 479.23 - -
EBITDA 127.56 111.55 88.16 65.69 58.71 EBITDA 128.37 90.24 75.55 - -
Interest 32.33 22.83 21.21 19.23 18.31 Interest 13.49 25.27 31.16 - -
Net Profit/Loss 61.48 52.15 40.92 27.16 23.55 Net Profit/Loss 61.92 18.82 8.61 - -
Basic EPS (`) 22.62 19.18 15.05 13.68 11.87 Basic EPS (`) 23.81 8.41 4.74 - -
Equity 27.18 27.18 27.18 19.85 19.85 Equity 25.17 17.15 16.8 - -

Rank Rank
133 Uttam Sugar Mills 134 Mangalam Cement
BSE Code: 532729 Price (`): 192.2 Face Value (`): 10 Book Value (`): 14.21 BSE Code: 502157 Price (`): 359.3 Face Value (`): 10 Book Value (`): 189.56
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1084.81 812.75 762.37 873.73 646.75 Net Sales 925.43 846.38 925.78 701.94 713.14
EBITDA 216.55 83.5 -11.88 49.3 111.64 EBITDA 138.28 48.34 94.38 60.38 137.73
Interest 67.41 50.47 75.41 99.28 69.51 Interest 47.49 41.38 38.33 8.71 4.84
Net Profit/Loss 109.32 15.47 -88.09 -55.3 5.46 Net Profit/Loss 36.63 -20.47 17.92 29.61 77.37
Basic EPS (`) 27.25 4.06 -23.1 -14.5 1.43 Basic EPS (`) 13.72 -7.67 6.71 11.09 28.98
Equity 38.14 38.14 38.14 38.14 38.14 Equity 26.69 26.69 26.69 26.69 26.69

Rank Rank
135 EIH Associated Hotels 136 International Paper APPM
BSE Code: 523127 Price (`): 338 Face Value (`): 10 Book Value (`): 92.58 BSE Code: 502330 Price (`): 299.7 Face Value (`): 10 Book Value (`): 121.26
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 271.46 249.41 231.54 216.38 212.95 Net Sales 1214.2 1166.27 1152.51 1104.9 1253.62
EBITDA 81.05 75.16 67.78 62.76 64.47 EBITDA 171.58 137.13 106.16 73.98 138.77
Interest 1.93 5.43 8.86 11.13 21.53 Interest 32.6 40.3 44.6 43.39 55.36
Net Profit/Loss 42.78 38.37 24.73 23.56 20.5 Net Profit/Loss 31.31 36.89 0.25 -41.61 -23.7
Basic EPS (`) 14.04 12.59 8.12 7.73 6.73 Basic EPS (`) 7.87 9.28 0.06 -10.46 -5.96
Equity 30.47 30.47 30.47 30.47 30.47 Equity 39.77 39.77 39.77 39.77 39.77

Rank Rank
137 Apcotex Industries 138 Sanwaria Agro Oils
BSE Code: 523694 Price (`): 389.85 Face Value (`): 5 Book Value (`): 90.26 BSE Code: 519260 Price (`): 6.95 Face Value (`): 1 Book Value (`): 4.48
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 398.39 275.7 360.66 300.19 273.38 Net Sales 3526.22 2707.21 2662.52 2472.67 1987.49
EBITDA 37.18 44.79 47.05 27.56 23.5 EBITDA 124.21 118.86 92.07 86.57 76.52
Interest 2.86 2.42 3.24 4.14 2.35 Interest 65.84 71.01 53.01 50.5 44.72
Net Profit/Loss 19.09 24.67 24.68 13.14 12.81 Net Profit/Loss 44.14 15.68 25.04 24.07 20.54
Basic EPS (`) 9.21 11.9 23.8 12.68 24.7 Basic EPS (`) 1.2 0.45 0.72 0.69 0.59
Equity 10.41 10.41 5.22 5.22 5.22 Equity 36.81 34.81 34.81 34.81 34.81

Rank Rank
139 Pricol 140 Mastek
BSE Code: 540293 Price (`): 85.05 Face Value (`): 1 Book Value (`): 87.85 BSE Code: 523704 Price (`): 243.95 Face Value (`): 5 Book Value (`): 149.12
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1268.43 124.57 98.58 103.7 124.67 Net Sales 572.18 544.32 1029.7 934.28 692.47
EBITDA 136.26 9.93 -2.47 -0.1 7.37 EBITDA 62.6 35.59 72.74 101.3 66.24
Interest 7.83 0.46 0.98 1.18 2.28 Interest 2.58 0.5 1.47 0.68 0.4
Net Profit/Loss 45.77 8.94 -12.71 -13.87 -3.54 Net Profit/Loss 36.91 13.74 17.73 51.8 34.32
Basic EPS (`) 4.83 0.89 -12.71 -13.87 -3.54 Basic EPS (`) 15.79 5.98 7.86 23.37 13.93
Equity 9.48 10 10 10 10 Equity 11.69 11.5 11.27 11.08 12.32

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 55

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
141 DIC India 142 Kuantum Papers
BSE Code: 500089 Price (`): 520 Face Value (`): 10 Book Value (`): 329.16 BSE Code: 532937 Price (`): 482.3 Face Value (`): 10 Book Value (`): 239.37
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 713.91 754.48 724.63 712.6 716.43 Net Sales 611.3 526.86 500.81 480.24 422.77
EBITDA 48.3 62.57 0.84 28.66 46.99 EBITDA 119.15 65.58 64.81 77.45 60.46
Interest 2.17 4.88 6.29 4.47 5.4 Interest 18.9 19.15 20.29 21.6 23.49
Net Profit/Loss 22.84 29.71 -30.89 12.54 21.5 Net Profit/Loss 60.91 24.52 25.04 33.55 12.81
Basic EPS (`) 24.89 32.37 -33.65 13.66 23.42 Basic EPS (`) 69.8 24.66 25.25 36.56 14.66
Equity 9.18 9.18 9.18 9.18 9.18 Equity 8.73 8.73 8.73 8.73 8.73

Rank Rank
143 G M Breweries 144 Transpek Industry
BSE Code: 507488 Price (`): 412.55 Face Value (`): 10 Book Value (`): 150.19 BSE Code: 506687 Price (`): 1170 Face Value (`): 10 Book Value (`): 214.6
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 379.17 365.72 309.7 289.2 289.17 Net Sales 324.15 287.58 295.3 277 245.99
EBITDA 72.87 91.89 37.59 39.98 27.52 EBITDA 52.09 50.62 43.84 34.97 30.26
Interest 0.21 2.05 3.57 2.76 2.48 Interest 9.06 10.64 13.02 13.77 13.77
Net Profit/Loss 43.91 58.31 18.63 21.54 13.92 Net Profit/Loss 29.41 21.28 21.97 7.53 7.35
Basic EPS (`) 30.03 49.85 15.93 23.02 14.88 Basic EPS (`) 50.9 36.24 37.41 12.83 12.52
Equity 14.63 11.71 11.71 9.37 9.37 Equity 5.59 5.87 5.87 5.87 5.87

Rank Rank
145 Mangalore Chemicals & Fertilizers 146 Nandan Denim
BSE Code: 530011 Price (`): 66.3 Face Value (`): 10 Book Value (`): 30.63 BSE Code: 532641 Price (`): 139.1 Face Value (`): 10 Book Value (`): 77.55
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 2511.86 3006.52 2590.25 3314.81 2790.04 Net Sales 1222.83 1160.88 1099.58 897.74 704.65
EBITDA 183.63 113.03 170.61 224.76 185.22 EBITDA 192.34 195.3 168.49 136.67 108.44
Interest 118.24 112.08 123.67 102.45 86.97 Interest 36.17 41.17 37.71 32.03 31.76
Net Profit/Loss 19.41 -240.12 37.54 70.93 66.57 Net Profit/Loss 56.67 63.32 51.43 39.31 31.05
Basic EPS (`) 1.64 -20.26 3.17 5.99 5.62 Basic EPS (`) 11.87 13.9 11.29 8.63 6.82
Equity 118.55 118.55 118.55 118.55 118.55 Equity 48.05 45.55 45.55 45.55 45.55

Rank Rank
147 Sunil Hitech Engineers 148 Action Construction Equipment
BSE Code: 532711 Price (`): 11.8 Face Value (`): 1 Book Value (`): 12.37 BSE Code: 532762 Price (`): 62.45 Face Value (`): 2 Book Value (`): 23.31
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 2572.93 2035.46 1854.25 1584.4 1261.71 Net Sales 757.72 646.93 611.15 621.62 672.98
EBITDA 221.84 220.1 189.74 162.56 153.81 EBITDA 43.27 40.27 30.66 30.17 34.02
Interest 110.92 98.35 89.4 86.19 65.18 Interest 13.05 14.01 13.01 10.41 10.45
Net Profit/Loss 39.46 53.4 53.29 29.2 35.63 Net Profit/Loss 20.51 9.95 6.65 4.58 7.4
Basic EPS (`) 1.04 30.82 34.89 21.43 29.03 Basic EPS (`) 1.5 0.84 0.67 0.46 0.75
Equity 37.8 17.33 15.28 13.63 12.28 Equity 23.46 23.46 19.79 19.79 19.79

Rank Rank
149 KCP Sugar & Industries Corporation 150 Ajmera Realty & Infra India
BSE Code: 533192 Price (`): 29.75 Face Value (`): 1 Book Value (`): 24.17 BSE Code: 513349 Price (`): 193.2 Face Value (`): 10 Book Value (`): 144.81
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 567.83 414.83 437.47 393.54 457.92 Net Sales 291.74 325.14 208.65 88.22 88.79
EBITDA 59.21 31.65 -9.18 58.21 76.5 EBITDA 120.79 92.07 63.1 32.57 30.16
Interest 8.72 7.17 4.5 5.22 6.28 Interest 36.25 31 23.37 3.69 3.94
Net Profit/Loss 33.96 11.88 -13.93 33.11 40.89 Net Profit/Loss 64.6 42.42 25.68 16.2 15.49
Basic EPS (`) 3 1.05 -1.23 2.92 3.61 Basic EPS (`) 18.21 11.95 7.24 4.57 4.37
Equity 11.34 11.34 11.34 11.34 11.34 Equity 35.48 35.48 35.48 35.48 35.48

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

56 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
151 Gulshan Polyols 152 Precision Wires India
BSE Code: 532457 Price (`): 93.8 Face Value (`): 1 Book Value (`): 55.34 BSE Code: 523539 Price (`): 139.8 Face Value (`): 5 Book Value (`): 84.19
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 507.31 445.78 405.14 326.67 284.37 Net Sales 887.07 845.1 884.02 984.55 977.09
EBITDA 64.09 65.4 57 48.06 47.1 EBITDA 56.14 53.49 50.59 37.74 41.52
Interest 5.19 3.85 2.64 3.55 4.26 Interest 9.23 11.12 14.22 2.87 5.07
Net Profit/Loss 27.91 30.49 25.48 27.12 24.13 Net Profit/Loss 22.04 17.03 10.1 14.44 15.95
Basic EPS (`) 5.74 32.04 27.76 30.97 27.43 Basic EPS (`) 9.53 7.36 8.74 12.49 13.8
Equity 4.69 4.63 4.44 4.22 4.22 Equity 11.56 11.56 11.56 11.56 11.56

Rank Rank
153 Pennar Industries 154 Southern Petrochemicals Industries Corp.
BSE Code: 513228 Price (`): 51.15 Face Value (`): 5 Book Value (`): 44.94 BSE Code: 590030 Price (`): 26.35 Face Value (`): 10 Book Value (`): 14.33
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1549.42 1310.06 1270.79 1078.14 1119.97 Net Sales 1699.29 1975.71 2264.86 1599.11 2384.04
EBITDA 166.96 151.33 120.86 93.47 118.3 EBITDA 83.14 58.97 72.99 64 47.79
Interest 60.97 38.41 36.41 26.47 31.26 Interest 14.56 14.55 31.58 31.09 49.84
Net Profit/Loss 46.65 43.85 35.9 25.94 41.86 Net Profit/Loss 58.14 31.02 9.48 38.97 1099.75
Basic EPS (`) 3.88 3.64 2.98 2.15 3.43 Basic EPS (`) 2.85 1.52 0.47 1.91 54
Equity 60.17 60.17 60.17 60.23 61.01 Equity 203.64 203.64 203.64 203.64 203.64

Rank Rank
155 TTK Healthcare 156 IFGL Refractories
BSE Code: 507747 Price (`): 709.25 Face Value (`): 10 Book Value (`): 188.6 BSE Code: 532133 Price (`): 249.2 Face Value (`): 10 Book Value (`): 126.8
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 538.46 524.46 489.49 422.3 389.04 Net Sales 768.43 722.06 793.47 781 675.66
EBITDA 45.04 46.06 36.12 25.83 26.89 EBITDA 99.24 81.11 98.88 112.99 62.67
Interest 3.11 3.33 3.64 2.99 2.54 Interest 4.53 4.75 5.86 6.94 7.95
Net Profit/Loss 19.33 22.67 16.16 12.39 14.2 Net Profit/Loss 52.17 41.96 53.1 64.01 28.21
Basic EPS (`) 24.9 29.19 20.8 15.95 18.29 Basic EPS (`) 15.07 12.12 15.15 18.28 7.94
Equity 7.77 7.77 7.77 7.77 7.77 Equity 34.61 34.61 34.61 34.61 34.61

Rank Rank
157 Mold-Tek Packaging 158 Nagarjuna Agrichem
BSE Code: 533080 Price (`): 275.1 Face Value (`): 5 Book Value (`): 46.47 BSE Code: 524709 Price (`): 33.7 Face Value (`): 1 Book Value (`): 14.29
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 309.93 276.4 - - - Net Sales 751.67 710.27 771.47 655.18 622.28
EBITDA 49.39 46.53 - - - EBITDA 77.54 74.5 69.98 29.8 37.76
Interest 1.93 0.98 - - - Interest 37.73 37.03 34.92 28 32.42
Net Profit/Loss 24.27 24.1 - - - Net Profit/Loss 37.14 9.74 8.35 -20.52 -12.67
Basic EPS (`) 8.77 5.45 - - - Basic EPS (`) 2.38 0.62 0.54 -1.32 -0.85
Equity 13.85 13.85 - - - Equity 15.61 15.59 15.59 15.59 14.9

Rank Rank
159 Shakti Pumps (India) 160 Filatex India
BSE Code: 531431 Price (`): 489.3 Face Value (`): 10 Book Value (`): 113.76 BSE Code: 526227 Price (`): 139.05 Face Value (`): 10 Book Value (`): 57.29
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 431.62 273 308.09 302.28 215.48 Net Sales 1562 1288.42 1582.46 - -
EBITDA 61.06 28.9 58.64 53.53 36.77 EBITDA 132.79 98.08 88.57 - -
Interest 16.43 14.32 13.23 12.6 12.19 Interest 56.95 51.19 53.6 - -
Net Profit/Loss 20.54 1.07 26.28 24.98 16.82 Net Profit/Loss 41.17 26.22 9.6 - -
Basic EPS (`) 11.28 0.64 15.19 16.39 11.03 Basic EPS (`) 10.36 8.19 3 - -
Equity 18.38 16.74 16.74 15.24 15.24 Equity 43.5 32 32 - -

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 57

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
161 Intrasoft Technologies 162 Bhageria Industries
BSE Code: 533181 Price (`): 418.8 Face Value (`): 10 Book Value (`): 89.08 BSE Code: 530803 Price (`): 249.6 Face Value (`): 5 Book Value (`): 76
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 946.46 721.48 347.02 153.01 91.23 Net Sales 352.75 240.39 415.02 369.98 129.49
EBITDA 25.01 13.02 9.07 2.74 9.02 EBITDA 69.49 28.44 58.37 24.88 3.95
Interest 3.56 2.37 0.76 0.9 0.7 Interest 1.24 1.3 2.13 1.41 1.46
Net Profit/Loss 13.8 41.51 5.96 2.06 3.05 Net Profit/Loss 43.53 15.33 36.61 15.4 1.26
Basic EPS (`) 9.37 28.18 4.05 1.4 2.07 Basic EPS (`) 27.33 19.25 45.97 19.35 1.59
Equity 14.73 14.73 14.73 14.73 14.73 Equity 7.96 7.96 7.96 7.96 7.96

Rank Rank
163 Automobile Corporation Of Goa 164 Esab India
BSE Code: 505036 Price (`): 669.6 Face Value (`): 10 Book Value (`): 306.16 BSE Code: 500133 Price (`): 687 Face Value (`): 10 Book Value (`): 221.88
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 475.21 423.78 402.09 311.07 271.92 Net Sales 486.57 458.95 563.31 442.64 508.66
EBITDA 38.3 31.39 25.24 32.18 28.87 EBITDA 55.75 54.15 61.97 58.71 65.98
Interest 0.25 0.38 0.33 0.2 0.11 Interest 0 0 0 0 0
Net Profit/Loss 20.98 16.53 15.26 17.48 15.63 Net Profit/Loss 26 28.34 23.64 33.12 37.77
Basic EPS (`) 32.67 25.74 23.76 27.22 24.35 Basic EPS (`) 16.89 18.41 15.36 21.52 24.54
Equity 6.42 6.42 6.42 6.42 6.42 Equity 15.39 15.39 15.39 15.39 15.39

Rank Rank
165 Andrew Yule & Company 166 Manali Petrochemicals
BSE Code: 526173 Price (`): 25.7 Face Value (`): 2 Book Value (`): 6.22 BSE Code: 500268 Price (`): 34.35 Face Value (`): 5 Book Value (`): 18.11
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 466.08 406.93 417.86 392.9 330.89 Net Sales 645.28 589.79 - - -
EBITDA 7.81 26.91 31.74 42.21 30.37 EBITDA 70.61 77.4 - - -
Interest 9.42 9.92 11.16 11.86 11.58 Interest 2.3 2.52 - - -
Net Profit/Loss 39.59 21.15 46.14 35.16 24.43 Net Profit/Loss 37.84 47.95 - - -
Basic EPS (`) 0.91 0.63 1.38 1.08 0.75 Basic EPS (`) 2.2 2.79 - - -
Equity 97.79 66.73 66.73 65.23 65.23 Equity 86.03 86.03 - - -

Rank Rank
167 Indraprastha Medical Corporation 168 Talwalkars Better Value Fitness
BSE Code: 532150 Price (`): 54 Face Value (`): 10 Book Value (`): 25.02 BSE Code: 533200 Price (`): 294.7 Face Value (`): 10 Book Value (`): 165.84
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 767.31 759.65 714.37 678.59 608.15 Net Sales 286.52 258.14 226.51 188.35 152.16
EBITDA 79.26 78.38 85.83 91.85 79.99 EBITDA 171.62 150.3 125.38 93.79 73.88
Interest 7.91 7.31 8.11 9.55 8.62 Interest 19.37 17.74 12.78 11.97 10.79
Net Profit/Loss 26.25 28.23 32.49 35.44 28.76 Net Profit/Loss 65.63 55.02 46.08 36.59 30.05
Basic EPS (`) 2.86 3.08 3.54 3.87 3.14 Basic EPS (`) 22.09 18.52 17.6 13.98 11.48
Equity 91.67 91.67 91.67 91.67 91.67 Equity 29.7 29.71 26.18 26.18 26.18

Rank Rank
169 Chaman Lal Setia Exports 170 Manaksia
BSE Code: 530307 Price (`): 93.65 Face Value (`): 2 Book Value (`): 21.31 BSE Code: 532932 Price (`): 78.1 Face Value (`): 2 Book Value (`): 199.4
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 495.94 487.75 510.36 418.41 273.19 Net Sales 1045.78 1102.93 1131.9 2039.83 2086.12
EBITDA 67.32 63.53 38.85 34.47 24.48 EBITDA 176.03 184.89 204.2 384.95 376.1
Interest 4.97 3.54 6.32 4.35 4.17 Interest 16.45 21.21 28.48 55.24 54.72
Net Profit/Loss 38.51 37.25 19.5 18.24 11.98 Net Profit/Loss 101.05 93.24 103.43 186.41 170.23
Basic EPS (`) 7.44 7.92 20.53 19.2 12.61 Basic EPS (`) 15.5 14.23 15.78 28.45 25.98
Equity 10.35 9.41 9.45 9.43 9.42 Equity 13.11 13.11 13.11 13.11 13.11

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

58 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
171 Sarla Performance Fibers 172 VLS Finance
BSE Code: 526885 Price (`): 46.7 Face Value (`): 1 Book Value (`): 36.27 BSE Code: 511333 Price (`): 63.9 Face Value (`): 10 Book Value (`): 74.14
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 335.06 310.71 323.74 272.61 259.5 Net Sales 2693.61 1919.79 4625.17 3817.22 2322.9
EBITDA 50.87 72.73 61.31 57.52 47.61 EBITDA 62.84 12.2 8.64 4.86 4.48
Interest 7.13 6.48 6.44 4.38 4.35 Interest 0.28 1.96 0.23 0.02 0.16
Net Profit/Loss 41.08 45.04 27.94 32.14 27.98 Net Profit/Loss 44.19 8.84 7.12 3.71 1.97
Basic EPS (`) 4.92 53.94 33.46 46.25 40.25 Basic EPS (`) 11.43 2.29 1.84 0.96 0.49
Equity 8.35 8.35 8.35 6.95 6.95 Equity 38.78 38.78 38.78 38.78 39.92

Rank Rank
173 Lycos Internet 174 Thangamayil Jewellery
BSE Code: 532368 Price (`): 6.81 Face Value (`): 2 Book Value (`): 50.46 BSE Code: 533158 Price (`): 328.1 Face Value (`): 10 Book Value (`): 110.42
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 2452 2260.79 1971.17 1674.87 1615.39 Net Sales 1294.78 1274.75 1422.83 1196.11 1524.79
EBITDA 729.31 679.67 585.89 368.65 121 EBITDA 49.55 45.99 4.41 19.59 84.67
Interest 15.24 15.9 22.52 26.94 35.17 Interest 20.84 23.64 29.14 34.7 37.02
Net Profit/Loss 429.25 405.05 342.22 220.96 50.99 Net Profit/Loss 13.95 10.53 -22.28 -12.57 29.63
Basic EPS (`) 9.01 8.5 7.19 4.64 1.07 Basic EPS (`) 10.17 7.68 -16.24 -9.16 21.6
Equity 95.25 95.25 95.25 95.25 95.25 Equity 13.72 13.72 13.72 13.72 13.72

Rank Rank
175 Ultramarine & Pigments 176 Tanla Solutions
BSE Code: 506685 Price (`): 195.7 Face Value (`): 2 Book Value (`): 50.32 BSE Code: 532790 Price (`): 33.15 Face Value (`): 1 Book Value (`): 63.06
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 257.58 225.22 173.94 153.51 143.68 Net Sales 581.79 432.61 247.72 136.26 130.13
EBITDA 52.29 42.62 31.16 28.16 24.69 EBITDA 56.1 70.75 81.14 67.38 22.72
Interest 0.25 0.36 0.49 0.96 1.56 Interest 0 0 0 0 0
Net Profit/Loss 32.4 27.35 18.74 14.39 12.12 Net Profit/Loss 40.91 11.91 2.59 -19.83 -147.49
Basic EPS (`) 11.1 9.37 6.42 4.93 4.15 Basic EPS (`) 3.81 1.17 0.26 -1.95 -14.53
Equity 5.84 5.84 5.84 5.84 5.84 Equity 10.75 10.15 10.15 10.15 10.15

Rank Rank
177 Amrutanjan Health Care 178 3i Infotech
BSE Code: 590006 Price (`): 610 Face Value (`): 2 Book Value (`): 88.87 BSE Code: 532628 Price (`): 3.96 Face Value (`): 10 Book Value (`): -6.03
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 228.81 192.42 171.04 144.67 141.92 Net Sales 1022.58 1130.1 1348.43 1438.5 1364.28
EBITDA 29.02 36.47 28.24 24.75 21.68 EBITDA 156.93 104.67 177.15 221.79 154.86
Interest 0.43 0.44 0.71 1.77 2.48 Interest 92.97 151.45 211.4 321.1 307.62
Net Profit/Loss 21.14 20.58 15.07 12.44 10.12 Net Profit/Loss 94.07 -1056.4 -976.27 -357.56 -504.97
Basic EPS (`) 14.47 14.08 10.31 8.51 6.92 Basic EPS (`) 0.77 -16.49 -16.17 -6.24 -8.84
Equity 2.92 2.92 2.92 2.92 2.92 Equity 1183.65 640.8 603.75 572.64 571.55

Rank Rank
179 Kridhan Infra 180 Elecon Engineering Company
BSE Code: 533482 Price (`): 84.8 Face Value (`): 2 Book Value (`): 37.17 BSE Code: 505700 Price (`): 46.9 Face Value (`): 2 Book Value (`): 63.27
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 706.72 495.64 660.41 687.83 480.15 Net Sales 1210.09 1321.5 1345.51 1308.26 1534.23
EBITDA 104.59 72.84 76.05 81.98 64.52 EBITDA 172.59 186.16 186.38 165.04 215.61
Interest 17.55 11.92 11.58 9.97 7.66 Interest 79.57 74.73 80.87 74.04 81.68
Net Profit/Loss 98.42 20.2 29.08 40.04 34.31 Net Profit/Loss 10.75 38.22 16.34 13.73 17.93
Basic EPS (`) 13.28 2.73 4.29 32.51 29.28 Basic EPS (`) 0.96 3.51 1.5 1.26 1.93
Equity 14.82 14.82 13.56 12.32 11.72 Equity 22.44 21.79 21.79 21.79 18.57

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 59

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
181 Alphageo (India) 182 Deep Industries
BSE Code: 526397 Price (`): 806.15 Face Value (`): 10 Book Value (`): 232.01 BSE Code: 532760 Price (`): 222.25 Face Value (`): 10 Book Value (`): 104.54
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 308.09 90.45 73.42 95.58 23.81 Net Sales 285.58 169.94 102.58 91.98 66.89
EBITDA 101.54 28.66 26.67 37.94 -1.76 EBITDA 163.81 97.42 56.71 53.75 38.15
Interest 4.15 0.72 0.83 0.71 0.46 Interest 22.21 15.03 10.77 8.53 6.43
Net Profit/Loss 50.55 11.63 14.49 26.47 -10.7 Net Profit/Loss 74.02 40.9 21.27 20.04 12.14
Basic EPS (`) 87.36 20.65 25.72 46.98 -19.88 Basic EPS (`) 23.13 22.79 7.28 7.64 4.62
Equity 6.13 5.65 5.65 5.65 5.4 Equity 32 17.94 29.2 26.25 26.25

Rank Rank
183 Satin Creditcare Network 184 Bhartiya International
BSE Code: 539404 Price (`): 284.45 Face Value (`): 10 Book Value (`): 160.88 BSE Code: 526666 Price (`): 576.85 Face Value (`): 10 Book Value (`): 192.36
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 776.67 558.52 324.16 191.65 94.33 Net Sales 649.71 629.24 561.47 417.92 306.22
EBITDA 479.01 380.78 226.11 130.2 60.27 EBITDA 47.45 54.27 52.99 40.59 29.51
Interest 435.13 289.86 177.49 106.08 54.3 Interest 13.76 16.29 17.15 15.67 11.85
Net Profit/Loss 24.5 57.94 31.72 15.56 3.9 Net Profit/Loss 21.28 24.71 21 14.52 10.14
Basic EPS (`) 6.52 17.98 11.98 6.68 1.68 Basic EPS (`) 18.12 21.1 18.73 13.12 9.16
Equity 37.14 31.5 25.38 22.69 22.69 Equity 11.74 11.71 11.21 11.06 11.06

Rank Rank
185 Bannari Amman Spinning Mills 186 Compuage Infocom
BSE Code: 532674 Price (`): 305.25 Face Value (`): 10 Book Value (`): 178.27 BSE Code: 532456 Price (`): 27.3 Face Value (`): 2 Book Value (`): 20.17
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 930.79 826.95 733.78 700.71 560.81 Net Sales 3570.48 3117 2388.89 2361.88 1961.4
EBITDA 100.66 97.04 83.93 118.91 114.53 EBITDA 56.89 61.07 55.25 53.53 41.65
Interest 45.48 37.75 37.21 37.86 38.05 Interest 44.91 34.29 32.6 32.63 26.65
Net Profit/Loss 20.18 19.54 13.23 31.57 27.32 Net Profit/Loss 17.63 14.91 12.1 11.72 8.19
Basic EPS (`) 12.81 12.4 8.4 20.04 17.34 Basic EPS (`) 3 12.69 18.19 17.61 12.31
Equity 15.75 15.75 15.75 15.75 15.75 Equity 11.75 11.75 6.66 6.66 6.66

Rank Rank
187 Capri Global Capital 188 Mawana Sugars
BSE Code: 531595 Price (`): 63.25 Face Value (`): 2 Book Value (`): 66.22 BSE Code: 523371 Price (`): 97.05 Face Value (`): 10 Book Value (`): 16.98
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 235.09 214.14 968.94 2085.58 2010.84 Net Sales 1209.23 1494.48 1409.63 1355.95 1822.59
EBITDA 137.83 70.89 157.58 130.54 110.26 EBITDA 172.74 115.51 -43.53 -46.34 41.23
Interest 37.99 11.78 4.65 1.6 0.06 Interest 27.8 76.78 76.89 90.8 123.85
Net Profit/Loss 58.12 43.65 95.24 82.23 76.58 Net Profit/Loss 453.03 0.8 -181.39 -168.77 -203.99
Basic EPS (`) 3.32 12.46 27.19 23.51 21.94 Basic EPS (`) 115.82 0.2 -46.37 -43.15 -58.36
Equity 35.03 35.03 35.03 34.98 34.91 Equity 39.12 39.12 39.12 39.12 34.96

Rank Rank
189 AksharChem (India) 190 Neuland Laboratories
BSE Code: 524598 Price (`): 745 Face Value (`): 10 Book Value (`): 104.72 BSE Code: 524558 Price (`): 1355.6 Face Value (`): 10 Book Value (`): 245.97
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 265.46 189 202.12 145 95.9 Net Sales 573.67 511.75 469.93 469.13 463.96
EBITDA 85.29 33.52 29.51 32.84 6.17 EBITDA 87.99 82.22 67.4 73.14 61.73
Interest 3.02 3.35 3.25 1.09 1.59 Interest 20.86 24.48 27.36 23.65 31.33
Net Profit/Loss 51.92 16.64 16 20.04 3.79 Net Profit/Loss 32.8 27.32 15.95 26.81 13.86
Basic EPS (`) 71 22.75 21.88 40.47 7.66 Basic EPS (`) 36.92 30.76 17.95 35.02 18.13
Equity 7.31 7.31 7.31 4.95 4.95 Equity 8.95 8.95 8.95 7.73 7.72

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

60 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
191 Gallantt Ispat 192 Ador Welding
BSE Code: 533265 Price (`): 213 Face Value (`): 10 Book Value (`): 99.26 BSE Code: 517041 Price (`): 380 Face Value (`): 10 Book Value (`): 172.93
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 425.14 580.84 563.46 - - Net Sales 450.75 413.62 390.45 376.23 368.76
EBITDA 52.84 54.25 54.81 - - EBITDA 40.22 46.2 33.32 31.73 37.81
Interest 4.24 8.45 9.61 - - Interest 1.02 0.87 1.15 2.09 0.98
Net Profit/Loss 57.43 48.5 27.11 - - Net Profit/Loss 18.44 22.39 31.86 -5.11 16.88
Basic EPS (`) 20.34 17.18 9.26 - - Basic EPS (`) 13.56 16.47 23.43 -3.76 12.41
Equity 28.24 28.24 29.27 - - Equity 13.6 13.6 13.6 13.6 13.6

Rank Rank
193 AK Capital Services 194 Seya Industries
BSE Code: 530499 Price (`): 503.05 Face Value (`): 10 Book Value (`): 724.41 BSE Code: 524324 Price (`): 484.1 Face Value (`): 10 Book Value (`): 69.04
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 338.94 245.62 254.67 244.98 197.35 Net Sales 309.45 277.12 248.31 132.85 54.7
EBITDA 194.62 143.25 138.71 111.17 107.8 EBITDA 74.74 50.09 34.17 15.98 5.84
Interest 106.5 81.04 76.84 56.02 37.07 Interest 14.13 12.72 9.91 1.22 0.06
Net Profit/Loss 57.43 41.55 41.14 35.19 45.97 Net Profit/Loss 42.06 26.78 13.03 3.36 1.82
Basic EPS (`) 87.01 62.95 62.34 53.32 69.64 Basic EPS (`) 20.67 22.97 11.85 3.05 1.65
Equity 6.6 6.6 6.6 6.6 6.6 Equity 20.35 11 11 11 11

Rank Rank
195 Tasty Bite Eatables 196 Tourism Finance Corporation of India
BSE Code: 519091 Price (`): 5448.3 Face Value (`): 10 Book Value (`): 323.47 BSE Code: 526650 Price (`): 98 Face Value (`): 10 Book Value (`): 72.41
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 255.34 208.76 178.16 145.92 111.92 Net Sales 208.54 185.65 188.05 187.26 182.4
EBITDA 45.36 34.35 26.15 11.93 13.14 EBITDA 165.09 166.54 167.83 166.61 162.68
Interest 1.6 2.4 2.78 1.67 1.05 Interest 90.81 90.13 85.18 80.78 88.52
Net Profit/Loss 22.76 16.12 10.79 4.33 6.33 Net Profit/Loss 70.43 53.61 60.18 58.5 55.53
Basic EPS (`) 88.68 62.8 42.04 16.85 24.63 Basic EPS (`) 8.73 6.64 7.46 7.25 6.88
Equity 2.57 2.57 2.57 2.57 2.57 Equity 80.72 80.72 80.72 80.72 80.72

Rank Rank
197 Nitin Spinners 198 ZF Steering Gear (India)
BSE Code: 532698 Price (`): 115.85 Face Value (`): 10 Book Value (`): 57.34 BSE Code: 505163 Price (`): 1209 Face Value (`): 10 Book Value (`): 275.36
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 934.17 767.59 621.6 488.69 446.36 Net Sales 459.53 430.18 361.25 - -
EBITDA 133.91 137.76 104.31 94.28 87.52 EBITDA 79.44 69.6 56.16 - -
Interest 22.24 33.01 22.62 17.46 27.31 Interest 2.49 1.77 0.85 - -
Net Profit/Loss 57.15 44.16 40.96 34.78 14.14 Net Profit/Loss 26.09 25.37 20.67 - -
Basic EPS (`) 12.47 9.64 8.94 7.59 3.08 Basic EPS (`) 28.75 15.46 12.78 - -
Equity 45.83 45.83 45.83 45.83 45.83 Equity 9.07 9.07 9.07 - -

Rank Rank
199 Rane Engine Valve 200 Shanthi Gears
BSE Code: 532988 Price (`): 593.15 Face Value (`): 10 Book Value (`): 238.13 BSE Code: 522034 Price (`): 130.15 Face Value (`): 1 Book Value (`): 37.49
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 362.51 352.55 399.23 266.95 266.25 Net Sales 194.68 173.62 166.84 165.64 154.17
EBITDA 23.78 6.62 33.72 31.89 11.83 EBITDA 46.33 40.17 29.89 51.56 50.93
Interest 9.89 14.22 18.48 14.78 9.48 Interest 0 0 0.03 0.02 0.29
Net Profit/Loss 57.05 -12.54 23.48 -29.09 -12.61 Net Profit/Loss 22.51 18.24 9.32 18.38 15.47
Basic EPS (`) 84.91 -18.66 45.58 -56.47 -24.48 Basic EPS (`) 2.75 2.23 1.14 2.25 1.89
Equity 6.72 6.72 5.15 5.15 5.15 Equity 8.17 8.17 8.17 8.17 8.17

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 61

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
201 Ram Ratna Wires 202 Ambika Cotton Mills
BSE Code: 522281 Price (`): 147.05 Face Value (`): 5 Book Value (`): 43.78 BSE Code: 531978 Price (`): 1347.05 Face Value (`): 10 Book Value (`): 682.18
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 815.17 730.06 749.5 - - Net Sales 529.39 494.08 495.83 477.08 398.05
EBITDA 51.79 36.22 36.79 - - EBITDA 105.13 94.09 99.41 103.31 86.88
Interest 11.16 13.82 14.92 - - Interest 3.84 5.22 6.31 12.03 18.79
Net Profit/Loss 22.03 9.62 9.87 - - Net Profit/Loss 55.65 44.46 51.18 48.14 30.98
Basic EPS (`) 10.01 4.37 4.49 - - Basic EPS (`) 95.39 75.67 87.11 81.94 52.74
Equity 11 11 11 - - Equity 5.72 5.88 5.88 5.88 5.88

Rank Rank
203 OnMobile Global 204 Pincon Spirit
BSE Code: 532944 Price (`): 58.95 Face Value (`): 10 Book Value (`): 58.85 BSE Code: 538771 Price (`): 71.65 Face Value (`): 10 Book Value (`): 21.15
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 731.29 844.22 868.42 880.74 747.31 Net Sales 1561.72 987.95 692.96 384.99 -
EBITDA 100.06 181.18 144.04 146.06 171.4 EBITDA 95.52 58.21 35.63 19.14 -
Interest 0.78 1.78 2.66 3.7 2.7 Interest 25.86 16.7 7.08 1.66 -
Net Profit/Loss 14.08 -12.64 -32.32 -131.95 47.18 Net Profit/Loss 43.96 25.5 16.66 10.05 -
Basic EPS (`) 1.34 -1.17 -2.96 -11.55 4.13 Basic EPS (`) 9.97 12.12 16.62 10.03 -
Equity 104.35 108.11 109.22 114.24 114.15 Equity 44.09 21.04 10.02 10.02 -

Rank Rank
205 SQS India BFSI 206 Cheviot Company
BSE Code: 533121 Price (`): 501.55 Face Value (`): 10 Book Value (`): 119 BSE Code: 526817 Price (`):1228.55 Face Value (`): 10 Book Value (`): 804.14
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 260.61 270.63 215.91 204.63 163.87 Net Sales 416.23 355.75 288.66 287.47 298.06
EBITDA 41.45 60.53 38.86 49.9 32.62 EBITDA 68.69 57.53 48.69 43.71 46.73
Interest 0.18 0.27 1.64 2.01 1.49 Interest 0.62 0.82 0.87 0.74 1.08
Net Profit/Loss 23.06 36.9 21.65 30.04 19.44 Net Profit/Loss 45.56 36.47 34.58 26.8 30.71
Basic EPS (`) 21.59 34.68 20.53 29.25 19.2 Basic EPS (`) 100.98 80.85 76.65 59.42 68.08
Equity 10.68 10.64 10.55 10.27 10.12 Equity 4.51 4.51 4.51 4.51 4.51

Rank Rank
207 Atlanta 208 Rane (Madras)
BSE Code: 532759 Price (`): 93.4 Face Value (`): 2 Book Value (`): 90.87 BSE Code: 532661 Price (`): 512.3 Face Value (`): 10 Book Value (`): 147.38
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 257.44 160.96 542.9 362.01 283.78 Net Sales 1219.32 891.57 - - -
EBITDA 144.16 13.14 117.19 112.39 99.47 EBITDA 100.45 80.09 - - -
Interest 64.33 54.49 49.79 62.38 66.67 Interest 29.44 19.21 - - -
Net Profit/Loss 57.23 -39.52 48.34 53.97 -3.88 Net Profit/Loss 4.96 12.67 - - -
Basic EPS (`) 7.02 -4.85 5.86 6.55 -0.55 Basic EPS (`) 4.19 11.52 - - -
Equity 16.3 16.3 16.3 16.3 16.3 Equity 10.51 10.51 - - -

Rank Rank
209 DCW 210 PDS Multinational Fashions
BSE Code: 500117 Price (`): 33.95 Face Value (`): 2 Book Value (`): 27.42 BSE Code: 538730 Price (`): 246 Face Value (`): 10 Book Value (`): 190.2
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1181.13 1274.3 1256.32 1328.93 1330.69 Net Sales 4630.45 4308.02 3885.99 3748.07 -
EBITDA 149.45 153.1 66.53 130.24 251.35 EBITDA 55.22 72.81 68.03 61.6 -
Interest 56.58 57.97 18.69 27.03 32.13 Interest 13.09 14.16 18.83 16.82 -
Net Profit/Loss 20.15 18.55 -5.92 37.88 104.89 Net Profit/Loss 14.3 27.91 21.79 18.37 -
Basic EPS (`) 0.91 0.84 -0.28 1.81 5 Basic EPS (`) 5.49 10.71 8.37 3673.46 -
Equity 43.94 43.94 42.7 41.96 41.96 Equity 26.05 26.05 26.05 0.05 -

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

62 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
211 63 Moons Technologies 212 V2 Retail
BSE Code: 526881 Price (`): 58.1 Face Value (`): 2 Book Value (`): 681.75 BSE Code: 532867 Price (`): 327.65 Face Value (`): 10 Book Value (`): 106.98
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 492.63 299.48 382.46 709.5 955.99 Net Sales 473.41 326.39 289.29 231.1 107.77
EBITDA -158.29 -158.29 -92.2 30.46 399.99 EBITDA 40.97 37.89 30.26 6.45 2.83
Interest 23.02 44.93 26.34 81.77 98 Interest 8.61 13.25 9.75 8.05 6.52
Net Profit/Loss 23.11 243.84 426.72 869.51 227.44 Net Profit/Loss 37.26 12.17 9.75 -4.51 -5.27
Basic EPS (`) 5.02 52.92 92.61 188.7 49.36 Basic EPS (`) 13.91 4.89 4.14 -2.01 -2.35
Equity 9.22 9.22 9.22 9.22 9.22 Equity 30.92 24.89 23.58 22.4 22.4

Rank Rank
213 Bharat Seats 214 Pondy Oxides & Chemicals
BSE Code: 523229 Price (`): 115.55 Face Value (`): 2 Book Value (`): 19.78 BSE Code: 532626 Price (`): 414.15 Face Value (`): 10 Book Value (`): 122.03
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 827.31 702.03 695.09 560.28 603.44 Net Sales 760.05 465.76 375.03 449.6 346.18
EBITDA 38.39 31.66 34.01 28.78 24.82 EBITDA 55.12 27.47 19.09 14.8 13.39
Interest 4.47 5.38 6.21 6.26 6.47 Interest 9.69 7.58 6.99 8.32 7.64
Net Profit/Loss 12.17 7.04 8.12 6.71 5.35 Net Profit/Loss 27.92 10.13 6.71 2.81 2.76
Basic EPS (`) 3.88 2.24 2.59 2.14 1.7 Basic EPS (`) 50.08 18.16 12.03 2.52 2.48
Equity 6.28 6.28 6.28 6.28 6.28 Equity 5.58 5.58 5.58 11.15 11.15

Rank Rank
215 JVL Agro Industries 216 SVP Global Ventures
BSE Code: 519248 Price (`): 21.45 Face Value (`): 1 Book Value (`): 34.52 BSE Code: 505590 Price (`): 477.95 Face Value (`): 10 Book Value (`): 376.85
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 3860.3 4116.16 4409.68 4354.91 3817.34 Net Sales 1922.14 1787.85 37.31 - -
EBITDA 89.95 104.35 82.78 69.13 85.26 EBITDA 135.99 66.17 0.43 - -
Interest 69.5 64.5 42.07 35.2 24.13 Interest 83.58 50.2 0 - -
Net Profit/Loss 32.39 47.59 62.63 61.26 60.37 Net Profit/Loss 17.61 8.79 0.19 - -
Basic EPS (`) 1.93 2.83 3.73 3.65 3.59 Basic EPS (`) 13.92 6.95 0.15 - -
Equity 16.79 16.79 16.79 16.79 16.79 Equity 12.65 12.65 12.65 - -

Rank Rank
217 Goodluck India 218 Renaissance Jewellery
BSE Code: 530655 Price (`): 85.15 Face Value (`): 2 Book Value (`): 105.49 BSE Code: 532923 Price (`): 192.85 Face Value (`): 10 Book Value (`): 264.33
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1210.16 998.53 1103.09 1002.05 - Net Sales 1493.63 1323.77 1294.64 1223.61 955.08
EBITDA 87.8 101.88 86.4 70.98 - EBITDA 91.23 82.76 75.23 62.09 46.26
Interest 47.71 39.7 37.9 35.38 - Interest 13.21 10.53 11.59 11.67 12.77
Net Profit/Loss 21.96 32.81 27.88 17.71 - Net Profit/Loss 42.94 47.44 40.16 29.48 14.77
Basic EPS (`) 9.98 14.91 12.67 8.89 - Basic EPS (`) 22.51 24.87 21.05 15.45 7.74
Equity 4.4 4.4 4.4 3.98 - Equity 19.08 19.08 19.08 19.08 19.08

Rank Rank
219 D-Link (India) 220 Tribhovandas Bhimji Zaveri
BSE Code: 533146 Price (`): 96.25 Face Value (`): 2 Book Value (`): 49.02 BSE Code: 534369 Price (`): 100.5 Face Value (`): 10 Book Value (`): 67.56
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 718.15 722.82 642.35 - - Net Sales 1702.63 1658.42 1947.67 1829.89 1663.15
EBITDA 29 39.56 35.36 - - EBITDA 69.54 40.66 87.31 139.54 153.58
Interest 0.51 0.38 0.46 - - Interest 50.19 55.83 50.22 46.36 21.58
Net Profit/Loss 17.64 24.38 21.86 - - Net Profit/Loss 14.74 -27.54 24.32 55 84.45
Basic EPS (`) 4.97 6.87 6.16 - - Basic EPS (`) 2.21 -4.13 3.65 8.24 12.67
Equity 7.1 7.1 7.1 - - Equity 66.73 66.73 66.72 66.7 66.67

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 63

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
221 Kennametal India 222 Sakuma Exports
BSE Code: 505890 Price (`): 645.85 Face Value (`): 10 Book Value (`): 181.27 BSE Code: 532713 Price (`): 102.6 Face Value (`): 10 Book Value (`): 99.12
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 482.76 - - - - Net Sales 3926.58 3139.12 1810.25 1581.82 815.76
EBITDA 46.2 - - - - EBITDA 49.31 46.34 26.39 25.55 13.19
Interest 0 - - - - Interest 15.54 8.75 1.69 3.38 3.64
Net Profit/Loss 21.32 - - - - Net Profit/Loss 37.09 32.26 19.58 16.3 6.43
Basic EPS (`) 9.7 - - - - Basic EPS (`) 22.58 19.64 11.92 9.92 3.91
Equity 21.98 - - - - Equity 16.43 16.43 16.43 16.43 16.43

Rank Rank
223 Vardhman Acrylics 224 Pokarna
BSE Code: 513534 Price (`): 30.15 Face Value (`): 10 Book Value (`): 74.12 BSE Code: 532486 Price (`):1228.35 Face Value (`): 10 Book Value (`): 268.49
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 186.75 245.15 283.34 - - Net Sales 390.48 399.7 333.51 231.71 208.67
EBITDA 12.14 16.45 15.38 - - EBITDA 131.89 138.53 90.72 47.45 40.04
Interest 7.3 5.57 5.82 - - Interest 32.93 36.79 32.23 31.77 34.47
Net Profit/Loss -24.04 6.26 2.14 - - Net Profit/Loss 69.7 51.21 31.36 11.68 -6.64
Basic EPS (`) -30.44 7.93 2.71 - - Basic EPS (`) 112.4 82.58 50.58 18.83 -10.71
Equity 7.95 7.95 7.95 - - Equity 6.2 6.2 6.2 6.2 6.2

Rank Rank
225 Astec Lifesciences 226 Dhanlaxmi Bank
BSE Code: 533138 Price (`): 558.4 Face Value (`): 10 Book Value (`): 70.72 BSE Code: 532180 Price (`): 35.8 Face Value (`): 10 Book Value (`): 23.55
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 301.05 262.49 267.82 207.34 175.83 Net Sales 1200.07 1281 1368.54 1365.38 1422.3
EBITDA 65.26 26.76 55.05 35.74 29.02 EBITDA 94.07 924.99 1028.66 1049.18 1113.94
Interest 12.24 12.81 12.84 9.25 7.48 Interest 757.45 899.6 984.75 1011.83 1031.58
Net Profit/Loss 19.12 -19.16 14.78 8.68 5.95 Net Profit/Loss 12.38 -209.45 -241.47 -251.91 2.62
Basic EPS (`) 9.8 -9.85 7.59 4.68 3.3 Basic EPS (`) 0.59 -11.8 -13.61 -20 0.31
Equity 19.51 19.46 19.46 18.53 18.04 Equity 209.85 177.44 177.44 125.93 85.14

Rank Rank
227 Sukhjit Starch & Chemicals 228 MPS
BSE Code: 524542 Price (`): 368.3 Face Value (`): 10 Book Value (`): 309.76 BSE Code: 532440 Price (`): 571.7 Face Value (`): 10 Book Value (`): 186.43
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 655.83 568.95 534.86 511.8 422.97 Net Sales 308.9 275.58 234.63 203.95 -
EBITDA 52.34 62.47 65.39 52.29 50.37 EBITDA 113.28 109.38 91.12 69.63 -
Interest 13.37 15.25 17.77 16.6 14.1 Interest 0.17 0.11 0.29 0.38 -
Net Profit/Loss 18 22.47 22.92 15.85 20.8 Net Profit/Loss 69.96 71.24 61.44 42.14 -
Basic EPS (`) 24.38 30.44 31.05 21.48 28.19 Basic EPS (`) 37.58 38.26 33 25.05 -
Equity 7.38 7.38 7.38 7.38 7.38 Equity 18.62 18.62 18.62 16.82 -

Rank Rank
229 Shreyas Shipping & Logistics 230 Ruchira Papers
BSE Code: 520151 Price (`): 329.65 Face Value (`): 10 Book Value (`): 120.39 BSE Code: 532785 Price (`): 159.4 Face Value (`): 10 Book Value (`): 68.13
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 727.07 600.69 547.92 488.93 390.98 Net Sales 418.38 363.73 347.92 321.93 299.15
EBITDA 74.18 82.43 124.29 47.33 43.75 EBITDA 64.28 48.63 40.54 50.59 52.61
Interest 13.36 12.18 10.36 11.62 9.51 Interest 7.92 7.4 10.45 13.54 16.93
Net Profit/Loss 10.28 49.19 61.38 -4.6 15.4 Net Profit/Loss 32.05 19.47 12.83 15.28 16.45
Basic EPS (`) 4.68 21.97 27.52 -2.53 6.58 Basic EPS (`) 14.29 8.68 5.72 6.82 7.33
Equity 21.96 21.96 21.96 21.96 21.96 Equity 22.42 22.42 22.42 22.42 22.42

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

64 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
231 Vadilal Industries 232 Shree Pushkar Chemicals & Fertilisers
BSE Code: 519156 Price (`): 895.45 Face Value (`): 10 Book Value (`): 118.9 BSE Code: 539334 Price (`): 203.65 Face Value (`): 10 Book Value (`): 64.07
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 480.24 450.8 409.45 368.87 330.91 Net Sales 315.14 251.24 266.81 210.37 176.57
EBITDA 56.63 59.41 42.64 41.69 44.1 EBITDA 54.45 34.91 31.84 29.45 23.31
Interest 15.49 21.45 25.73 25.25 24.82 Interest 2.54 1.97 5.42 10.62 10.28
Net Profit/Loss 18.66 14.76 2.44 2.3 5.03 Net Profit/Loss 30.5 22.29 18.65 10.44 7.25
Basic EPS (`) 25.96 20.54 3.39 3.2 6.99 Basic EPS (`) 10.09 7.38 9.01 5.04 3.5
Equity 7.19 7.19 7.19 7.19 7.19 Equity 30.22 30.22 20.71 20.71 20.71

Rank Rank
233 SPML Infra 234 Stovec Industries
BSE Code: 500402 Price (`): 167.1 Face Value (`): 2 Book Value (`): 127.51 BSE Code: 504959 Price (`): 2514.8 Face Value (`): 10 Book Value (`): 430.62
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1735.23 1459.19 1445.58 1268.2 1130.16 Net Sales 198.66 165.53 105.47 80.74 -
EBITDA 234.07 215.55 202.51 162.51 154.17 EBITDA 43.35 38.63 19.98 16.69 -
Interest 205.47 187 172.12 147.27 133.94 Interest 0.36 0.22 0.08 0.08 -
Net Profit/Loss 14.36 13.06 13.78 4.82 11.75 Net Profit/Loss 24.94 21.88 11.6 10.58 -
Basic EPS (`) 3.92 3.56 3.76 1.31 3.21 Basic EPS (`) 119.47 104.8 55.57 50.68 -
Equity 8.19 8.19 8.19 8.19 8.19 Equity 2.09 2.09 2.09 2.09 -

Rank Rank
235 SE Investments 236 Ganesha Ecosphere
BSE Code: 532900 Price (`): 166.7 Face Value (`): 10 Book Value (`): 140.89 BSE Code: 514167 Price (`): 330.1 Face Value (`): 10 Book Value (`): 120
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 266.54 205.02 190.58 219.45 238.41 Net Sales 676.43 648.75 624.95 501.03 436.36
EBITDA 173.58 141.72 131.02 150.4 172.55 EBITDA 81.53 75.29 64.69 56.3 48.19
Interest 94.29 66.66 58.09 61.86 65.24 Interest 14.87 19.86 19.67 15.86 10.26
Net Profit/Loss 51.88 45.31 44.17 55.98 70.77 Net Profit/Loss 29.94 24.86 23.07 24.54 24.12
Basic EPS (`) 12.79 9.97 9.62 12.56 16.21 Basic EPS (`) 15.59 12.3 13.1 16.15 15.76
Equity 40.57 40.57 40.57 40.57 40.57 Equity 19.18 19.18 16.2 15.19 15.19

Rank Rank
237 AVT Natural Products 238 Pearl Global Industries
BSE Code: 519105 Price (`): 39.25 Face Value (`): 1 Book Value (`): 14.6 BSE Code: 532808 Price (`): 153.75 Face Value (`): 10 Book Value (`): 172.71
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 315.41 276.05 265.02 290.44 267.1 Net Sales 1551.31 1418.6 1047.79 4764.24 3845.89
EBITDA 42.85 39.77 48.96 73.56 82.34 EBITDA 55.71 85.77 73.7 125.14 123.46
Interest 0.71 0.52 2.73 1.41 5.43 Interest 21.16 20.55 23.49 40.67 34.26
Net Profit/Loss 22.3 21.63 26.39 42.08 47.79 Net Profit/Loss 33.51 36.66 25.07 38.64 23.79
Basic EPS (`) 1.46 1.42 1.73 2.76 6.28 Basic EPS (`) 15.47 16.92 11.57 17.84 10.98
Equity 15.23 15.23 15.23 15.23 7.61 Equity 21.66 21.66 21.66 21.66 21.66

Rank Rank
239 Aurionpro Solutions 240 Majesco
BSE Code: 532668 Price (`): 122.7 Face Value (`): 10 Book Value (`): 274.4 BSE Code: 539289 Price (`): 355.35 Face Value (`): 5 Book Value (`): 122.71
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 646.74 719.67 754.45 674.21 582.16 Net Sales 836.5 766.23 0 - -
EBITDA 63.94 101.91 142.01 100.77 91.25 EBITDA 53.88 18.99 -0.03 - -
Interest 26.33 23.07 22.42 15.45 16.85 Interest 5.56 4.28 0 - -
Net Profit/Loss 43.46 54.17 -143.76 60.03 45.83 Net Profit/Loss 14.27 6.89 -0.03 - -
Basic EPS (`) 19.91 24.68 -72.41 33.17 27.26 Basic EPS (`) 6.11 2.99 -5.92 - -
Equity 21.87 21.77 19.67 17.84 16.81 Equity 11.68 11.53 0.05 - -

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 65

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
241 Swelect Energy Systems 242 R Systems International
BSE Code: 532051 Price (`): 528.95 Face Value (`): 10 Book Value (`): 692.9 BSE Code: 532735 Price (`): 38.5 Face Value (`): 1 Book Value (`): 21.87
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 277.2 241.5 248.63 203.3 221.31 Net Sales 600.94 614.84 657.57 600.77 470.01
EBITDA 59.93 51.71 34.2 33.02 48.14 EBITDA 83.36 82.16 99.55 82.74 39.62
Interest 9.59 12 12.95 4.53 4.02 Interest 0.79 0.96 0.89 0.75 0.67
Net Profit/Loss 21.63 13.22 -0.38 16.18 520.87 Net Profit/Loss 53.69 97.83 78.13 52.7 18.36
Basic EPS (`) 21.4 13.08 -0.37 16.01 515.42 Basic EPS (`) 4.33 7.71 6.13 41.61 14.67
Equity 10.11 10.11 10.11 10.11 10.11 Equity 12.31 12.61 12.67 12.59 12.45

Rank Rank
243 Kabra Extrusion Technik 244 RPG Life Sciences
BSE Code: 524109 Price (`): 134.5 Face Value (`): 5 Book Value (`): 57.72 BSE Code: 532983 Price (`): 315.6 Face Value (`): 8 Book Value (`): 93.16
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 287.61 321.43 279.79 225.29 184.99 Net Sales 305 280.1 243.18 237.91 223.42
EBITDA 40.87 60.52 38.1 25.25 21.46 EBITDA 29.72 24.26 15.08 14.04 17.85
Interest 1.93 1.77 3.44 1.84 2.78 Interest 2.64 2.49 2.72 2.6 7.44
Net Profit/Loss 27.69 22.47 22.4 14.21 10.86 Net Profit/Loss 20.46 11.62 1 53.4 4.41
Basic EPS (`) 8.68 7.04 7.02 4.46 3.4 Basic EPS (`) 12.37 7.03 0.6 32.29 2.67
Equity 15.95 15.95 15.95 15.95 15.95 Equity 13.23 13.23 13.23 13.23 13.23

Rank Rank
245 Garware Polyester 246 Ruby Mills
BSE Code: 500655 Price (`): 148.55 Face Value (`): 10 Book Value (`): 217.07 BSE Code: 503169 Price (`): 309.5 Face Value (`): 5 Book Value (`): 242.59
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 880.9 863.53 923.18 852.93 785.69 Net Sales 217.97 229.07 239.48 226.79 207.12
EBITDA 73.55 87.13 86.56 78.6 77 EBITDA 71.53 82.65 99.62 91.91 86.43
Interest 32.27 43.52 44.13 37.42 29.88 Interest 10.64 13.05 14.9 18.82 18.77
Net Profit/Loss 19.92 16.5 17.81 10.29 28.33 Net Profit/Loss 37.56 40.78 53.94 44.9 30.48
Basic EPS (`) 8.57 7.08 7.64 4.41 12.15 Basic EPS (`) 22.47 24.39 64.53 53.71 36.46
Equity 23.23 23.25 23.25 23.25 23.25 Equity 8.36 8.36 4.18 4.18 4.18

Rank Rank
247 Morepen Laboratories 248 The Byke Hospitality
BSE Code: 500288 Price (`): 16.8 Face Value (`): 2 Book Value (`): 4.54 BSE Code: 531373 Price (`): 195.9 Face Value (`): 10 Book Value (`): 38.12
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 587.6 486.28 402.01 368.07 328.79 Net Sales 270.12 231.66 181.53 155.86 101.43
EBITDA 60.9 62.76 49.61 50.12 33.83 EBITDA 62.33 52.76 37.34 28.71 18.04
Interest 7.16 10.5 8.66 9.92 11.63 Interest 1.09 1.5 1.8 2.08 2.3
Net Profit/Loss 23.54 12.8 2.14 -2.77 -20.52 Net Profit/Loss 31.7 25.94 20.03 15.89 7.76
Basic EPS (`) 0.51 0.28 0.05 -0.06 -0.46 Basic EPS (`) 7.9 6.47 5 7.93 3.87
Equity 89.96 89.96 89.96 89.96 89.96 Equity 40.1 40.1 40.1 20.05 20.05

Rank Rank
249 Zee Learn 250 Aptech
BSE Code: 533287 Price (`): 41.65 Face Value (`): 1 Book Value (`): 8.86 BSE Code: 532475 Price (`): 220.8 Face Value (`): 10 Book Value (`): 63.43
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 180.96 153.31 131.62 124.33 101.44 Net Sales 216.53 166.84 175.16 190.56 182.2
EBITDA 62.33 45.25 34.44 15.17 -7.21 EBITDA 32.75 23.58 29.25 43.85 39.7
Interest 18.99 19.98 15.2 9.75 6.16 Interest 0.04 0.28 0.37 0.28 0.29
Net Profit/Loss 36.65 15.08 9.89 -1.94 -21.41 Net Profit/Loss 18.71 10.17 15.65 29.76 31.3
Basic EPS (`) 1.14 0.47 0.31 -0.06 -0.81 Basic EPS (`) 4.69 2.55 3.92 7.46 6.41
Equity 32.26 32.06 32 31.93 26.3 Equity 39.89 39.89 39.89 39.89 48.79

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

66 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
251 Beekay Steel Industries 252 GP Petroleums
BSE Code: 539018 Price (`): 135 Face Value (`): 10 Book Value (`): 121.04 BSE Code: 532543 Price (`): 86.5 Face Value (`): 5 Book Value (`): 30.86
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 725.38 520.83 520.73 - - Net Sales 492.13 423.93 410.03 406.95 421.72
EBITDA 84.25 66.81 62.16 - - EBITDA 42.01 29.68 17.24 18.67 18.26
Interest 18.79 21.24 21.36 - - Interest 8.06 4.97 9.63 14.06 18.12
Net Profit/Loss 36.25 19.28 15.6 - - Net Profit/Loss 20.23 13.59 5.03 1.04 -1.26
Basic EPS (`) 19.01 10.11 8.18 - - Basic EPS (`) 3.97 2.67 0.99 0.2 -0.29
Equity 19.09 19.09 19.09 - - Equity 25.49 25.49 25.49 25.49 22

Rank Rank
253 Everest Kanto Cylinder 254 Kellton Tech Solutions
BSE Code: 532684 Price (`): 37.45 Face Value (`): 2 Book Value (`): 37.61 BSE Code: 519602 Price (`): 95.1 Face Value (`): 5 Book Value (`): 38.09
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 574.75 508.38 479.34 498.21 559.31 Net Sales 615.75 359.66 239.64 133.84 49.15
EBITDA 64.63 14.37 9.64 -17.68 -4.94 EBITDA 85.78 50.37 34.32 13.29 6.51
Interest 44.53 53.51 57 56 38.18 Interest 10.29 8.77 5.87 3.34 0.96
Net Profit/Loss 78.69 -124.09 -97.72 -138.16 -131.81 Net Profit/Loss 53.75 30.97 22.07 6.36 3.73
Basic EPS (`) 7.01 -11.06 -9.12 -12.89 -12.3 Basic EPS (`) 11.43 6.61 5.08 1.54 1.05
Equity 22.44 22.44 21.43 21.43 21.43 Equity 23.57 23.41 21.74 20.69 17.74

Rank Rank
255 Star Paper Mills 256 Bharat Bijlee
BSE Code: 516022 Price (`): 183.5 Face Value (`): 10 Book Value (`): 79.13 BSE Code: 503960 Price (`):1234.35 Face Value (`): 10 Book Value (`): 516.94
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 325.63 273.38 272.24 276.14 273.38 Net Sales 690.44 660.44 629.07 504.63 559.98
EBITDA 72.48 27.54 16.78 -6.96 -16.18 EBITDA 45.96 38.19 -2.54 10.62 14.93
Interest 1.27 2.55 4.41 4.57 4.12 Interest 15.95 20.56 19.95 13.1 12.42
Net Profit/Loss 59.94 16.5 15.54 -22.08 -29.55 Net Profit/Loss 19.61 7.19 -34.05 -11.29 -4.87
Basic EPS (`) 38.4 10.57 9.96 -14.15 -18.93 Basic EPS (`) 34.69 12.73 -60.25 -19.98 -8.61
Equity 15.61 15.61 15.61 15.61 15.61 Equity 5.65 5.65 5.65 5.65 5.65

Rank Rank
257 Rushil Decor 258 Gokul Agro Resources
BSE Code: 533470 Price (`): 786.25 Face Value (`): 10 Book Value (`): 72.34 BSE Code: 539725 Price (`): 24.35 Face Value (`): 2 Book Value (`): 15.7
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 308.78 297.57 278.08 257.3 183.51 Net Sales 4310.25 3660.93 - - -
EBITDA 50.57 36.19 30.69 29.58 24.91 EBITDA 84.8 78.82 - - -
Interest 10.36 11.61 14.35 15.43 11.17 Interest 39.1 48.95 - - -
Net Profit/Loss 24.53 7.15 -0.65 3.02 4.03 Net Profit/Loss 20.68 9.41 - - -
Basic EPS (`) 17.04 4.96 -0.45 2.09 2.8 Basic EPS (`) 1.57 0.71 - - -
Equity 14.4 14.4 14.4 14.4 14.4 Equity 26.38 26.38 - - -

Rank
259 Ujaas Energy
BSE Code: 533644 Price (`): 24.45 Face Value (`):
Last Five Year Financial Results
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 478.89 279.37 113.24 - -
EBITDA 70.75 64.29 44.43 - -
Interest 18.11 15.49 18.02 - -
Net Profit/Loss 36.86 20.29 11.68 - -
Basic EPS (`) 1.84 1.01 0.58 - -
Equity 20 20 20 - -
Rank
260 Fedders Electric and Engineering
1 Book Value (`): 11.43 BSE Code: 500139 Price (`): 66.75 Face Value (`): 10 Book Value (`): 127.85
(`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1356.33 1035.01 1319.12 1166.1 1019.95
EBITDA 108.82 98.02 136.3 151.26 133.64
Interest 64.86 49.04 64.25 72.82 43.94
Net Profit/Loss 20.45 21.54 40.05 44.85 49.74
Basic EPS (`) 6.01 7 13.02 14.58 16.16
Equity 33.97 30.77 30.77 30.77 30.77

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 67

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
261 Alembic 262 Shiva Texyarn
BSE Code: 506235 Price (`): 38.8 Face Value (`): 2 Book Value (`): 34.13 BSE Code: 511108 Price (`): 362.35 Face Value (`): 10 Book Value (`): 82.88
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 175.23 152.41 164.74 - - Net Sales 559.79 450.79 466.12 - -
EBITDA 37.69 34.66 30.33 - - EBITDA 69.09 55.13 55.21 - -
Interest 0.16 0.03 0.83 - - Interest 26.91 23.49 25.47 - -
Net Profit/Loss 145.39 234.28 106.6 - - Net Profit/Loss 20.16 10.85 8.89 - -
Basic EPS (`) 5.44 8.77 3.84 - - Basic EPS (`) 9.33 5.02 4.12 - -
Equity 53.41 53.41 53.41 - - Equity 21.6 21.6 21.6 - -

Rank Rank
263 IFB Agro Industries 264 Indag Rubber
BSE Code: 507438 Price (`): 425.6 Face Value (`): 10 Book Value (`): 302.13 BSE Code: 509162 Price (`): 186.75 Face Value (`): 2 Book Value (`): 65.37
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 842.26 628.04 599.34 510.54 465.29 Net Sales 189.99 257.88 245.27 233.92 236.28
EBITDA 62.29 59.18 44.7 48.88 50.72 EBITDA 35.04 50.94 44.24 38.73 35.57
Interest 1.74 1.36 0.17 0.37 0.38 Interest 0.31 0.29 0.23 0.19 0.17
Net Profit/Loss 32.06 29.33 15.57 41.68 26.2 Net Profit/Loss 22.04 31.97 32.59 27.55 24.97
Basic EPS (`) 34.23 31.31 16.63 44.49 29.09 Basic EPS (`) 8.4 12.18 62.07 52.47 47.57
Equity 9.37 9.37 9.37 9.37 9.01 Equity 5.25 5.25 5.25 5.25 5.25

Rank Rank
265 PPAP Automotive 266 Nile
BSE Code: 532934 Price (`): 345.4 Face Value (`): 10 Book Value (`): 164.03 BSE Code: 530129 Price (`): 621.55 Face Value (`): 10 Book Value (`): 327.88
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 368.2 319.72 - - - Net Sales 580.06 427.85 391.62 279.87 260.99
EBITDA 70.98 54.06 - - - EBITDA 52.84 21.55 22.54 18.51 15.04
Interest 5.78 7.87 - - - Interest 9.22 6.86 7.05 6.98 5.31
Net Profit/Loss 26.21 14.03 - - - Net Profit/Loss 26.23 7.06 8.12 5.21 19.79
Basic EPS (`) 18.72 10.02 - - - Basic EPS (`) 87.38 23.53 27.05 17.36 65.94
Equity 14 14 - - - Equity 3 3 3 3 3

Rank Rank
267 Indian Terrain Fashions 268 Jindal Drilling & Industries
BSE Code: 533329 Price (`): 201 Face Value (`): 2 Book Value (`): 49.76 BSE Code: 511034 Price (`): 161.7 Face Value (`): 5 Book Value (`): 596.43
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 404.81 330.14 291.19 232.34 157.26 Net Sales 397.77 460.38 582.62 - -
EBITDA 52.17 46.23 34.3 24.46 15.77 EBITDA 16.29 253.08 247.14 - -
Interest 8.89 6.94 8.63 9.5 9.54 Interest 9.54 11.52 11.11 - -
Net Profit/Loss 27.59 33.02 17.97 9.88 4.11 Net Profit/Loss 79.75 127.36 125.16 - -
Basic EPS (`) 7.39 8.99 25.01 17.36 7.33 Basic EPS (`) 21.69 43.94 43.19 - -
Equity 7.59 7.34 7.19 5.69 5.61 Equity 14.49 14.49 14.49 - -

Rank Rank
269 RCI Industries & Technologies 270 WPIL
BSE Code: 537254 Price (`): 170.1 Face Value (`): 10 Book Value (`): 75.13 BSE Code: 505872 Price (`): 451.35 Face Value (`): 10 Book Value (`): 258.18
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1737.11 1271.08 983.09 428.15 - Net Sales 732.28 741.95 485.46 512.83 533.9
EBITDA 52.33 29.61 15.66 6.27 - EBITDA 71.52 59.59 67.13 83.38 94.22
Interest 12.87 12.19 7.98 3.99 - Interest 36.11 27.42 28.58 23.01 19.38
Net Profit/Loss 35.83 14.93 6.18 1.73 - Net Profit/Loss 7.35 1.01 18.49 30.22 40.96
Basic EPS (`) 26.67 13.7 5.67 1.58 - Basic EPS (`) 7.52 1.03 18.93 37.92 51.41
Equity 13.44 10.9 10.9 10.9 - Equity 9.77 9.77 9.77 7.97 7.97

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

68 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
271 Linc Pen & Plastics 272 Banswara Syntex
BSE Code: 531241 Price (`): 258.15 Face Value (`): 10 Book Value (`): 80 BSE Code: 503722 Price (`): 140.05 Face Value (`): 10 Book Value (`): 145.16
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 361.29 344.88 318.59 314.19 305.64 Net Sales 1256.13 1275.57 1243.05 1216.3 1104.36
EBITDA 33.9 32.13 25.55 22.15 13.99 EBITDA 143.59 171.36 154.54 181.31 155.07
Interest 2.17 1.53 1.48 2.37 2.48 Interest 63.03 69.99 80.7 81.3 82.3
Net Profit/Loss 17.17 18.32 14.32 11.51 5.41 Net Profit/Loss 16.58 27.2 8.03 26.63 12.07
Basic EPS (`) 11.61 12.39 9.69 7.78 3.66 Basic EPS (`) 9.69 16.06 4.89 17.15 8.16
Equity 14.79 14.79 14.79 14.79 14.79 Equity 17.12 16.93 16.43 15.51 14.74

Rank Rank
273 Paul Merchants 274 Universal Cables
BSE Code: 539113 Price (`): 4006 Face Value (`): 10 Book Value (`): 1471.13 BSE Code: 504212 Price (`): 109.15 Face Value (`): 10 Book Value (`): 61.89
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 2999.81 2471.04 2168.96 - - Net Sales 829.51 760.66 702.9 626.29 627.11
EBITDA 34.09 37.64 30.77 - - EBITDA 85.65 86.18 33.6 5.62 33.5
Interest 3.2 3.3 3.54 - - Interest 44.25 51.17 50.69 32.86 25.69
Net Profit/Loss 12.54 20.37 15.28 - - Net Profit/Loss 28.39 19.55 -34.71 -40.06 -4.62
Basic EPS (`) 121.99 198.13 148.63 - - Basic EPS (`) 8.18 5.63 -15.01 -17.32 -2
Equity 1.03 1.03 1.03 - - Equity 34.7 34.7 23.13 23.13 23.13

Rank Rank
275 Shaily Engineering Plastics 276 Hester Biosciences
BSE Code: 501423 Price (`): 605.7 Face Value (`): 10 Book Value (`): 126.99 BSE Code: 524669 Price (`): 923.15 Face Value (`): 10 Book Value (`): 140.61
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 249.75 228.33 181.26 151.32 123.4 Net Sales 123.46 102.1 90.98 69.84 65.34
EBITDA 44.44 41.81 28.03 23.27 17.61 EBITDA 41.29 33.8 25.08 25.24 22.1
Interest 7.89 10.13 6.72 7.07 6.93 Interest 3.5 3.72 4.83 6.46 3.26
Net Profit/Loss 15.88 15.49 13.01 6.59 3.62 Net Profit/Loss 23.45 18.88 12.47 9.45 9.26
Basic EPS (`) 19.09 18.62 15.64 9 4.95 Basic EPS (`) 27.56 22.2 14.65 11.11 10.88
Equity 8.32 8.32 8.32 7.32 7.32 Equity 8.51 8.51 8.51 8.51 8.51

Rank Rank
277 Camphor & Allied Products 278 GPT Infraprojects
BSE Code: 500078 Price (`): 748.35 Face Value (`): 10 Book Value (`): 350.3 BSE Code: 533761 Price (`): 145.25 Face Value (`): 10 Book Value (`): 62.67
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 352.61 353.19 355.93 310.74 217.19 Net Sales 521.2 509.09 397.12 460.03 487.24
EBITDA 53.14 51.94 43.17 48.34 33.15 EBITDA 76.62 74.35 65.86 64.53 64.28
Interest 3.9 9.46 9.01 9.5 1.27 Interest 37.76 35.3 40.25 36.63 30.74
Net Profit/Loss 24.15 22.69 19.26 20.11 23.94 Net Profit/Loss 15.57 12.29 4.1 5.04 13.66
Basic EPS (`) 47.05 44.19 37.51 39.17 46.63 Basic EPS (`) 10.71 8.57 2.86 3.46 9.53
Equity 5.13 5.13 5.13 5.13 5.13 Equity 14.54 14.34 14.34 14.54 14.34

Rank Rank
279 Signet Industries 280 Marathon Nextgen Realty
BSE Code: 512131 Price (`): 11.17 Face Value (`): 1 Book Value (`): 4.23 BSE Code: 503101 Price (`): 302.65 Face Value (`): 10 Book Value (`): 245.26
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 936.42 796.68 663.19 616.54 567.43 Net Sales 242.74 124.45 - - -
EBITDA 67.67 69.7 63.84 67.96 54.63 EBITDA 56.84 110.65 - - -
Interest 36.91 40.01 42.59 40.31 30.99 Interest 0.3 0 - - -
Net Profit/Loss 19.3 17.41 11.7 15.65 11.93 Net Profit/Loss 84.14 75.37 - - -
Basic EPS (`) 0.66 5.84 4.01 5.28 4.05 Basic EPS (`) 29.59 26.5 - - -
Equity 29.44 29.19 29.19 29.19 29.19 Equity 28.44 28.44 - - -

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 69

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
281 Safari Industries (India) 282 Asahi Songwon Colors
BSE Code: 523025 Price (`): 1390 Face Value (`): 10 Book Value (`): 240.89 BSE Code: 532853 Price (`): 294.1 Face Value (`): 10 Book Value (`): 131.21
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 359.84 278.91 216.94 167.05 - Net Sales 258.18 227.55 240.47 302.65 232.63
EBITDA 24.04 18.7 12.56 7.47 - EBITDA 47.42 42.59 36.81 39.31 25.34
Interest 3.07 2.62 2.91 5.38 - Interest 2.81 4.49 4.78 6.27 4.9
Net Profit/Loss 9.84 7.75 4.26 0.12 - Net Profit/Loss 25.02 20.98 17.7 14.59 10.36
Basic EPS (`) 23.71 18.67 10.69 0.39 - Basic EPS (`) 20.39 17.1 14.42 11.89 8.44
Equity 4.15 4.15 3.99 2.99 - Equity 12.27 12.27 12.27 12.27 12.27

Rank Rank
283 Magadh Sugar & Energy 284 AYM Syntex
BSE Code: 540650 Price (`): 259.15 Face Value (`): 10 Book Value (`): 402.4 BSE Code: 508933 Price (`): 70 Face Value (`): 10 Book Value (`): 59.7
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 683.06 0 - - - Net Sales 790.75 803.82 837.96 899.52 778.62
EBITDA 160.57 -0.01 - - - EBITDA 100.42 108.51 86.87 63.03 49.48
Interest 38.79 0 - - - Interest 22.67 21.52 23.92 23.9 18.65
Net Profit/Loss 58.72 -0.01 - - - Net Profit/Loss 40.14 47.75 42.75 19.69 16.02
Basic EPS (`) 58.33 -2.2 - - - Basic EPS (`) 10.23 12.17 10.02 1.91 4.08
Equity 10.07 0.05 - - - Equity 39.24 39.24 39.24 39.24 39.24

Rank Rank
285 Associated Stone Industries (Kotah) 286 Poddar Pigments
BSE Code: 502015 Price (`): 36.1 Face Value (`): 1 Book Value (`): 12.58 BSE Code: 524570 Price (`): 271.15 Face Value (`): 10 Book Value (`): 122.7
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 315.87 202.17 212.55 133.47 - Net Sales 334.07 330.52 321.25 314.97 277.48
EBITDA 49.3 43.01 39.57 29.23 - EBITDA 31.34 28.15 25.37 23.88 21.94
Interest 11.99 13.64 8.23 5.78 - Interest 0.3 0.43 0.6 1.21 1.69
Net Profit/Loss 22.18 7.76 14.45 10.07 - Net Profit/Loss 20.39 18.34 16.31 13.47 12.79
Basic EPS (`) 2.68 1.17 10.9 7.6 - Basic EPS (`) 19.22 17.29 15.38 12.69 12.06
Equity 8.29 6.63 6.63 6.63 - Equity 10.61 10.61 10.61 10.61 10.61

Rank Rank
287 OM Metals Infraprojects 288 Nila Infrastructures
BSE Code: 531092 Price (`): 56.95 Face Value (`): 1 Book Value (`): 69.84 BSE Code: 530377 Price (`): 17.45 Face Value (`): 1 Book Value (`): 4.79
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 292.21 257.69 351.9 423.92 483.02 Net Sales 240.65 195.05 131.75 100.69 -
EBITDA 67.9 89.96 74.23 74.02 83.64 EBITDA 36.31 38.8 29.97 27.02 -
Interest 37.56 34.72 24.46 16.46 25.14 Interest 16.03 14.53 10.06 7.93 -
Net Profit/Loss 14.58 29.2 28.15 32.68 36.74 Net Profit/Loss 23.19 14.02 11.97 11.81 -
Basic EPS (`) 1.51 3.03 2.92 3.39 3.81 Basic EPS (`) 0.59 0.38 0.32 0.4 -
Equity 9.63 9.63 9.63 9.63 9.63 Equity 39.34 37.02 37.02 29.52 -

Rank Rank
289 Dhunseri Tea & Industries 290 RPP Infra Projects
BSE Code: 538902 Price (`): 288.1 Face Value (`): 10 Book Value (`): 203.5 BSE Code: 533284 Price (`): 262.2 Face Value (`): 10 Book Value (`): 91.71
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 309.82 286.41 275.76 - - Net Sales 370.34 319.73 270.49 247.09 263.29
EBITDA 62.95 49.63 50.23 - - EBITDA 47.98 50.48 39.63 42.62 43.22
Interest 8.21 8.73 8.19 - - Interest 16.35 19.17 17.37 16.51 17.25
Net Profit/Loss 27.22 25.31 28.31 - - Net Profit/Loss 22.74 19.19 16.58 13.6 11.36
Basic EPS (`) 38.85 36.13 40.41 - - Basic EPS (`) 10.06 8.49 7.34 6.02 5.03
Equity 7.01 7.01 7.01 - - Equity 22.6 22.6 22.6 22.6 22.6

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

70 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
291 Allsec Technologies 292 Vikas Ecotech
BSE Code: 532633 Price (`): 334.15 Face Value (`): 10 Book Value (`): 98.48 BSE Code: 530961 Price (`): 20.15 Face Value (`): 1 Book Value (`): 3.29
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 329.85 243.41 160.31 202.33 324.23 Net Sales 373.03 311.98 214.72 171.59 158.08
EBITDA 69.39 43.92 0.31 -34.52 40.57 EBITDA 69.26 53.8 20.35 12.08 9.66
Interest 0.84 1.84 1.63 6.69 5.17 Interest 13.01 11.34 10.71 6.42 4.46
Net Profit/Loss 61.45 30.94 -14.06 -25.03 1.95 Net Profit/Loss 23.17 25.53 3.79 3.32 3.42
Basic EPS (`) 40.33 20.3 -9.23 -16.47 1.28 Basic EPS (`) 0.91 1 0.15 0.33 3.39
Equity 15.24 15.24 15.24 15.24 15.24 Equity 27.99 25.42 25.42 10.17 10.1

Rank Rank
293 Ramco Systems 294 CMI
BSE Code: 532370 Price (`): 371.55 Face Value (`): 10 Book Value (`): 177.5 BSE Code: 517330 Price (`): 206.85 Face Value (`): 10 Book Value (`): 136.58
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 459.32 454.41 365.28 272.68 247.39 Net Sales 382.69 252.96 137.28 - -
EBITDA 18.5 97.46 72.03 26.22 -1.68 EBITDA 53.36 44.95 15.91 - -
Interest 1.34 3.6 12.01 11.49 6.05 Interest 20.57 9.22 5.9 - -
Net Profit/Loss 10.67 39.17 12.67 -23.75 -40.44 Net Profit/Loss 30.07 105.98 6.3 - -
Basic EPS (`) 3.51 13.06 5.19 -14.92 -25.7 Basic EPS (`) 20.61 75.28 5.5 - -
Equity 30.44 30.03 24.44 15.95 15.77 Equity 14.78 14.08 11.46 - -

Rank Rank
295 Pudumjee Paper Products 296 Lincoln Pharmaceuticals
BSE Code: 539785 Price (`): 26.7 Face Value (`): 1 Book Value (`): 23.69 BSE Code: 531633 Price (`): 171.2 Face Value (`): 10 Book Value (`): 81.48
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 516.4 477.04 0.02 - - Net Sales 363.54 407.51 273.26 212.98 199.57
EBITDA 49.8 34.93 0.02 - - EBITDA 46.48 47.89 32.79 22.57 21.87
Interest 9.92 16.88 0 - - Interest 6.99 9.96 8.38 6.97 7.84
Net Profit/Loss 19.87 10.12 0.01 - - Net Profit/Loss 27.06 23.68 15.01 10.65 9.66
Basic EPS (`) 2.09 1.07 0.22 - - Basic EPS (`) 15.14 14.52 9.2 6.53 5.92
Equity 9.5 9.5 0.05 - - Equity 20 16.31 16.31 16.31 16.31

Rank Rank
297 Arihant Superstructures 298 Trigyn Technologies
BSE Code: 506194 Price (`): 176.2 Face Value (`): 10 Book Value (`): 26.17 BSE Code: 517562 Price (`): 98.85 Face Value (`): 10 Book Value (`): 110.87
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 186.25 123.53 109.76 100.52 71.63 Net Sales 679.74 627.21 496.44 456.82 351.31
EBITDA 62.91 35.03 26.57 20.5 9.84 EBITDA 67.29 64.22 39.87 47.98 25.2
Interest 10.12 3.64 6.43 14.15 9.98 Interest 0.92 1.21 0.7 0.72 0.5
Net Profit/Loss 32.68 17.76 10.13 0.34 -2.88 Net Profit/Loss 39.04 38.52 24.48 80.74 15.65
Basic EPS (`) 7.94 4.31 2.46 0.08 -0.7 Basic EPS (`) 13.15 13.08 8.32 27.49 5.33
Equity 41.16 41.16 41.16 41.16 41.16 Equity 29.74 29.45 29.42 29.37 29.35

Rank Rank
299 Sumeet Industries 300 Capital Trust
BSE Code: 514211 Price (`): 31.1 Face Value (`): 10 Book Value (`): 49.55 BSE Code: 511505 Price (`): 483.6 Face Value (`): 10 Book Value (`): 134.12
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1415.41 1241.14 1166.25 1212.15 - Net Sales 124.78 61.32 - - -
EBITDA 119.15 94.32 85.47 84.26 - EBITDA 85.83 43.41 - - -
Interest 50.95 43.58 37.09 31.33 - Interest 28.57 12.18 - - -
Net Profit/Loss 39.08 18.92 21.65 19.26 - Net Profit/Loss 37.86 20.25 - - -
Basic EPS (`) 6.73 3.26 3.73 3.32 - Basic EPS (`) 23.14 13.8 - - -
Equity 58.04 58.04 58.04 58.04 - Equity 16.36 14.67 - - -

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 71

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
301 Windsor Machines 302 Control Print
BSE Code: 522029 Price (`): 54.3 Face Value (`): 2 Book Value (`): 9.86 BSE Code: 522295 Price (`): 408.4 Face Value (`): 10 Book Value (`): 93.25
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 362.49 314.57 263.94 258.18 - Net Sales 148.04 135.07 114.21 91.96 80.21
EBITDA 30.44 22.95 9.83 28.47 - EBITDA 38.18 36.2 28.51 21.1 15.6
Interest 11.41 3.04 2.82 1.38 - Interest 1.06 1.64 1.05 0.75 0.28
Net Profit/Loss 11.54 3.27 -2.12 16.93 - Net Profit/Loss 25.78 26.15 18.87 13.78 12.15
Basic EPS (`) 1.78 0.5 -0.33 2.61 - Basic EPS (`) 16.45 16.68 19.16 15.19 13.39
Equity 12.99 12.99 12.99 12.99 - Equity 15.67 15.67 9.85 9.07 9.07

Rank Rank
303 Oscar Investments 304 Anjani Portland Cement
BSE Code: 501179 Price (`): 290 Face Value (`): 10 Book Value (`): 1049.09 BSE Code: 518091 Price (`): 218.8 Face Value (`): 10 Book Value (`): 60.29
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 281.76 148.19 122.47 64.74 77.97 Net Sales 311.21 306.11 260.8 282.75 288.94
EBITDA 193.7 102.15 101.74 46.6 56.83 EBITDA 83.69 81.57 52.36 23.21 53.68
Interest 106.97 125.52 53.75 0.12 1.03 Interest 9.44 15.8 27.8 35.38 34.71
Net Profit/Loss 88.15 -32.08 28.1 28.66 42.31 Net Profit/Loss 44.88 18.77 16.71 -19.35 3.09
Basic EPS (`) 51.01 -18.57 16.26 16.58 24.49 Basic EPS (`) 18.6 10.21 9.09 -10.52 1.68
Equity 17.28 17.28 17.28 17.28 17.28 Equity 25.29 18.39 18.39 18.39 18.39

Rank Rank
305 Transformers & Rectifiers (India) 306 Vardhman Special Steels
BSE Code: 532928 Price (`): 325.15 Face Value (`): 10 Book Value (`): 257.86 BSE Code: 534392 Price (`): 135 Face Value (`): 10 Book Value (`): 74.08
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 826.67 599.27 556.42 735.74 517.45 Net Sales 679.45 659.19 669 579.72 450.84
EBITDA 89.22 38.88 31.1 43.53 26.29 EBITDA 65.49 45.77 18.97 4.44 23.24
Interest 37.41 34.31 29.22 24.21 10.87 Interest 28.28 23.53 20.21 11.9 10.87
Net Profit/Loss 15.1 -7.51 -8.03 5.19 4.9 Net Profit/Loss 19.14 5.21 -15.13 -9.42 4.85
Basic EPS (`) 11.39 -5.66 -6.06 3.91 3.8 Basic EPS (`) 10.18 2.81 -8.15 -5.07 2.61
Equity 13.26 13.26 13.26 13.26 12.92 Equity 18.56 18.56 18.56 18.56 18.56

Rank Rank
307 Gandhi Special Tubes 308 Anuh Pharma
BSE Code: 513108 Price (`): 335.05 Face Value (`): 5 Book Value (`): 121.91 BSE Code: 506260 Price (`): 170.65 Face Value (`): 5 Book Value (`): 54.62
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 106.24 94.17 96.33 91.44 98.62 Net Sales 210.75 329.73 288.74 270.55 244.9
EBITDA 41.61 29.91 27.75 34.07 35.1 EBITDA 27.13 40.24 35.18 27.33 19.39
Interest 0 0 0 0 0 Interest 0.04 0.04 0.05 0.1 0.05
Net Profit/Loss 29.74 18.55 15.8 17.31 22.06 Net Profit/Loss 17.58 25.8 21.99 17.59 12.54
Basic EPS (`) 20.23 12.62 10.75 11.78 15.01 Basic EPS (`) 7.02 10.3 26.33 21.06 15.01
Equity 7.35 7.35 7.35 7.35 7.35 Equity 12.53 12.53 4.18 4.18 4.18

Rank Rank
309 Premier Explosives 310 Rajshree Sugars & Chemicals
BSE Code: 526247 Price (`): 459.25 Face Value (`): 10 Book Value (`): 78.07 BSE Code: 500354 Price (`): 56 Face Value (`): 10 Book Value (`): 12.9
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 238.93 185.45 - - - Net Sales 749.13 717.13 717.22 927.27 954.25
EBITDA 29 18.02 - - - EBITDA 147.55 44 9.18 67.44 126.44
Interest 4.43 3.74 - - - Interest 77.24 71.52 72.12 78.7 84.63
Net Profit/Loss 14.97 5.65 - - - Net Profit/Loss 29.14 -19.3 -65.68 -34.36 5.52
Basic EPS (`) 16.9 6.38 - - - Basic EPS (`) 10.34 -7.73 -27.61 -14.44 2.32
Equity 8.86 8.86 - - - Equity 28.17 24.97 23.79 23.79 23.79

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

72 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
311 Muthoot Capital Services 312 Hindustan Composites
BSE Code: 511766 Price (`): 523.05 Face Value (`): 10 Book Value (`): 129.73 BSE Code: 509635 Price (`): 579.55 Face Value (`): 5 Book Value (`): 411.25
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 284.2 228.49 191.29 158.76 107.22 Net Sales 167.28 186.38 - - -
EBITDA 151.12 123.48 112.33 94.82 69.12 EBITDA 38.8 52.27 - - -
Interest 103.95 87 76.77 60.45 36.32 Interest 0.2 0.87 - - -
Net Profit/Loss 30.09 22.85 22.29 22.21 21.76 Net Profit/Loss 23.22 37.06 - - -
Basic EPS (`) 24.13 18.32 17.87 17.8 17.45 Basic EPS (`) 47.2 75.27 - - -
Equity 12.47 12.47 12.47 12.47 12.47 Equity 4.92 4.92 - - -

Rank Rank
313 Kingfa Science & Technology (India) 314 Suryalakshmi Cotton Mills
BSE Code: 524019 Price (`): 676.75 Face Value (`): 10 Book Value (`): 222.47 BSE Code: 521200 Price (`): 103.75 Face Value (`): 10 Book Value (`): 170.19
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 427.51 315.06 218.92 178.06 157.42 Net Sales 775.29 773.15 714.34 712.89 713.95
EBITDA 19.04 27.53 6.58 -3.07 2.69 EBITDA 96.9 110.52 83.9 80.77 105.02
Interest -1.05 7.21 8.12 6.56 6.97 Interest 35.03 34.31 33.67 36.94 33.48
Net Profit/Loss 11.83 10.8 -3.04 -8.48 -5.05 Net Profit/Loss 21.87 30.05 12.17 11.71 30.37
Basic EPS (`) 11.71 10.68 -4.75 -13.23 -7.88 Basic EPS (`) 13.12 17.66 7.05 8 20.91
Equity 10.11 10.11 6.41 6.41 6.41 Equity 18.45 18.45 18.45 16.3 16.3

Rank Rank
315 Phoenix Lamps 316 TVS Electronics
BSE Code: 517296 Price (`): 205.85 Face Value (`): 10 Book Value (`): 61.34 BSE Code: 532513 Price (`): 182.55 Face Value (`): 10 Book Value (`): 31.54
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 332.78 336.54 367.44 512.23 488.48 Net Sales 2627.52 596.44 271.03 249.62 242.91
EBITDA 46.84 50.78 47.59 65.18 12.93 EBITDA 18.2 18.88 16.81 14.33 15.87
Interest 3.57 5.3 6.11 14.53 20.61 Interest 2.45 5.73 6.92 7.43 10.18
Net Profit/Loss 29.37 22.9 19.57 66.39 -24.07 Net Profit/Loss 6.81 4.91 2.28 0.59 -4.2
Basic EPS (`) 10.48 8.17 6.99 23.7 -8.59 Basic EPS (`) 3.66 2.64 1.27 0.33 -2.38
Equity 28.02 28.02 28.02 28.02 28.02 Equity 18.61 18.55 18.02 18.02 17.67

Rank Rank
317 Pennar Engineered Building Systems 318 Tamilnadu Petroproducts
BSE Code: 539333 Price (`): 119.45 Face Value (`): 10 Book Value (`): 69.01 BSE Code: 500777 Price (`): 50 Face Value (`): 10 Book Value (`): 29.73
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 508.29 448.78 452.36 369.75 290.96 Net Sales 896.16 707.98 962.44 1067.94 1287.59
EBITDA 56.35 66.59 48.88 39.83 36.98 EBITDA 68.83 11.55 -13.9 14.08 0.32
Interest 17.16 11.09 9.67 7.7 11.54 Interest 34.37 14.76 19.59 32.28 31.84
Net Profit/Loss 24.4 30.16 21.98 17.22 14.76 Net Profit/Loss 11.29 36.9 -42.63 -35.13 -34.01
Basic EPS (`) 7.12 8.8 7.94 6.89 5.91 Basic EPS (`) 1.25 4.1 -4.74 -3.9 -3.78
Equity 34.27 34.27 27.67 25 25 Equity 89.97 89.97 89.97 89.97 89.97

Rank Rank
319 Ginni Filaments 320 Optiemus Infracom
BSE Code: 590025 Price (`): 50.5 Face Value (`): 10 Book Value (`): 22.55 BSE Code: 530135 Price (`): 54.45 Face Value (`): 10 Book Value (`): 29.62
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 772.47 754.74 851.96 875.69 746.53 Net Sales 1589.84 1921.37 2576.64 4112.47 2835.83
EBITDA 85.74 72.29 92.31 126.01 95.46 EBITDA 44.96 89.24 115.46 126.65 82.81
Interest 27.71 35.05 44.84 37.73 44.24 Interest 43.8 42.87 40.25 38.88 28.68
Net Profit/Loss 17.95 4.4 7.78 36.27 17.54 Net Profit/Loss 6.9 12.94 27.46 48.67 30.56
Basic EPS (`) 2.54 0.62 1.1 5.13 2.48 Basic EPS (`) 0.8 1.51 3.2 5.67 3.56
Equity 70.65 70.65 70.65 70.65 70.65 Equity 85.81 85.81 85.81 85.81 85.81

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 73

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
321 Gallantt Metal 322 Kakatiya Cement Sugar & Industries
BSE Code: 532726 Price (`): 39.5 Face Value (`): 10 Book Value (`): 45.53 BSE Code: 500234 Price (`): 365.75 Face Value (`): 10 Book Value (`): 296.28
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 617.84 673.5 722.05 671.25 667.41 Net Sales 227.42 216.41 195.34 203.24 187.29
EBITDA 53.45 68.42 65.34 44.55 59.5 EBITDA 48.71 33.89 20.75 16.78 31.24
Interest 6.28 7.04 11.7 11.34 10.33 Interest 1.22 1.6 0.81 0.46 0.06
Net Profit/Loss 27.1 41.58 33.95 15.06 31.75 Net Profit/Loss 28.72 22.18 14.11 8.84 16.11
Basic EPS (`) 3.33 5.11 4.17 1.85 3.9 Basic EPS (`) 36.94 28.54 18.15 11.37 20.72
Equity 81.32 81.32 81.32 81.32 81.32 Equity 7.77 7.77 7.77 7.77 7.77

Rank Rank
323 Shreyans Industries 324 Saurashtra Cements
BSE Code: 516016 Price (`): 151.35 Face Value (`): 10 Book Value (`): 88.02 BSE Code: 502175 Price (`): 64.95 Face Value (`): 10 Book Value (`): 40.36
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 423.01 390.98 373.49 403.17 346.47 Net Sales 485.66 542.63 570.04 536.46 550.61
EBITDA 58.56 24.3 27.9 37.57 28.5 EBITDA 33.41 75.87 96.61 63.16 122.42
Interest 5.86 5.96 6.99 6.32 7 Interest 3.65 4.81 13.38 16.37 33.38
Net Profit/Loss 23.11 8.67 9.8 12.64 7.79 Net Profit/Loss 9.64 43.8 67.61 20.9 183.72
Basic EPS (`) 16.71 6.27 7.09 9.14 5.63 Basic EPS (`) 1.39 4.86 13.21 4.08 35.89
Equity 13.82 13.82 13.82 13.82 13.82 Equity 69.19 60.19 51.19 51.19 51.19

Rank Rank
325 Vishal Fabrics 326 Mac Charles (India)
BSE Code: 538598 Price (`): 456 Face Value (`): 10 Book Value (`): 77.97 BSE Code: 507836 Price (`): 469.2 Face Value (`): 10 Book Value (`): 220.06
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 373.91 273.88 223.75 204.11 183.35 Net Sales 81.4 93.36 78.89 54.1 58.04
EBITDA 32.24 26.31 18.29 16.63 17.49 EBITDA 45.68 55.18 39.86 20.92 22.52
Interest 7.46 5.08 5.32 6.41 6.86 Interest 0.13 0.07 0.09 0.12 0.1
Net Profit/Loss 10.54 14.26 9.34 2.89 2.07 Net Profit/Loss 30.13 33.81 25.93 6.95 16.08
Basic EPS (`) 8 10.83 7.09 2.98 179.81 Basic EPS (`) 23 25.81 19.79 5.3 12.27
Equity 13.17 13.17 13.17 9.7 1.15 Equity 13.1 13.1 13.1 13.1 13.1

Rank Rank
327 Disa India 328 Goldiam International
BSE Code: 500068 Price (`): 5399 Face Value (`): 10 Book Value (`): 638.25 BSE Code: 526729 Price (`): 80.6 Face Value (`): 10 Book Value (`): 123.6
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 169.67 149.44 - - - Net Sales 338.25 345.28 333.97 319.75 270.87
EBITDA 20.85 19.38 - - - EBITDA 25.3 46.27 33.42 29.83 26.98
Interest 0.12 0.02 - - - Interest 1.63 1.79 2.29 3.39 3.25
Net Profit/Loss 11.52 10.6 - - - Net Profit/Loss 27.65 32.5 21.25 17.07 18.66
Basic EPS (`) 79.22 70.19 - - - Basic EPS (`) 11.09 13.03 8.52 6.84 7.48
Equity 1.45 1.51 - - - Equity 24.95 24.95 24.95 24.95 24.95

Rank Rank
329 Salzer Electronics 330 Wendt India
BSE Code: 517059 Price (`): 187.2 Face Value (`): 10 Book Value (`): 145.7 BSE Code: 505412 Price (`):2418.65 Face Value (`): 10 Book Value (`): 561.58
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 391.26 363.94 284.3 245.46 230.12 Net Sales 147.79 136.87 125.98 111.94 102.95
EBITDA 49.67 45.7 36.46 31.15 29.86 EBITDA 26.69 23.73 25.23 21.96 23.51
Interest 14.59 13.14 12.34 11.94 11.77 Interest 0.12 0.01 0.08 0.03 0.03
Net Profit/Loss 17.09 17.05 11.98 8.44 7.06 Net Profit/Loss 12.05 10.11 13.54 11.66 12.86
Basic EPS (`) 12.35 12.5 11.65 8.21 6.87 Basic EPS (`) 60.26 50.53 67.7 58.31 64.3
Equity 14.35 13.64 10.28 10.28 10.28 Equity 2 2 2 2 2

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

74 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
331 Agarwal Industrial Corporation 332 Eimco Elecon (India)
BSE Code: 531921 Price (`): 596.6 Face Value (`): 10 Book Value (`): 60.66 BSE Code: 523708 Price (`): 517.55 Face Value (`): 10 Book Value (`): 488.23
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 301.63 194.55 225.04 182.51 121.23 Net Sales 184.68 143.87 - - -
EBITDA 25.54 17.11 16.59 14.01 11.48 EBITDA 35.35 26.89 - - -
Interest 6.64 4.04 3.95 3.35 2.35 Interest 0.38 0.3 - - -
Net Profit/Loss 9 5.77 5.88 5.1 3.41 Net Profit/Loss 24.72 17.06 - - -
Basic EPS (`) 10.68 10.47 10.66 9.25 6.18 Basic EPS (`) 42.85 29.58 - - -
Equity 10.16 5.51 5.51 5.51 5.51 Equity 5.77 5.77 - - -

Rank Rank
333 Ashapura Intimates Fashion 334 Veto Switchgears & Cables
BSE Code: 535467 Price (`): 395.2 Face Value (`): 10 Book Value (`): 45.28 BSE Code: 539331 Price (`): 214.65 Face Value (`): 10 Book Value (`): 54.08
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 312.34 252.8 198.47 197.94 - Net Sales 239.81 176.98 97.84 95.35 74.42
EBITDA 48.06 38.16 35.35 29.01 - EBITDA 26.45 26.11 15.72 11.68 11.38
Interest 14.2 11.62 12.14 12.64 - Interest 4.12 4.55 3.95 2.05 2.45
Net Profit/Loss 16.86 13.03 9.49 7.07 - Net Profit/Loss 18.23 13.09 7.14 6.09 5.88
Basic EPS (`) 8.66 6.69 4.87 3.63 - Basic EPS (`) 9.95 7.14 3.9 3.32 3.53
Equity 19.47 19.47 19.47 19.47 - Equity 18.33 18.33 18.33 18.33 16.66

Rank Rank
335 Samkrg Pistons & Rings 336 Taj GVK Hotels & Resorts
BSE Code: 520075 Price (`): 263.1 Face Value (`): 10 Book Value (`): 112.12 BSE Code: 532390 Price (`): 162.25 Face Value (`): 2 Book Value (`): 56.06
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 252.8 245.59 232.81 205.83 173.75 Net Sales 269.78 279.04 - - -
EBITDA 41.62 35.88 34.19 30.06 30.67 EBITDA 63.19 66.71 - - -
Interest 1.73 1.55 4.62 4.68 7.59 Interest 29.07 33.07 - - -
Net Profit/Loss 19.46 15.7 12.32 10.75 8.67 Net Profit/Loss 4.23 3.59 - - -
Basic EPS (`) 19.81 15.99 12.54 10.94 8.83 Basic EPS (`) 0.67 0.57 - - -
Equity 9.82 9.82 9.82 9.82 9.82 Equity 12.54 12.54 - - -

Rank Rank
337 Websol Energy Systems 338 Talbros Automotive Components
BSE Code: 517498 Price (`): 109.1 Face Value (`): 10 Book Value (`): -60.81 BSE Code: 505160 Price (`): 193.9 Face Value (`): 10 Book Value (`): 119.04
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 370.77 280.47 356.55 305.91 125.68 Net Sales 436.75 397.9 401.44 373.06 350.94
EBITDA 102.88 9.17 10.59 12.28 2.37 EBITDA 44.01 44.2 49.73 42.68 44.89
Interest 1.79 1.13 2.07 31.03 18.54 Interest 16.66 17.69 18.67 19.03 20.58
Net Profit/Loss 79.34 -9.87 -52.37 -74.35 -15.91 Net Profit/Loss 15.72 9.71 14.12 19.31 13.88
Basic EPS (`) 41.12 -4.49 -23.83 -33.83 -7.24 Basic EPS (`) 12.74 7.87 11.44 15.64 11.24
Equity 21.97 21.97 21.97 21.97 21.97 Equity 12.35 12.35 12.35 12.35 12.35

Rank Rank
339 Menon Bearings 340 Donear Industries
BSE Code: 523828 Price (`): 77.9 Face Value (`): 1 Book Value (`): 11.44 BSE Code: 512519 Price (`): 62.2 Face Value (`): 2 Book Value (`): 16.78
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 124.22 111.91 103.91 87.44 84.1 Net Sales 522.44 521.11 521.06 478.05 408.95
EBITDA 33.98 29.53 23.23 16.01 13.65 EBITDA 52.77 58.35 59.55 54.2 51.46
Interest 1.17 1.63 2.39 2.24 2.29 Interest 22.88 28.56 30.28 29.57 28.73
Net Profit/Loss 19.24 14.89 11.54 6.18 3.7 Net Profit/Loss 10.88 5.63 7.73 3.73 0.6
Basic EPS (`) 3.43 3.19 12.36 6.61 3.96 Basic EPS (`) 2.09 1.08 1.49 0.72 0.12
Equity 5.6 4.67 4.67 4.67 4.67 Equity 10.4 10.4 10.4 10.4 10.4

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 75

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
341 AXISCADES Engineering Technologies 342 Sree Rayalaseema Alkalies & Allied Chemicals
BSE Code: 532395 Price (`): 141.05 Face Value (`): 5 Book Value (`): 76.4 BSE Code: 507753 Price (`): 28.2 Face Value (`): 10 Book Value (`): 38.22
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 499.02 379.31 319.24 309.89 286.7 Net Sales 915.57 821.74 782.35 773.03 821.16
EBITDA 52.76 57.36 43.47 31.33 26.62 EBITDA 138.91 112.21 107.25 97.13 119.1
Interest 11.73 1.84 2.35 3.61 3.91 Interest 49.78 38.1 33.4 34.21 38.45
Net Profit/Loss 13.14 28.58 19.81 15.98 14.62 Net Profit/Loss 19.44 24.42 22.15 4.77 37.73
Basic EPS (`) 3.48 10.51 7.28 8.01 7.33 Basic EPS (`) 2.32 2.94 2.81 0.64 5.31
Equity 18.9 13.61 13.61 10 10 Equity 87.27 82.91 78.76 74.83 71.09

Rank Rank
343 Ugar Sugar Works 344 Oriental Hotels
BSE Code: 530363 Price (`): 26.35 Face Value (`): 1 Book Value (`): 10.16 BSE Code: 500314 Price (`): 33.8 Face Value (`): 1 Book Value (`): 23.08
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 593.82 846.13 655.53 652.21 723.31 Net Sales 339.74 383.31 371.05 358.67 348.78
EBITDA 69.35 59.26 24.41 31.38 72.95 EBITDA 53.76 54.25 64.72 57.67 66.88
Interest 30.4 28.74 14.81 33.33 28.82 Interest 32.19 24.86 31.99 31.16 29.38
Net Profit/Loss 23.43 11.28 -3.25 -29.76 17.45 Net Profit/Loss 4.98 -1.24 1.64 -22.61 15.62
Basic EPS (`) 2.08 1 -0.29 -2.65 1.55 Basic EPS (`) 0.28 -0.07 0.09 -1.27 0.87
Equity 11.25 11.25 11.25 11.25 11.25 Equity 17.86 17.86 17.86 17.86 17.86

Rank Rank
345 Singer India 346 Gokul Refoils & Solvent
BSE Code: 505729 Price (`): 270.4 Face Value (`): 10 Book Value (`): 44.07 BSE Code: 532980 Price (`): 25.2 Face Value (`): 2 Book Value (`): 21.47
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 375.33 241.18 287.21 244.99 200.76 Net Sales 3548.23 3424.61 5924.9 6446.26 6072.57
EBITDA 13.15 9.63 10.7 9.96 10.01 EBITDA 54.69 72.83 152.76 138.06 236.88
Interest 0.07 0.03 0.08 0.08 0.05 Interest 47.44 41.87 107.63 90.29 194.02
Net Profit/Loss 8.06 5.98 6.4 6.97 15.32 Net Profit/Loss 6.15 11.15 9.17 3.58 9.89
Basic EPS (`) 7.5 5.57 5.96 6.49 14.26 Basic EPS (`) 0.47 0.85 0.7 0.27 0.75
Equity 10.74 10.74 10.74 10.74 10.74 Equity 26.38 26.38 26.38 26.38 26.38

Rank Rank
347 Waterbase 348 Kamdhenu
BSE Code: 523660 Price (`): 107.45 Face Value (`): 10 Book Value (`): 28.84 BSE Code: 532741 Price (`): 125.5 Face Value (`): 10 Book Value (`): 49.36
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 333.23 319.98 279.5 229.59 157.6 Net Sales 825.83 841.67 968.37 922.07 548.41
EBITDA 24.86 25.19 32.88 25.12 12.62 EBITDA 33.51 32.1 30.31 25.35 21.89
Interest 3.6 1.03 1.21 2.87 2.2 Interest 13.62 14.46 12.99 11.38 10.95
Net Profit/Loss 12.56 0.68 19.51 13.57 6.01 Net Profit/Loss 9.83 8.15 8.03 5.95 4.81
Basic EPS (`) 3.25 0.18 5.06 3.52 2.33 Basic EPS (`) 4.2 3.48 3.43 2.54 2.05
Equity 38.6 38.6 38.6 38.6 25.74 Equity 23.4 23.4 23.4 23.4 23.4

Rank Rank
349 Sakthi Sugars 350 Pasupati Acrylon
BSE Code: 507315 Price (`): 28.55 Face Value (`): 10 Book Value (`): 2.74 BSE Code: 500456 Price (`): 27.4 Face Value (`): 10 Book Value (`): 13.66
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 939.14 857.68 868.96 710.36 1173.66 Net Sales 472.05 540.52 544.72 534.35 420.91
EBITDA 137.91 77.62 143.76 17.91 85.31 EBITDA 70.53 61.25 40.18 31.95 15.32
Interest 133.67 78.49 129.34 185.91 136.81 Interest 5.48 6.3 7.62 9.83 12.71
Net Profit/Loss 10.44 -55.07 -34.77 -159.38 -87.42 Net Profit/Loss 34.04 29.93 14.57 7.26 -6.93
Basic EPS (`) 0.92 -5.72 -3.61 -16.57 -23.75 Basic EPS (`) 3.82 3.36 1.64 0.81 -0.78
Equity 118.85 96.21 96.21 96.21 36.81 Equity 89.14 89.14 89.14 89.14 89.14

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

76 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
351 Vidhi Specialty Food Ingredients 352 AGC Networks
BSE Code: 531717 Price (`): 59.4 Face Value (`): 1 Book Value (`): 13.95 BSE Code: 500463 Price (`): 113.65 Face Value (`): 10 Book Value (`): 23.09
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 193.41 186 189.57 143.15 120.32 Net Sales 783.07 886.89 897.17 794.4 1109.5
EBITDA 29.7 30.34 29.49 16.44 12.64 EBITDA 33.56 11.19 30.45 -159.9 42.6
Interest 3.92 5.63 8.11 5.34 4.55 Interest 24.94 26.68 25.92 36.4 36.2
Net Profit/Loss 14.57 14.73 12.42 5.97 4.15 Net Profit/Loss 12.09 -34.59 14.77 -282.2 -21.9
Basic EPS (`) 2.91 2.95 2.49 1.2 0.83 Basic EPS (`) 4.25 -12.15 5.19 -99.13 -7.69
Equity 5 5 5 5 5 Equity 28.47 28.47 28.47 28.5 28.5

Rank Rank
353 Rajratan Global Wire 354 TIL
BSE Code: 517522 Price (`): 596.6 Face Value (`): 10 Book Value (`): 202.4 BSE Code: 505196 Price (`): 426.4 Face Value (`): 10 Book Value (`): 311.44
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 290.81 283.59 274.54 283.47 253.87 Net Sales 321.84 1745 1477.31 1323.48 1184.73
EBITDA 43.17 42.72 25.7 24.21 21.52 EBITDA 41.41 112.26 150.17 117.2 92.78
Interest 10.61 14.69 14.06 15.41 13.62 Interest 21.11 100.81 87.73 71.07 56.88
Net Profit/Loss 21.11 16.47 1.81 -2.15 -2.26 Net Profit/Loss 26.45 -43.59 4.72 9.93 4.31
Basic EPS (`) 48.51 37.85 4.17 -4.94 -5.19 Basic EPS (`) 26.37 -43.46 4.71 9.9 4.3
Equity 4.35 4.35 4.35 4.35 4.35 Equity 10.03 10.03 10.03 10.03 10.03

Rank Rank
355 JK Agri Genetics 356 Balmer Lawrie Investments
BSE Code: 536493 Price (`):1093.95 Face Value (`): 10 Book Value (`): 212.8 BSE Code: 532485 Price (`): 408.65 Face Value (`): 10 Book Value (`): 58.41
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 193.54 190.2 210.1 188.84 185.01 Net Sales 41.82 38.23 38.19 36.57 33.03
EBITDA 27.63 24.15 32.59 27.3 21.67 EBITDA 40.88 37.64 37.69 36.09 32.61
Interest 7.76 11.06 10.45 10.13 8.06 Interest 0 0 0 0 0
Net Profit/Loss 12.09 8.02 12.22 11.86 8.99 Net Profit/Loss 38.8 35.62 35.69 34.39 31.12
Basic EPS (`) 33.54 22.25 33.9 32.9 24.95 Basic EPS (`) 17.48 16.05 16.08 15.49 14.02
Equity 3.6 3.6 3.6 3.6 3.6 Equity 22.2 22.2 22.2 22.2 22.2

Rank Rank
357 Reliance Industrial InfraStructure 358 Everest Industries
BSE Code: 523445 Price (`): 428.05 Face Value (`): 10 Book Value (`): 226.68 BSE Code: 508906 Price (`): 341.2 Face Value (`): 10 Book Value (`): 225.73
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 108.82 100.89 99.94 91.95 89.22 Net Sales 1177.04 1326.3 1241.72 1047.59 -
EBITDA 34.68 32.86 36.03 43.84 45.54 EBITDA 45.37 95.21 92.42 52.06 -
Interest 0 0 0 0 0 Interest 18.9 19.1 18.69 12.57 -
Net Profit/Loss 16.42 15.36 22.07 24.14 24.38 Net Profit/Loss 1.95 34.44 34.23 9.02 -
Basic EPS (`) 10.87 10.17 14.62 15.99 16.15 Basic EPS (`) 1.26 22.38 22.39 5.94 -
Equity 15.1 15.1 15.1 15.1 15.1 Equity 15.42 15.39 15.29 15.19 -

Rank Rank
359 ADF Foods 360 Saksoft
BSE Code: 519183 Price (`): 218.9 Face Value (`): 10 Book Value (`): 76.86 BSE Code: 590051 Price (`): 206.55 Face Value (`): 10 Book Value (`): 126.19
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 208.02 213.52 210.87 211.63 182.36 Net Sales 261.34 245.9 233.52 225.45 159.74
EBITDA 27.99 24.17 22.69 19.91 19.98 EBITDA 35.56 38.35 28.21 24.55 18.03
Interest 0.97 1.37 1.39 1.73 2.51 Interest 4.56 4.32 4.21 3.97 4.23
Net Profit/Loss 10.84 6.61 8.84 5.65 14.04 Net Profit/Loss 17.84 18.47 16.71 14.94 10.91
Basic EPS (`) 5.11 3 4.02 2.57 6.38 Basic EPS (`) 17.06 17.77 16.12 14.6 10.73
Equity 21.58 22.38 22.38 22.38 22.38 Equity 10.46 10.4 10.36 10.24 10.17

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 77

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
361 Eldeco Housing & Industries 362 Stylam Industries
BSE Code: 523329 Price (`): 1002.4 Face Value (`): 10 Book Value (`): 654.15 BSE Code: 526951 Price (`): 721.25 Face Value (`): 10 Book Value (`): 92.32
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 174.25 149.04 59.49 73.89 103.95 Net Sales 295.45 250.06 214.46 189.43 141.42
EBITDA 35.06 36.13 12.49 23.46 19.13 EBITDA 43.86 30.79 23.04 22.46 13.67
Interest 2.77 5.3 2.31 3.43 2.15 Interest 9.93 6.46 4.93 9.21 4.66
Net Profit/Loss 22.75 20.5 6.47 14.35 9.51 Net Profit/Loss 18.35 12.15 9.39 6.83 4.07
Basic EPS (`) 115.68 104.24 32.88 72.96 48.35 Basic EPS (`) 25.08 16.6 12.76 9.33 5.56
Equity 1.97 1.97 1.97 1.97 1.97 Equity 7.32 7.32 7.32 7.32 7.32

Rank Rank
363 Orbit Exports 364 Competent Automobiles Co
BSE Code: 512626 Price (`): 144.5 Face Value (`): 10 Book Value (`): 39.16 BSE Code: 531041 Price (`): 205.35 Face Value (`): 10 Book Value (`): 186.69
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 137.51 150.53 159.2 135.35 122.26 Net Sales 1244.05 1044.26 925.64 809.56 807.12
EBITDA 36.25 42.6 44.71 34.03 24.88 EBITDA 35.69 30.18 27.33 21.84 20.03
Interest 1.8 1.16 1.27 1.57 1.32 Interest 8.91 6.62 4.92 4.61 4.63
Net Profit/Loss 21.11 23.25 27.86 20.37 14.45 Net Profit/Loss 12.12 12.83 11.61 9.18 7.79
Basic EPS (`) 7.36 16.21 19.49 14.71 10.86 Basic EPS (`) 19.72 20.87 18.89 14.93 12.67
Equity 28.7 14.34 14.3 13.85 13.3 Equity 6.28 6.28 6.28 6.28 6.28

Rank Rank
365 Jullundur Motor Agency (Delhi) 366 Albert David
NSE Code: JMA Price (`): 221 Face Value (`): 10 Book Value (`): 216.98 BSE Code: 524075 Price (`): 319.85 Face Value (`): 10 Book Value (`): 260.84
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 416.18 418.96 414.57 - - Net Sales 308.62 324.16 323.57 293.98 266.13
EBITDA 18.66 21.06 24.25 - - EBITDA 29.02 33.02 38.38 33.1 27.36
Interest 0.02 0.01 0.74 - - Interest 1.11 1.81 2.7 3.59 3.24
Net Profit/Loss 13.99 13.37 15.45 - - Net Profit/Loss 12.04 48 13.7 12.57 8.56
Basic EPS (`) 23.24 22.42 25.91 - - Basic EPS (`) 21.09 84.1 24.01 22.03 15
Equity 5.96 5.96 5.96 - - Equity 5.71 5.71 5.71 5.71 5.71

Rank Rank
367 National Steel and Agro Industries 368 Morarjee Textiles
BSE Code: 513179 Price (`): 25.95 Face Value (`): 10 Book Value (`): 78.79 BSE Code: 532621 Price (`): 51 Face Value (`): 7 Book Value (`): 36.51
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 3995.44 3773.56 3887.5 3499.46 3484.4 Net Sales 381.2 337.46 365.71 391.99 364.2
EBITDA 183.65 175.66 186.62 178.67 168.77 EBITDA 70.23 56.12 61.13 75.84 65.34
Interest 134.89 122.81 122.94 114.94 112.57 Interest 35.96 22.59 19.05 25.49 27.26
Net Profit/Loss 20.62 28.14 30.15 30.46 28.89 Net Profit/Loss 16.18 16.49 20.84 28.2 23.91
Basic EPS (`) 4.04 5.83 6.28 6.35 6 Basic EPS (`) 4.45 4.03 5.23 7.25 4.89
Equity 44.5 44.5 44.5 44.5 44.5 Equity 25.43 25.43 25.43 25.43 25.43

Rank Rank
369 ABC Bearings 370 Orient Bell
BSE Code: 505665 Price (`): 407.8 Face Value (`): 10 Book Value (`): 120.18 BSE Code: 530365 Price (`): 236.55 Face Value (`): 10 Book Value (`): 97.14
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 189.89 180.21 163.33 141.68 149.71 Net Sales 656.74 704.37 696.09 586.13 576.81
EBITDA 31.89 27.88 22.15 17.18 19.52 EBITDA 55.12 48.86 48.71 48.23 60.88
Interest 5.13 6.98 5.62 4.02 3.15 Interest 13.35 18.81 20.68 24.23 24.88
Net Profit/Loss 11.85 5.48 4.18 4.63 5.3 Net Profit/Loss 11.04 6.44 4.78 2.03 9.83
Basic EPS (`) 10.26 4.74 3.62 4.01 4.59 Basic EPS (`) 7.84 4.6 3.46 1.49 7.24
Equity 11.55 11.55 11.55 11.55 11.55 Equity 14.19 14 13.82 13.57 13.57

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

78 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
371 Amines & Plasticizers 372 Indo National
BSE Code: 506248 Price (`): 48.2 Face Value (`): 2 Book Value (`): 9.88 BSE Code: 504058 Price (`): 874.6 Face Value (`): 10 Book Value (`): 521.78
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 296.39 262.64 302.14 244.17 192.77 Net Sales 392.67 379.91 - - -
EBITDA 28.56 23.72 22.5 17.41 13.59 EBITDA 44.89 42.11 - - -
Interest 6.39 7.86 10.27 9.85 9.35 Interest 4.94 6.41 - - -
Net Profit/Loss 14.8 9.05 6.28 3.31 1.26 Net Profit/Loss 20.23 14.17 - - -
Basic EPS (`) 2.69 1.64 2.28 6.02 2.29 Basic EPS (`) 53.95 37.79 - - -
Equity 11 11 5.5 5.5 5.5 Equity 3.75 3.75 - - -

Rank Rank
373 Dai Ichi Karkaria 374 CL Educate
BSE Code: 526821 Price (`): 438.05 Face Value (`): 10 Book Value (`): 184.46 BSE Code: 540403 Price (`): 385.15 Face Value (`): 10 Book Value (`): 255.54
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 179.08 198.07 188.23 151.06 106.48 Net Sales 279.06 294.75 283.14 - -
EBITDA 26.52 36.32 29.68 16.26 6.93 EBITDA 38.88 48.13 46.36 - -
Interest 0.14 0.49 0.17 0.17 0.02 Interest 7.88 10.16 9.36 - -
Net Profit/Loss 15.81 21.86 23.28 15.6 4.17 Net Profit/Loss 18.96 21.46 20.98 - -
Basic EPS (`) 21.22 29.34 31.25 20.94 5.6 Basic EPS (`) 13.38 17.97 18.02 - -
Equity 7.45 7.45 7.45 7.45 7.45 Equity 14.16 11.94 11.65 - -

Rank Rank
375 Shirpur Gold Refinery 376 Vishnu Chemicals
BSE Code: 512289 Price (`): 144.6 Face Value (`): 10 Book Value (`): 109.63 BSE Code: 516072 Price (`): 274.5 Face Value (`): 10 Book Value (`): 110.55
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 4955.83 3952.96 3222.21 1744.26 - Net Sales 514.07 482.12 420.68 - -
EBITDA 39.79 76.32 79.41 56.9 - EBITDA 63.95 83.63 78.14 - -
Interest 34.62 57.84 49.21 34.39 - Interest 34.63 34.42 31.48 - -
Net Profit/Loss 2.81 5.04 15.28 5.62 - Net Profit/Loss 13.62 21.25 21.88 - -
Basic EPS (`) 0.96 1.73 5.25 1.93 - Basic EPS (`) 8.05 17.79 18.32 - -
Equity 29.14 29.14 29.14 29.14 - Equity 11.95 11.95 11.95 - -

Rank Rank
377 Chembond Chemicals 378 Arfin India
BSE Code: 530871 Price (`): 226.5 Face Value (`): 5 Book Value (`): 158.95 BSE Code: 539151 Price (`): 476.45 Face Value (`): 10 Book Value (`): 93.36
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 286.72 304.26 301.61 275.67 267.27 Net Sales 344.72 273.22 250.94 190.56 169.57
EBITDA 20.89 44.49 28.01 22.03 22.88 EBITDA 27.91 14.97 12.65 6.29 5.78
Interest 1.02 1.81 3.61 4.03 4.52 Interest 6.2 4.08 4.85 1.85 1.13
Net Profit/Loss 7.76 153.65 12.38 7.76 7.08 Net Profit/Loss 13.02 6.61 4.67 2.65 3.09
Basic EPS (`) 5.77 229.44 18.59 11.65 10.64 Basic EPS (`) 40.08 21.9 15.48 9.24 10.23
Equity 6.72 6.7 6.66 6.66 6.66 Equity 4.05 3.02 3.02 2.9 1.87

Rank Rank
379 K G Denim 380 Stampede Capital
BSE Code: 500239 Price (`): 68.7 Face Value (`): 10 Book Value (`): 38.18 BSE Code: 531723 Price (`): 7.78 Face Value (`): 1 Book Value (`): 4.94
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 698.53 721.79 621.63 634.39 556.81 Net Sales 385.69 195.44 74.68 24.75 37.89
EBITDA 76 88.45 52.03 52.95 62.43 EBITDA 92.17 82.17 21.17 8.04 11.02
Interest 27.51 33.55 28.74 28.88 26.64 Interest 0 0.01 0 0 0.13
Net Profit/Loss 22.73 20.42 0.37 6.74 15.85 Net Profit/Loss 33.2 66.35 14.53 -0.15 8.1
Basic EPS (`) 8.86 7.96 0.14 2.63 6.18 Basic EPS (`) 1.38 2.91 6.37 -0.07 3.92
Equity 25.67 25.67 25.67 25.67 25.67 Equity 28.63 22.81 22.81 21 20.65

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 79

Financial Snapshot
Thriving
Small Caps
2017
Rank Rank
381 Fourth Dimension Solutions 382 Aksh Optifibre
NSE: FOURTHDIM Price (`): 56 Face Value (`): 10 Book Value (`): 21.21 BSE Code: 532351 Price (`): 24.05 Face Value (`): 5 Book Value (`): 27.61
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1493.91 1404.25 652.54 - - Net Sales 494.28 451.66 360.27 240.95 259.07
EBITDA 43.42 58.03 22.31 - - EBITDA 46.88 68.78 53.32 36.72 39.99
Interest 5.37 23.54 0.6 - - Interest 10.05 11.56 11.22 7.09 3.76
Net Profit/Loss 21.98 20.08 12.97 - - Net Profit/Loss 11.11 25.6 25.33 21.67 25.78
Basic EPS (`) 10.12 18.44 64.85 - - Basic EPS (`) 0.68 1.57 1.67 1.46 1.74
Equity 21.78 10.89 2 - - Equity 103.48 103.48 97.92 96.43 96.43

Rank Rank
383 Arrow Greentech 384 TPL Plastech
BSE Code: 516064 Price (`): 542.95 Face Value (`): 10 Book Value (`): 87.37 BSE Code: 526582 Price (`): 481 Face Value (`): 10 Book Value (`): 78.69
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 56.39 55.49 49.7 36.7 15.42 Net Sales 180.25 186.72 183.17 190.16 153.87
EBITDA 36.01 41.97 30.51 19.97 3.29 EBITDA 21.94 21.06 18.22 17.43 15.94
Interest 0 0 0 0 0.17 Interest 4.38 4.59 5.47 5.15 4.8
Net Profit/Loss 33.18 30.37 22.33 15.82 2.57 Net Profit/Loss 11.28 8.6 7.61 7.19 6.28
Basic EPS (`) 28.26 25.87 19.02 13.48 2.19 Basic EPS (`) 14.46 11.03 9.76 9.22 8.05
Equity 11.74 11.74 11.74 11.74 11.74 Equity 7.8 7.8 7.8 7.8 7.8

Rank Rank
385 C & C Constructions 386 Saregama India
BSE Code: 532813 Price (`): 68.5 Face Value (`): 10 Book Value (`): 6.8 BSE Code: 532163 Price (`): 367.5 Face Value (`): 10 Book Value (`): 87.63
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 1239.99 935.48 1104.9 1339.37 1007.24 Net Sales 227.26 233.85 197.67 188.3 196.39
EBITDA 399.38 255.02 124.52 193.6 19.96 EBITDA 19.15 26.63 21.97 28.16 26.24
Interest 254.04 201.54 193.72 206.18 196.25 Interest 0.3 0.48 0.6 2.94 2.81
Net Profit/Loss 12.25 -25.29 -175.69 -94.07 -254.34 Net Profit/Loss 5.96 6.83 6.77 18.91 8.1
Basic EPS (`) 4.78 -9.94 -69.05 -36.97 -99.96 Basic EPS (`) 3.42 3.93 3.89 10.86 4.66
Equity 25.45 25.45 25.45 25.45 25.45 Equity 17.4 17.4 17.4 17.4 17.4

Rank Rank
387 Superhouse 388 IST
BSE Code: 523283 Price (`): 148.6 Face Value (`): 10 Book Value (`): 236.14 BSE Code: 508807 Price (`): 962.45 Face Value (`): 10 Book Value (`): 902.64
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 673.21 721.79 808.63 758.24 593.37 Net Sales 121.49 102.52 86.42 82.32 67.96
EBITDA 51.02 82.23 89.8 92.62 63.61 EBITDA 69.28 79.7 64.51 60.77 50.78
Interest 21.04 22.19 20.54 25.12 18.75 Interest 0.9 0.33 0.03 0.02 0.04
Net Profit/Loss 9.92 27.92 35.69 37.08 22.31 Net Profit/Loss 81.76 70.41 58.26 55.91 46.43
Basic EPS (`) 7.58 25.32 32.37 33.63 20.24 Basic EPS (`) 140.18 120.74 99.89 95.87 79.61
Equity 11.42 11.42 11.42 11.42 11.42 Equity 5.85 5.85 5.85 5.85 5.85

Rank Rank
389 Hitech Corporation 390 Super Sales India
BSE Code: 526217 Price (`): 195.05 Face Value (`): 10 Book Value (`): 85.82 BSE Code: 512527 Price (`): 649 Face Value (`): 10 Book Value (`): 446.91
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 367.93 393.42 465.7 271.27 256.37 Net Sales 257.59 235.96 225.8 223.53 190.58
EBITDA 34.96 46.35 41.13 29.18 29.51 EBITDA 42.86 45.66 41.35 48.52 49.88
Interest 6.01 10.5 15.79 13.71 12.91 Interest 5.74 6.77 7.52 9.45 12.07
Net Profit/Loss 11.84 14.12 6.79 3.74 7.02 Net Profit/Loss 15.95 17.39 15.81 16.89 10.53
Basic EPS (`) 6.9 7.84 4.47 2.84 5.33 Basic EPS (`) 51.92 56.63 51.48 54.98 34.28
Equity 17.18 17.18 15.18 13.18 13.18 Equity 3.07 3.07 3.07 3.07 3.07

Note: Book value is in rupees per share Share price data is of Aug 09, 2017

80 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 Rank Rank
391 Kopran 392 GRP
BSE Code: 524280 Price (`): 71.4 Face Value (`): 10 Book Value (`): 28.89 BSE Code: 509152 Price (`): 1395 Face Value (`): 10 Book Value (`): 948.62
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 320.39 298.69 332.27 304.81 252.03 Net Sales 306.53 315.42 346.55 310.85 276.61
EBITDA 47.04 32.59 37.97 44.56 35.46 EBITDA 28.82 29.17 29.5 37.19 34.27
Interest 13.67 12.56 12.97 14.46 11.88 Interest 3.83 4.5 4.96 6.96 6.39
Net Profit/Loss 24.8 10.72 -39.12 17.18 11.12 Net Profit/Loss 6.84 7.91 8.87 10.85 11.72
Basic EPS (`) 5.73 2.48 -9.52 4.4 2.85 Basic EPS (`) 51.32 59.36 66.54 81.34 87.86
Equity 43.25 43.25 41.1 39.05 39.05 Equity 1.33 1.33 1.33 1.33 1.33

Rank Rank
393 Nitta Gelatin India 394 Associated Alcohols & Breweries
BSE Code: 506532 Price (`): 175.05 Face Value (`): 10 Book Value (`): 144.84 BSE Code: 507526 Price (`): 131 Face Value (`): 10 Book Value (`): 54.36
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 353.2 360.89 359.53 289.52 307.96 Net Sales 298.19 288.11 300.14 218.33 159.9
EBITDA 40.2 37.93 24.99 15.5 44.06 EBITDA 42.72 38.65 32.62 23.39 14.5
Interest 5.36 7.02 9.27 7.53 8.52 Interest 4.04 5.19 6.54 7.02 4.04
Net Profit/Loss 12.27 10.73 -1.42 -6.09 10.74 Net Profit/Loss 17.38 14.29 12.34 5.84 3.31
Basic EPS (`) 13.51 11.82 -1.56 -6.7 12.79 Basic EPS (`) 9.61 7.9 13.65 6.47 3.66
Equity 9.08 9.08 9.08 9.08 8.4 Equity 18.08 18.08 9.04 9.04 9.04

Rank Rank
395 Modison Metals 396 Media Matrix Worldwide
BSE Code: 506261 Price (`): 57.1 Face Value (`): 1 Book Value (`): 35.18 BSE Code: 512267 Price (`): 6.1 Face Value (`): 1 Book Value (`): 0.26
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 191.33 169.21 171.81 - - Net Sales 270.33 138.75 162.66 137.35 252.17
EBITDA 31.02 26.91 16.75 - - EBITDA 23.03 -5.33 -9.64 -31.18 -21.88
Interest 2.69 3.35 3.47 - - Interest 5.66 4.4 3.09 3.79 3.87
Net Profit/Loss 14.08 10.88 4.6 - - Net Profit/Loss 10.11 -25.26 -33.67 -47.68 -33.79
Basic EPS (`) 4.34 3.35 1.42 - - Basic EPS (`) 0.09 -0.22 -0.3 -0.42 -3.35
Equity 3.25 3.25 3.25 - - Equity 118.06 113.27 113.27 113.27 10.09

Rank Rank
397 Jocil 398 Winsome Textile Industries
NSE Code: JOCIL Price (`): 177.8 Face Value (`): 10 Book Value (`): 187.95 BSE Code: 514470 Price (`): 71.65 Face Value (`): 10 Book Value (`): 92.48
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 414.78 397.66 332.89 377.02 409.28 Net Sales 714.96 660 651.95 506.36 355.81
EBITDA 18.98 36.37 27.4 28.3 36.93 EBITDA 112.23 103.82 100.17 94.88 66.52
Interest 1.73 1.19 1.06 1.73 3.97 Interest 52.8 61.45 61.4 43.88 37.36
Net Profit/Loss 8.21 17.94 13.11 11.33 14.62 Net Profit/Loss 25.56 20.49 12.92 18.29 15.11
Basic EPS (`) 9.24 20.2 14.76 12.75 16.46 Basic EPS (`) 12.9 10.34 6.52 9.23 7.63
Equity 8.88 8.88 8.88 8.88 8.88 Equity 19.82 19.82 19.82 19.82 19.82

Rank Rank
399 Satia Industries 400 Gufic BioSciences
BSE Code: 539201 Price (`): 76.9 Face Value (`): 10 Book Value (`): 130.03 BSE Code: 509079 Price (`): 71.8 Face Value (`): 1 Book Value (`): 5.87
Last Five Year Financial Results (`/Cr) Last Five Year Financial Results (`/Cr)
Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13 Particulars Mar-17 Mar-16 Mar-15 Mar-14 Mar-13
Net Sales 519.78 450.09 398.21 386.92 281.84 Net Sales 250.23 202.86 152.12 123.64 100.53
EBITDA 91.15 70.01 69.42 53.18 44.48 EBITDA 27.95 20.35 14.84 12.66 11.27
Interest 24.33 25.1 16.35 15.58 14.79 Interest 6.25 5.37 4.46 3.92 3.83
Net Profit/Loss 25.53 13.12 7.84 13.5 13.88 Net Profit/Loss 11.41 7.32 4.16 4.26 3.33
Basic EPS (`) 25.53 13.12 7.84 13.5 13.88 Basic EPS (`) 1.48 0.95 0.54 0.55 0.43
Equity 10 10 10 10 10 Equity 7.74 7.74 7.74 7.74 7.74

Note: Book value is in rupees per share Data source : Dion Global Solutions Ltd. Share price data is of Aug 09, 2017

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 81

 Small-Cap Stocks
Are Considered Long-Term
Investors’ Best Friends.
Analysis
E
stablished in 1879, Bombay
Dyeing & Manufacturing
Company Ltd is the flagship
company of the Wadia
Group. We present here an
exclusive analysis of Bombay Dyeing,
which is one of the oldest producers of
textiles in India.
COMPANY OVERVIEW:
Bombay Dyeing & Manufacturing
Company Ltd (BDML) operates in three
segments, namely, textiles, polyester and
real estate.
TEXTILE BUSINESS:
The company's textile product portfolio
ranges from towels and bed covers to
clothing for men, women and children as
well as manufacturing polyester staple
fibre and PET chips in a separate division
of the company. The company distributes
its products with a chain of exclusive
350-plus Bombay Dyeing re-
tail and 2000-plus ,multi-brand
stores. The company plans to invest more
than `100 crore to increase its franchise
stores and multi-brand outlets to 500 and
10,000, respectively. The company also
looks to widen its product availability.
The company will be investing aggres-
sively in technology to improve customer
experience on their e-commerce portal
and retail stores. This would extensively
increase this segment’s revenue in the
coming years.
Recently, the company sold off its textiles
processing unit at Ranjangaon, Pune, for
a cash consideration of `230 crore, which
enabled them to reduce their debt signifi-
cantly. In FY2016-17, this segment
84 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Bombay Dyeing &
Manufacturing Company
POTENTIAL VALUE UNLOCK-
ING TO CREATE WEALTH FOR
INVESTORS
generated `303 crore or 17.73 per cent of
the total revenues.
POLYESTER BUSINESS:
Bombay Dyeing is one of the six
producers of polyester staple fibre (PSF)
in the country and has a market share of
around 15 per cent. This division
recorded a sales volume growth of 2%
during the year. In FY17, the overall
polyester industry’s capacity utilisation
remained under 80%, whereas Bombay
Dyeing’s capacity utilisation increased
from 91 to 93 per cent. In FY 2016-17,
this segment generated `1110 crore or
64.91 per cent of the total revenues.
REAL ESTATE BUSINESS:
Bombay Dyeing set up its real estate
division in 2004-05. The realty business
faced adverse conditions in the recent past
due to changing policy framework,
demonetisation effect, delay in the receipt
of regulatory approvals and general
economic slowdown. Hence, the revenues
from real estate activity for FY2016-17
decreased to `297 crore as compared
to `470 crore in FY2015 16. Currently, the
company is developing two multi-storey
residential towers at Island City Centre
(ICC), Dadar. Their combined sales value
is estimated to be around `4,000 crore on
completion. Bombay Dyeing has entered
into an agreement with L&T for comple-
tion of construction and to hand over the
apartments by the last quarter of 2018. In
FY2016-17, this segment contributed
17.36 per cent to the total revenues.
INDUSTRY OVERVIEW:
Retail-textile sector is expected to grow
upwards of 8 per cent over the next 10
Equity
years. The sector is influenced by swinging
commodity prices and constant inflow of
cheaper alternatives from China and the
unorganised sector. However, GST
implementation will help the organised
retailers by reducing influx of cheap
alternatives from China and domestic
unorganised industry. The lacklustre
consumer demand in both urban and rural
markets, coupled with the intense
competition from the existing players and
new players will provide a major challenge
for BDML in this segment.
Polyester staple fibre (PSF) industry saw
a volume growth of 3 per cent in
FY17. Polyester accounts for 65 per cent
of per capita fibre consumption globally
as compared to only 45 per cent in India.
Hence, there is growth potential in
India. Prices of raw materials as well as
energy costs are the two major input
costs for PSF division, both of which are
crude oil price dependent. Changes in oil
prices could impact the margins and
profitability. With the main input costs
based in US dollars, fluctuations in the
Indian rupee/ USD exchange rate
impacts the business and the margin.
Also, the supply and the price of cotton
crop in India and globally could have an
impact on the demand of PSF. Increased
competition from new capacities added
by other players in the country may
result in pressure on margins due to price
undercutting by new entrants. Recycled
polyester has been gaining market share
due to preferential excise duty treatment
in India. China continues to have a
dominant influence on polyester, fibre
intermediaries and downstream textile
industries. Any significant development
DSIJ.in

in the Chinese polyester chain impacts
PSF business dynamics in India.
The real estate sector is undergoing
transformation. The industry is moving
from being highly opaque  to more
transparent and organised. There is an
increasing inclination of buyers to lean
towards established companies with high
degree of corporate governance and
structured delivery mechanism. Hence,
established companies will secure a
distinct advantage over the relatively
unorganised and smaller players. The
introduction of Real Estate (Regulation
and Development) Act, 2016 (RERA), is
expected to be positive for the organised
real estate sector and may result in
pickup in sales.
comprising of residences, offices and
Bombay Dyeing & Manufacturing
luxury retail, with well-planned ameni- Company Ltd.
ties and large open spaces.  With large
BSE Code : 500020 CMP: `149
development potential, excellent pricing
Particulars Amonut (` Crore)
power and the opportunity for unlocking
Net Sales 1864.54
of value, it is a win-win for all the stake-
holders. The ICC towers is just the % Change -1.19%
beginning of large scale development of Operating Profit 184.72
55 acres of land bank available % Change -34.09%
with BDML, which makes it one of the Net Profit 54.49
exciting real estate stories in India going % Change -172.22%
forward. Equity 41.31
EPS (`) 2.64
Further, the company also has access to FV (`) 2.00
close to 10,000 acres of historically CMP (`) 149.00
acquired across land India at rock-bot-
P/E (x) 56.44
tom prices providing long term develop-
Dividend Yield (%) 0.47
ment opportunity for many years to
come. In real estate business, the cost of Book Value (`) 14.64
the land is nearly 70 per cent of the (Trailing Four Quarter Data)
project cost and the rest is cost of of the company also showed a substantial
development of land and profits to the improvement, rising by 148.93 per cent
developer. However, in case of to `41.71 crore in FY17 as compared to a
BDML, land carries almost zero cost and loss of `85.24 crore in FY16.
hence the profit margins are likely to be
unusually high. On the valuation front, the company
  maintained a PE ratio of 46.41x, as
On the financial front, Bombay Dyeing against its peers Raymond (142.89x) and
recorded a 30.79 per cent increase in its Siyaram Silk Mills (22.8x). The PE of
revenue to `622.86 crore in Q1FY18 as textile industry stood at 27.49x. The
against `476.22 crore in the first quarter of company’s ROE and ROCE stood at 0.89
FY17. The company’s PBIDT rose by 8.50 per cent and 1.80 per cent, respectively, in
per cent to `66.98 crore in the first quarter FY17.

The housing shortage has encouraged Peer comparison

government to introduce interest  Stocks Market cap P/E P/B YTD 1 YTD 3 YTD 5 Dividend
(Cr) (x) (x) Year(%) Year (%) Year (%) Yield (%)
subsidy to the tune of 6.5 per cent
Raymond 4,981.06 142.89 2.98 89.91 19.48 18.89 0.15
under Pradhanmantri Awas Yojana
Bombay Dyeing & Mfg. Co. 2,529.02 46.41 8.37 178.21 20.42 7.11 0.57
(PMAY) for low and medium income
Siyaram Silk Mills 2,096.92 22.18 3.45 69.6 55.63 50.31 0.67
households. The current shortage of Bombay Rayon Fashions 4,022.26 - 1.42 -17.95 -6.68 -10.68 0.00
nearly 20 million houses is the key driver
which will have a huge effect on luxury of FY18, as against `61.73 crore in the first  RECOMMENDATION
real estate as well. quarter of FY17. The company’s net loss Through investments in e-commerce,
narrowed from `43.58 crore in first new franchise model, brand, new
HEALTHY LAND BANK: quarter of FY17 to a net loss of `32.71 products and information technology,
BDML owns two large contiguous land crore in Q1FY18, depicting a substantial the company is expected to grow ahead
parcels with clear titles, making them one improvement in the financial perfor- of the industry in retail-textile business.
of the largest land owners in Mumbai, mance on a year-on-year basis. We believe Bombay Dyeing will create
thus giving a significant advantage over substantial wealth from the development
other real estate players. The company On an annual basis, the company posted of two large land parcels in the heart of
directly own close to 55 acres of land in a 7.57 per cent decrease in its revenue to Mumbai which will show improved
the posh and expensive South Mum- `1668.14 crore in FY17 from `1,804.72 performance in FY17-18 and robust
bai (Dadar & Worli) area, which they had crore in FY16. However, the PBDT of the performance in FY18-19. We antici-
acquired way back in late 1800s and early company increased tremendously, rising pate huge value unlocking and strong
1900s at approximately 4 annas/ by 300.55 per cent to `102.94 crore in profitability in the time horizon of next
guntha. Their plan is to develop these FY17, as against a negative PBDT of 1-2 years. We recommend HOLD on the
sites as mixed-use developments, `51.33 crore in FY16. The profit after tax stock for our reader-investors. DS

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 85

Communication Feature
U
ncertainty and volatility in
cotton prices remain at elevated
levels. Annualised volatility of
cotton prices were as high as 18.3% and
21.3% in 2016 and 2017, respectively. A
part of the reason for such high volatility
is the international nature of this
agri-commodity, whose 32 per cent of
world production enters international
trade every year. This means that the
fundamental factors in multiple
countries, not to mention the dynamics
of international trade, go on to determine
the prices of cotton in India (as
elsewhere). In fact, four countries –
India, China, United States and Pakistan
– account for about 70 per cent of the
world production, which indicates the
extent to which factors originating in
multiple countries affect cotton prices, or
make them volatile.
When the heightened volatility in cotton
prices is passed on to the value chain of
the commodity – a complex maze
running from the farmer to the ultimate
consumer, undergoing several layers of
processing and value addition – the effect
is heightened volatility in the prices at
each node of the value chain, giving rise
to inflationary tendencies.
COTTON DERIVATIVES AS A
HEDGING TOOL
In order to cope up with this problem,
market-based risk management tools
86 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Multi Commodity Exchange of India Ltd
Cotton Futures –
An Impact Assessment Study
Dr. V. Shunmugam
Head - Research, Multi Commodity Exchange of India Ltd (MCX)
Cotton futures have had
perceptible impact on the
cotton ecosystem and
various stakeholders, but
much more remains to be
achieved through
widespread dissemination
of exchange-traded prices,
warehouse receipt finance
and propagating the
benefits of improved
efficiency, transparency
and liquidity.
have assumed significance in recent
times. Commodity derivatives markets
serve as an important platform for
bringing stability in the commodity
markets by providing stakeholders with
the avenue for risk management. In the
context of the cotton market, the
exchange-traded cotton futures contract
has been beneficial for all sections of the
economy, including farmers and
consumers; it provides advanced price
signals to sellers (farmers/producers) and
assists buyers (consumers) of agricultural
commodities to decide on the time for
purchase of the commodity, giving a tool
for hedging the uncertainty in prices
across time periods.
Against this backdrop, a study# on the
impact of cotton futures was undertaken
by the ICAR-National Institute of
Agricultural Economics and Policy
Research, New Delhi (NIAP). The study,
inter alia, investigated improvements, if
any, that cotton futures might have
brought on the stakeholders of various
elements in the commodity’s value chain.
It also examined the indirect impact of
#Price Linkages and Evaluation of the Benefits of the Commodity Futures Market in the Cotton Ecosystem”
availability of futures prices to the
farmers and traders’ ecosystem through
availability of knowledge about prices,
price realization by producers and price
linkages among the major domestic
markets and with the futures market.
FINDINGS OF THE STUDY
The main findings of the study are
summarised below.
Integration of physical and futures
prices : Price movements in futures
markets were analysed with those in ten
selected cotton markets from five major
cotton producing states of India – M.P.,
Gujarat, Haryana, Telengana and
Rajasthan. The study found a great
degree of integration among the markets
and with the futures market, with high,
positive and statistically significant
coefficients of correlation among them.
This indicates that, leaving aside the
logistic cost of storage and
transportation, cotton prices across
markets move together and are in
tandem with the futures prices. Higher
integration of cotton prices among the
markets also implies more competition
among the markets and hence farmers
may expect more competitive prices for
their produce. Since the signs of all the
coefficients are positive, prices were
found to move in similar direction.
Price discovery : The study revealed that
cotton futures has greatly helped the
growers with regard to providing some
kind of referral or indicative price at a
reference point to start negotiation with
the buyer. Thus, even if the growers were
not trading on the exchange platform,
they could derive a lot of benefit simply by
knowing the exchange-traded prices, and
use that as a reference for their
negotiations. For instance, when enquired
about the overall changes in the cotton
industry after introduction of cotton
DSIJ.in
futures, most ginners agreed that there
has been change in the cotton ecosystem
after the introduction of cotton futures
and also revealed that a majority of them
have been using the exchange-discovered
futures or spot prices to take decisions for
trade in physical market.

Price risk management : The study

found that cotton futures contracts have
emerged as a valuable and effective tool
for managing cotton price risk, providing
the ability to various participants,
namely, producers, ginners, millers, yarn
manufacturers, exporters, etc. to take
advantage of futures market contracts as
a means of shifting price risk. National
commodity derivatives exchanges are
providing effective risk management
practices today by enabling the users to
hedge against the price risk that they
encounter. Cotton being a global commodity, introduction of futures trading of the
international factors have direct and commodity, and that the futures platform
On investigating the efficacy of cotton significant effect on Indian cotton prices. has provided them with a reference point
futures on ginners, the study discovered The study finds that historically there to take their trading decisions. Around
that futures trading through the platform have been several instances when the fifty per cent of the respondents,
of national commodity exchanges depreciation of the US dollar against moreover, reported that there has been
provide an opportunity to these most global currencies, coupled with improvement in the grading
participants to improve their efficiencies appreciation of the rupee, hit the Indian infrastructure after introduction of cotton
and consolidate their competitiveness exporters badly. In such instances, the futures in 2011.
through price risk management. It also rupee-denominated cotton futures
emerged that the introduction of futures could be effectively used by small and THE WAY AHEAD
contract in cotton helped ginners in medium-sized traders to hedge The NIAP study concluded that although
getting better prices and effective risk themselves against the rise in the value of cotton futures have had perceptible
management techniques to hedge their foreign currencies. impact on the cotton ecosystem and the
investments from the price fluctuations various stakeholders connected to this
of ginned cotton. In this manner, Development of the cotton ecosystem : commodity, there is a lot of potential that
hedging has played a crucial role for The study gathered opinions of multiple remains to be achieved. Given the Indian
stabilizing the incomes of ginners. stakeholder groups to elicit the impact context, farmers with small land holdings
Reducing risk may not have direct of cotton futures in the cotton ecosystem. are less likely to directly participate in the
linkage with increase in earnings, but It found that most growers, traders commodity derivatives market in the
lack of options to manage risk have direct and exporters were of the opinion that immediate run. However, efforts need to
impact on factory's long-term income, there has been improvement in the be made to enhance their indirect
commented the report. storage infrastructure after the participation through more widespread
dissemination of exchange-traded prices,
Dr. V. Shunmugam has about 20 years of accomplished unique professional experience warehouse receipt finance and
encompassing diverse areas of commodities, debt and currency markets, financial services propagating the benefits of improved
consultancy, risk advisory, treasury risk management and international commodity trade. His efficiency, transparency and liquidity by
expanse of skill set includes setting up of risk management framework, electronic surveillance participating directly on the exchange
mechanism, development of index products, and development of business vertical in financial platform. The report advocates using
market and exchange services.
farmers’ associations and cooperatives as
He has held highly responsible positions of Chief Economist at the MCX as well as MCX-SX vehicles to serve as intermediaries among
(Currently referred as the Metropolitan Stock Exchange of India Limited – MSE), Chief Business small farmers, warehouses, brokers, banks
Officer at Nomura Research Institute Financial Technologies India Pvt. Ltd and Commodity and commodity exchanges to maximize
Trade Specialist at US Department of Agriculture (USDA), US Embassy, New Delhi. His the participation of farmers and small
multifaceted experience in all the spheres of exchange business, research, products
development, risk management, hedging, strategy development and planning etc., helps him
traders and enable them to reap the
productively engaged in growth and development of markets. benefits of the cotton derivatives market.

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 87

Communication Feature National Fertilizers Ltd.
CFOs
in the mix of instruments by using higher

contribute volume of cheaper Commercial Papers,

availing higher credit period from

towards creation against

suppliers, used MIBOR-linked loans as
MCLR-linked loans, negotiated
lower rate with existing banks, adding
of shareholders’ new banks with lower rates etc.Further,
negotiated terms for repayment of loan
wealth behind without prepayment premium/ penalty.
Most importantly, after lot of persuasion

the curtain with DOF and DEA Special Banking

Facility (short term loan) was got
implemented for all urea manufacturers
at a cheaper interest cost of 1.75% p.a. to
Rajiv Kumar Chandiok, the company, pending release of subsidy
Director (Finance), NFL for want of budget by GoI.

As a Director (Finance) of National
Fertilizers Ltd, can you please
elaborate on your top three key
priorities taken in last two-three
years?
As a Director (Finance), my priority area
was to arrange the funds bytimely
submission of loan request, negotiating
better terms and lower rate for capex
programme. The other priority was
themanagement of working capital,
involving timely submission of
subsidyclaims with GoI, earliest realization
of subsidy, reduction in interest cost and
reduction in avoidable expenses. As
fertilizer industry is highly controlled
industry,timely release of subsidy byGoI
plays an important factor in day-to-day
working capital management.It was my
priorityto arrange funds for the working
capital requirements at cheaper rates and
get improved credit ratings of NFL.
Ultimately, my thrust was to enhance
the profitability of the company
through interest cost reduction and cost
savings through effective utilization of
resources.
Can you highlight the strategic
initiative which paid off well for
your company during your tenure as
a Director (Finance)? How did it help
the company and also investors who
have parked their money in your
company’s stocks?
Although this being a permanent job of
CFO to work towards increasing the
wealth of shareholders, the strategic
decision taken was to restructure the
existing External Commercial Borrowings
(ECBs) with new ECB with reduced all-in
cost and restructured repayments by back
loading to match with the cash flow
requirements/ projections of the company
leading to saving of around Rs20 crore to
the company. Further, the prevailing
composition of short term borrowings
through various instruments was
reviewed and harder option of raising
Commercial Papers (CPs) frequently
was chosen instead of easy option of
availing short term loans/cash credit from
banks limits at higher rate of interest.
Further, for raising short term/long term
loans, the credit rating of the company
was got reviewed and upgraded. The
utilization mix of cash credit facility,
commercial papers and short term loans,
etc. was aligned to expected cash flows to
reduce the overall cost of funding.
Further, Inter Corporate Deposit Schemes
was developed after pursuing with many
PSUs for availing short term funds at a
lower rate of interest as compared to STL/
CC etc. At times, ICDs were raised at par/
lower rate than overall CP cost. The policy
for investment of surplus funds was also
reviewed and revised for optimizing the
return by investing strategically in FDs
with public and private sector banks
andmutual funds within the guidelines of
DPE.
NFL has achieved tremendous
savings infinance cost in the last
2~3 years. What specific strategies
have led to such savings?
The savings in finance cost directly
improve the profitability of the company.
The holistic approach was adopted to use
each and every factor which could result
in reduction in the finance cost.Change
NFL has turned around in 2015-16
and financial performance of the
company has improved.What
factors have played a role in such
huge turnaround by NFL?
NFL incurred losses in 2012-13 and
2013-14 and earned a meagre profit
during 2014-15.However, in 2015-16 and
2016-17, the company has turned around
andearnedhandsome profits. For any
turnaround, the availability of cheaper
funds at right time is the key factor.
Further, the urea fertilizer industry,
which is a highly controlled industry, the
availability of working capital to support
production and investment activities is a
challenge. As a CFO, I worked tirelessly
for reduction in the cost of funding and
matching the cash flows. It resulted in
huge saving in finance cost which added
to profitability of the company. The
finance cost was Rs301 crore in FY2014-
15 and was reduced to Rs228 crore in
FY2015-16 and further reduced to Rs190
crore in 2016-17 with concerted efforts.
The falling interest regime also helped. It
is important to continue to focus in
reducing interest cost because it is not
reimbursable as a part of urea cost and
therefore any savings adds to profitability
of the company. Further, with the policy
initiative, notified by GoI such as
modified New Urea Policy – stage-III and
New Urea Policy -2015, sustained plant
operations were achieved leading to
increase in production, productivity and
profitability.
What are the long term plans to
maximize the wealth of the
shareholders?

88 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

When I joined the company, the share
price of NFL was hovering around Rs35,
and in recent times, it has touched
aroundRs89 and now it is hovering
around Rs69~70. Recently,GoI has
realized an amount of Rs531 crore from
disinvestment of 15% shares of NFL
through OFS route.
You may have noticed that earlier NFL
was mainly dealing in urea business and
small proportion of industrial products
and trading business. However, the ratio
of urea vs non-urea business has
improved from 94:6 in 2015-16 to 88:12
in 2016-17 and willfurther improve in
years to come. In the long term, the
actions have been initiated during the
last two years to increase the production
and sale of industrial products such as
nitric acid (54% and 60%
concentration),ammonium nitrate,
sodium nitrate/nitrite, etc. toincrease the
trading volumes of imported fertilizers
(DAP, MOP and AS etc.)multifold and
leverage strengthsof vast marketing set
up, dealers’ network and experienced
highly motivated marketing team. CMD
Manoj Mishra has played key role in
DSIJ.in
guiding the company to become
multi-product company from a single
product company under KISANbrand,
implementation ofthe energy reduction
schemes at all the units and
diversification in trading activities. All
the action improved the operation and
profitability of the company. NFL has
also bagged contract from ISRO for
production and sale of Di-Nitrogen
Tetroxide for 25 years and the action for
installation of Di-Nitrogen Tetroxide
plant at Vijaipur is in progress on BOOS
(Built, Own, operate and Supply) basis.
Funds are already tied-up for the project.
With the implementation of above plans
and energy reduction schemes and focus
on to reduce interest cost, NFL hopes to
achieve better results leading to increase
in operations, turnover and profitability
of the company. All these factors shall
increase the wealth of shareholders.
What are the key challenges faced
by you in achieving the company
vision and mission or objectives?
The major challenge was to arrange
funds for operations, including imports
SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL
of fertilizers and for capex at competitive
cost in a timely manner. With the
increasing operation, the challenge was
also to arrest the increase in finance cost
investments without delay and at a
cheaper rate.
CFOs are believed to be people who
only understand numbers. What
needs to be done to ensure CFOs in
India get their dues?
As you are aware that in the corporate
world, CEOs are the face of the company
and providing leadership for growth of
the company,whereas DFs understand
the numbers as well as the meaning and
requirement of the overall corporate
objectives as well. For this purpose, they
go beyond their role and are involved in
other aspects of corporate life also. In fact
good numbers are possible only when
you take holistic approach. I feel Director
(Finance) should continue to work in
managing funds, to gel with corporate
objectives and goals flowing from the
overall mission and vision of the
company and to contribute towards
creation of wealth for the shareholders,
behind the curtain.
89
Tax Column
Jayesh Dadia, Chartered Accountant
Taxability Of Dividend
Above `10 Lakh
Dividend received from
domestic companies in
excess of `10 lakh
attracts tax @ 10% under
Section 115BBDA
(1) BACKGROUND : Dividend income
received from domestic companies was
exempt in the hands of the shareholders,
provided the company had paid
Dividend Distribution Tax (DDT).
There was no cap on the amount of
dividend which was exempt in the hands
of the shareholders. To bring some of the
high dividend earners into the tax net, a
cap was introduced by amendment to
Finance Act 2016. Hence, if an individual
receives dividend exceeding `10 lakh in
the aggregate in a particular financial
year, he is liable to pay additional tax @10
per cent on the amount in excess of `10
lakh.
Initially, the dividend was exempt in the
hands of the shareholders as measure to
encourage investment in shares of
domestic companies. Subsequently the
taxability of dividend shifted to the
recipient, and again later on, it was
shifted from the recipient back to the
companies. The Finance Minister, while
introducing the Finance Bill 2016, and
with a view to rationalize the tax
treatment, tried to do a balancing act
by imposing tax on dividend, both in
the hands of recipient by introducing
new Section 115BBDA and also on
the companies by the Dividend
Distribution Tax under Section 115O.
However, a monetary ceiling of `10 lakh
was prescribed. Thus, new tax was
introduced so that a “person with
90 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
relatively high income” can bear a high
tax cost.
(2) Relevant provisions and its
amendment : A new Section 115BBDA
was inserted in the Income Tax Act to
provide for levy of tax at 10 per cent on
the dividend income in excess of `10 lakh
received from the domestic companies
by all residents other than domestic
companies and certain recognized public
trusts.
(3) Person likely to be affected : This
section is applicable to resident
individuals and HUFs, partnership firms,
limited liability partnerships, private
trusts, AOP, BOI, foreign companies, etc
Hence, the section will not apply to
non-residents, domestic companies and
certain funds registered under section
10(23C), trusts or institutions registered
under Section 12A or Section 12AA of
the Income Tax Act.
(4) Tax rate : The tax rate is 10 per cent
on the amount of dividend in excess
of `10 lakh plus applicable surcharge and
education cess, and as increased
by income tax chargeable on total income
as reduced by dividend income.
For example; if Mr A’s total income is `20
lakh, which includes dividend income of
`15 lakh during the financial year
2017-18, then he is liable to pay
additional tax at 10 per cent, plus
applicable surcharge and education cess
on `5 lakh and normal tax on income of
`5 lakh.
No deduction in respect of any
expenses or allowances or set-offs of loss
will be allowed in computing income by
way of dividend chargeable to tax at 10
per cent. In the example given above,
if Mr A has business loss of `10 lakh,
then also he is liable to pay additional tax
at 10 per cent on excess of dividend of
`5 lakh.
(5) Whether applicable to all dividend
income or dividend received from
companies only : For the purpose
of the section, dividend means
dividend as defined under Section 2 (22)
of the Income Tax Act, excluding
dividend referred in sub-clause (e)
thereof.
Under sub-clause (e), certain amount is
treated as deemed dividend, which is not
covered under the new provisions, since
it is taxable in the hands of recipients at a
normal regular rate. Further, dividend
received from foreign companies is also
not covered under the new provisions
since the same is taxable separately as
“income from other sources” at normal
rate of tax.
(6) Whether applicable to dividend
received from mutual fund :
The language of the section is very
clear that dividend received in excess
of `10 lakh in the aggregate from
domestic companies attracts additional
tax.
Therefore, the intention of the legislature
is very clear: to tax the dividend income
received on equity shares. The mutual
fund holders do not hold any equity
shares, but they hold units. Further, the
mutual fund holders are not the
shareholders of the company, but they
are the creditors. Thus, the ceiling limit of
`10 lakh is applicable only to dividend
income from equity shares and not from
units of mutual funds. DS
DSIJ.in
 Our research-backed recommendations have been our greatest strength

Our Call Tracker

over the past so many years. In fact, helping investors book profits has
been the very essence of our existence. Here is a detailed guide on the
recommendations readers to get a quick insight on what to do next.

CHOICE SCRIP
RECOMMENDATIONS UPDATE FOR THE LAST ONE YEAR
Recom. Recom. Exit Exit Perc
Company Name
Date Price Date Price Return
11-Jan-16 Adlabs Entertainment 140.00 29-Jul-16 87.30 -37.64
08-Feb-16 Skipper 155.00 06-Jan-17 142.40 -8.13
07-Mar-16 Techno Electric & Engineering Company 434.00 27-Jul-16 644.90 48.59
15-Mar-16 Glenmark Pharmaceuticals 832.50 16-Feb-17 934.20 12.22
29-Mar-16 Godrej Consumer Products 1328.00 05-Jul-16 1665.00 25.38
12-Apr-16 Great Eastern Shipping Company 328.40 08-Dec-16 376.05 14.51
26-Apr-16 Arvind 284.65 03-Oct-16 354.10 24.40
10-May-16 Hindustan Media Ventures 268.80 10-May-17 283.00 5.28
24-May-16 Gujarat State Petronet 131.05 19-Apr-17 179.80 37.20
08-Jun-16 Coal India 305.85 03-Mar-17 322.45 5.43
22-Jun-16 Reliance Industries 987.25 22-Feb-17 1207.65 22.32
07-Jul-16 Mahanagar Gas 517.50 30-Aug-16 641.25 23.91
19-Jul-16 Steel Authority of India (SAIL) 48.50 23-Jan-17 61.25 26.29
03-Aug-16 Crisil 2098.40 02-Aug-17 1844.35 -12.11
17-Aug-16 Rajesh Exports 435.35 03-Feb-17 498.50 14.51
30-Aug-16 Lupin 1509.50 01-Aug-17 1030.00 -31.77
13-Sep-16 Bharat Financial Inclusion 730.65 03-Oct-16 920.75 26.02
27-Sep-16 Bharat Electronics 128.21 23-Mar-17 154.10 20.20
12-Oct-16 Quess Corp 615.85 20-Apr-17 751.15 21.97
26-Oct-16 Equitas Holdings 176.70 Open -5.69
08-Nov-16 Muthoot Finance 359.05 15-Jun-17 480.55 33.84
22-Nov-16 Engineers India 138.12 Open 14.72
07-Dec-16 Elgi Equipments 177.85 16-Jun-17 234.00 31.57
21-Dec-16 Gillette India 4264.35 07-Aug-17 5360.00 25.69
04-Jan-17 Power Grid Corporation of India 188.00 Open 13.70
18-Jan-17 Oil India 337.30 Open -4.06
01-Feb-17 IRB Infrastructure Developers 231.70 Open -8.09
15-Feb-17 Shriram Transport Finance Company 938.95 Open 13.38
01-Mar-17 Supreme Industries 1005.95 12-Sep-17 1165.00 15.81
15-Mar-17 Kajaria Ceramics 553.65 Open 28.35
11-Apr-17 Aarti Industries 778.70 15-May-17 931.05 19.56
26-Apr-17 SJVN 35.05 Open -1.85
10-May-17 Sadbhav Infrastructure Project 111.35 Open -10.19
24-May-17 IDBI Bank 66.15 Open -15.80
07-Jun-17 Bajaj Holdings & Investment 2064.05 07-Aug-17 2546.00 23.35
20-Jun-17 Tata Motors 468.00 Open -16.71
06-Jul-17 Power Finance Corporation 122.60 Open 5.06
19-Jul-17 Dredging Corporation Of India 624.65 Open -6.08
03-Aug-17 TCPL Packaging 658.55 Open -4.94
17-Aug-17 Tata Metaliks 667.80 Open 11.00
31-Aug-17 Tata Sponge Iron 815.25 Open 10.45

92 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

Special Report
Derivatives: The ❛High Risk, High Return❜
Instrument For The Brave Hearts
Derivatives trading is not for the faint-hearted. Karan Bhojwani helps find out how one can
improve the probability of winning by following the best derivative trading practices.

A
word synonymous with
‘high risk, high return’ in
the Indian equity markets is
‘derivatives’. Most Indian
equity participants are
short term investors, with individual
investors contributing nearly 26 per cent
to the total derivative trades, while 60 per
cent coming from non-institutional and
non-proprietary investors. To add to it,
nearly 84 per cent volume in FY17 came
from options trading. Derivatives trading
stands out from other equity instruments
due to its quick and high money
character. But hold! The high money is
not a myth, provided suitable strategies
are put into action by the derivative
experts where demographics of the
trader are also taken into consideration.
The reason being a set of creme de la
creme companies having high market
cap and liquidity are listed under the
F&O category, which lessens the risk in
the first place.
ratio of derivatives-to-cash, which was
already high at 11.88 times in FY13, has
increased to 15.59 times in FY17.
However, as stated earlier, higher returns
attract many investors, most of them
belonging to the Tom, Dick and Harry
category. Due to this, we have seen a lot
of intra-day volatility in the blue-chip
stocks in the recent past, although the
long-term trend has remained intact. To
discourage such wannabe investors, SEBI
had taken few steps like doubling the lot
sizes of F&O contracts. On the other
hand, SEBI is also considering increasing
derivatives market trading hours,
specifically Index Futures to price in both
domestic and global news flows at the
same time, rather than waiting for the
next session which, many a time, gives
gap-up or gap-down openings. With this,
the country can also attract more FIIs in
the derivatives segment.
WHAT IS DERIVATIVE?
The term “derivative” indicates the
instrument derives its value entirely from
the asset it represents, be it equity,
currency or commodity etc.
DERIVATIVE INSTRUMENTS
TRADED WIDELY IN INDIAN
MARKETS
There are two types of derivatives
instruments traded widely in Indian
markets, namely Futures and Options.
UNDER OPTIONS DERIVATIVES
THERE ARE TWO TYPES:
CALL AND PUT OPTIONS
As Indian markets are experiencing one
of their cyclical volatile phases on the
back of global jitters, derivatives may
seem to some of us a lucrative option as
they provide us opportunity to take
advantage of volatility.

Going back, Indian equity benchmark Kaushlendra Singh Sengar

and broader indices have seen golden Founder & CEO, Advisorymandi.com
days since the start of the reign of the BJP

government in May 2014, which was
discounted in the prices of these indices
since the end of 2013. Markets witnessed
a consistent upside with some quick and
short hiccups thrown in-between,
notwithstanding the major catastrophes
the country has gone through. So, we can
say that markets have become pro-active
from being re-active since last couple of
years and have, therefore, become a safe
haven for the investors.
Market buoyancy coupled with SEBI’s
intervention to safeguard equity
derivative investors has helped
derivatives segment supersede equity
cash segment in terms of turnover. The
D
erivatives are weapon of mass destruction,” said Warren Buffet. Is it so? In
India, as per the data available, the number of contracts in derivatives in all
segments, including stock futures, index futures and stock and index options,
since the launch till date has grown at CAGR of 232.99%, whereas turnover has
grown up by 188%. Looking on a daily basis, the daily average turnover, including
all the segments, escalated by CAGR of 118.41%.
Equity has shown growth of 109.477% CAGR from 1995-2016, which is great for
the economy as it has instilled faith of retail individuals in the market. In turn, it has
increased the investment flow into the market, aiding our economy to grow at a
faster pace.
Such tremendous rise in derivatives, which is 6 times that of the cash market, has
led to more chances of speculation, hurting retail investors. SEBI is working to
protect retail investors. Further, they wish to boost cash market as it will have
manifold effect on the securities transaction tax collected by the government. In
derivatives, the STT is charged on premium and not on notional values, thus making
it unattractive for government. So, we can see measures to boost cash market in
times to come.

94 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

 In this article, we will talk about some of the best practices which will help you
to emerge as a successful and a skillful derivatives trader.

Always keep your exposure in check

Derivative trading is a leveraged position. One has to deposit a margin amount, which is calculated as a certain
percentage of the contract value. With an amount of `75,000-1,00,000, a trader can take an exposure of up to `5-6 lakh.

1
But before entering into leveraged positions, ensure you have enough support on the off-chance that the market changes
course and moves against your expectations. In this case, your broker will deduct the notional loss from the margin and
ask you to pay additional margin. In case you are not able to provide additional margin to the broker, you might be
compelled to square off your position, which will result in a forced loss. Consequently, as a derivative trader, it is vital to
design a proper plan before you initiate a position and keep up adequate margin, just in case there is any shortfall due to
adverse movement of the stock price. In many cases, we hear from traders that due to overexposure, they had suffered
huge losses which wiped out their entire capital. Hence, it is imperative to draw a Laxman Rekha while trading in the
derivatives segment.

Understanding the IV
All types of assets that are traded are influenced by volatility to some degree, and this is something an options traders
should definitely be familiar with. A financial instrument that has a relatively stable price is said to have low volatility,
while an instrument that is inclined to sharp value movements in either direction is said to have high volatility. For a
trader initiating a position in an option, it is vital to comprehend the concept of IV (Implied Volatility) or, in other

2
words, anticipated volatility. It is fundamentally a projection of how much and how quick the underlying security is
probably going to move in its price. Kishore, a new option trader, was aware about the basic terms of options trading, i.e.
strike price and expiry date; however, he was not aware about the concept of IV. Overzealous to make fortune from
options trading, Kishore chose to buy call option of company ABC, reckoning that the stock price will rise as the stock
was performing well and there were gossipy tidbits that the company may make an announcement of an exciting new
product. When he entered the call option, the IV of options of company ABC was very high. However, after a couple of
days, company ABC released the news and since there was nothing exciting about the new product, the stock price did
not react much. Hence, the stock's IV dropped significantly to the amazement of Kishore, despite the stock price trading
near about the same level at which he had bought the call option, but the value of call option decreased as the stock's IV
dipped. So, as an option trader, you have to understand the idea of volatility and implied volatility thoroughly.

When to enter OTM options

3
: It has been observed that many options traders bet on the out-of-the-money (OTM) options as the premium for these
options are significantly cheaper than at-the-money (ATM) options. Hence, the low premium lures them and often we
hear ‘Ek Ka Double’ from option traders as they expect OTM option to be a doubler. However, they fail to comprehend
there is a time value attached to the options and if there is no significant price movement in the immediate days, there
could be erosion of the premium and they can lose their entire capital. Hence, one should enter into ' out-of-the-money
options only if one expects to witness significant moves immediately.

Using derivatives to one's advantage

Warren Buffet famously described derivatives as “financial weapons of mass destruction.” However, if derivatives are
used properly, they can be pretty much helpful for an investor in some cases. Let us understand how investor can benefit
from derivatives. An investor can use “Covered Call Option” strategy. Covered Call Option strategy involves both stock

4
(underlying) and an option contract. An investor who buys or holds a stock and simultaneously writes an equivalent call
option in the same stock follows a strategy called as covered call option. Let us assume an investor had bought stocks of
ABC Ltd on September 1, 2017, when the share traded at `500 in the expectation that the stock will perform well in the
long run, but he feels due to lack of triggers or choppy market the stock may move sideways in the short term. So he will
sell an out-of-the-money (OTM) call option at a premium of `10, expiring on September 28, 2017 with a strike price of
`520 and lot size of 1,000, so you receive `10,000, i.e. premium * lot size (`10 * 1000). If the price does not move and the
stock price settles below `520 at the end of the month, we may pocket the premium we earned. That means a gain of
`10,000. So an investor can use derivatives to his/her advantage.
DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 95
Special Report
It doesn’t matter whether the
market is bearish or bullish,
derivatives work anyway. Does
the statement hold true according
to you?
Yes, one of the best advantages of
derivatives segment is that it can be used
in both bullish as well as bearish market,
unlike the cash segment. Traders can
only buy stock and hold the same in case
of cash market segment, though only
intra-day traders have the privilege to
form shorts without holding the
underlying stock in their demat
accounts. With emergence of derivatives
platform, traders can short sell and hold
on positional basis to take advantage of a
bear market condition.
How do we bifurcate strategies
according to market conditions?
Which is the best strategy you
suggest in the current market
situation?
There are various strategies for all kinds
of markets, whether bullish, bearish,
sideways and volatile. In case the overall
market is trending northwards and the
trader is very bullish, one can simply buy
futures or naked call options of the stock;
while if the trader is bullish upto certain
levels or is mildly bullish, he can adopt
bull call spread which will help to keep
himself hedged in adverse situation and
will lower the cost incurred.
Simultaneously, buying At-the-money
(ATM) and writing Out-the-money
(OTM) call option is known as ‘Bull Call
Spread’. Here, loss is limited to the net
premium paid and potential profit is
restricted to a difference between both
strikes minus the net premium paid.
Similarly, in a bearish market
scenario, if one is bearish, he/
❝Hedging will
she can opt to short futures
or buy naked put options.
fetch better
In case the view is slightly
bearish, trader can build returns in current
uncertain global
bear put spread by buying
ATM and writing OTM
put option.
Historically, it has been
observed that most of the
environment❞
times market likes to remain
in a relatively narrow range Ms. Sneha Seth
and most of the traders Derivatives Analyst
eventually end up making huge
losses due to aggressive positions and, Angel Broking
importantly, due to lack of knowledge on
how to tackle such market conditions.
But with the help of strategies like short outcome or any global geopolitical
straddle and short strangle, traders can news may lead to enhanced volatility. By
overcome losses incurred in the above using options, one can even make
market conditions. Short straddle is done money, irrespective of market moving in
by selling both call and put option of either direction. Long straddle and long
same strike price and if index/stock strangle strategies can be used if one
expires near the strike price we sold, one expects market to remain volatile in
can pocket in the entire premium the near term. Here, the only difference
received. But if market heads one side due is that instead of selling, we buy both
to any reason, the same strategy may lead call and put options. Maximum loss
to losses. The only difference in strangle is is limited to the premium paid; while
the strike price as it is carried out by using profit depends on the market volatility.
out-the-money strikes of both call and Apart from the short term traders,
put options. This strangle has the ability options can also be used by the long term
to save both money and time for traders investors to earn some return on money
operating on a tight budget. invested or by investors who want to
lower the cost of their existing portfolios,
Some events like monetary policy by opting for covered call writing. In this
announcement or quarterly results case, one can write OTM call option of
the stocks you hold, which may give some

Understanding Open Interest:

What is Open Interest (OI)? Open Interest (OI) is a number that discloses to you what number of fates or alternative
contracts are right now extraordinary (open) in the market. Volume and OI are two unique ideas. Open premium

5
gives us data about what numbers of agreements are open and live in the market, though the volume then again
discloses to us the number of exchanges that were executed on the given day. By checking the adjustments in the open
interest figures toward the finish of each exchanging day, a few decisions about the day's action can be drawn.
Expanding open premium implies that new cash is streaming into that agreement. The outcome will be that the
present pattern (up, down or sideways) will proceed. Declining open interest implies that the market is squaring off
and suggests that the prevailing price trend is reaching to an end. Understanding of open interest can prove
advantageous toward the end of major market moves. A levelling off of open interest following a sustained price
advance is often an early cautioning of the end to an upward incline or bull phase.

96 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

additional return on investment.
In calendar year 2017, equity market has
given fantastic return so far and the
major trend remains bullish going ahead.
However, taking into consideration the
FIIs outflow last month and the overall
F&O activity, we expect market to
remain under pressure in the near term.
At the current juncture, a strong hurdle
for Nifty is seen around 10000-10100.
Thus, would suggest long term traders to
remained hedged; while short term
traders can short index futures with long
index call options.
Would you suggest derivatives
trading to a stock market entrant?
What instrument would you
suggest him/her to begin with?
Honestly speaking, we would never
suggest any newbie to start trading,
especially in derivatives segment. New
entrants should take tiny steps by first
stepping into equities and later with
better understanding of the market and
the derivatives product, one can start
small trades in F&O segment.
According to you, which technique
(arbitrage/hedging) would give
better return in this volatile
markets?
We believe the key deliberation behind
the derivative instrument is hedging.
Hedging is very similar to an insurance
product that we commonly buy for
protection against a possible eventuality.
Every individual trading in stock market
is also exposed to a certain risk. In the
event of any adverse market movements,
hedging simply protects your trading
positions from incurring heavy losses.
Thus, hedging one’s positions will surely
fetch better returns in current uncertain
global environment.
What percentage of savings
should be utilised for derivatives
trading? Is there any ideal margin
percentage a trader should take
from a broker?
Trading in derivatives segment primarily
depends on the risk appetite of the client.
So, traders with high risk appetite should
only prefer trading in F&O segment.
Despite complexity, turnover in
derivatives was 15 times that of
cash segment in FY17. Could you
please throw a light on traders’
psychology here?
Nowadays, many traders prefer trading for
shorter time horizon like intra-day, 3-7
days or 1-2 months. In such cases, traders
are more keen to earn returns
at regular intervals with small investment
rather than blocking big corpus to
take same exposure in the cash market. As
we all know, derivatives are highly
leveraged product, especially options
are very attractive for small pocket traders.
SEBI is said to be mulling over
rules for derivatives trading
considering its risky nature for
individuals. How would it impact
your business?
Yes, SEBI has been consistently tweaking
the regimes in F&O segment, like
changing the futures contract size to 5
lakh last year and the most recent
addition of ‘Do Not Exercise’ feature to
options contract in order to help retail
participants.
There would always be some or the other
pros and cons that we come across with
revolutionisation coming in. For that
matter, increase in the lot size of the F&O
contracts has certainly forced traders who
religiously want to trade to shift to higher
contract value as they have no option left,
which may also come with the higher risk
factor attached to bigger contract size. At
the same time, adding the ‘Do Not
Exercise’ feature in options segment has
been a relief for the buyers of options who
faced imposition of STT of 0.125% if they
left an ITM option to expiry. Moreover,
the STT in this case were calculated on
the notional value of the option and not
on the option value which can actually be
devastating. However, these changes
hardly have any notable impact on the
business as traders who want to trade will
trade, irrespective of any changes made
from the regulatory bodies.

6
Manage Risk
Derivatives are high-risk instruments, and it is important for traders to recognize how much risk they have at any point
of time. What is the maximum downside of the trade? Finding the level which protects against large losses and
guarantees gains is what efficient risk management is all about.

7
Limiting your positions
If you are trading derivatives, it is important to have limit on the number of open positions at a given point of time.
Because with limited positions, you will be able to keep a close tab on them and managing them will not be as stressful
and hectic as attempting to manage dozens of open positions simultaneously. Moreover, limiting your positions will
help you to concentrate on the prime opportunities at any given point in time.

CONCLUSION: Derivatives trading is
more skillful than plain vanilla cash
trading. While a trader in cash segment
follows the market and takes a directional
view on the stock, a derivatives trader
needs to follow a lot more than that. For
example, a derivatives trader keeps track
of Greeks and OI information. In the
derivatives market, speculative deals carry
a lot of hazard. But the higher the hazard,
the higher the rewards. In the derivatives
market, risk management is your
friend, so go get the derivatives edge that
yields the highest rewards and least
misfortunes.

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 97

 Expert Speak Personal Finance
It’s Time To Get Your Act Together
M
utual funds have
expanded the
investment universe of
investors by allowing
them to invest in
different asset classes in a simple, yet
effective, way. Even better, investors can
keep allocation to different asset classes
in line with their risk profile at all times
and benefit from investing in funds
following different investment strategies.
Besides, full time professional fund
managers manage money in line with
their defined investment objectives. The
tax efficiency of returns allows investors
to keep more, and that goes a long way in
ensuring that they have sufficient
financial resources at different stages of
their lives.
However, only a small segment of
investors has been able to make the most
of these opportunities. There are a
number of reasons that impact the final
outcome of investors’ investment process
over different time periods. In fact, even
the impact on their portfolio returns
varies, based on when and how they
invest as well as how soon or late they
start their investment process. While
some investors fail to accumulate the
kind of corpus they require to fulfill their
goals, there are others who don’t even
start making their investments for fear of
either losing a part of their capital or
earning very low returns.
98 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Then there are those investors who show
complete disregard to their asset
allocation and the risks associated with
the portfolio imbalance in their quest to
maximize the returns. It is a proven fact
that asset allocation plays a significant
role in creating the right balance between
risk and reward. Besides, rebalancing
Chief Executive Officer, Wiseinvest Advisors
either up or down, is a necessary
ingredient for the long-term success.
Portfolio rebalancing is a process of
bringing the different asset classes back
into proper relationship, following a
significant move in one or more. Another
important aspect is not to lose sight of
long-term objectives. Investors must
remember that shifting focus on
short-term goals at the cost of long-term
ones can expose them to serious financial
risks.
As is evident, investors must follow the
right investment process to get the best
from mutual funds. If you are looking to
start planning investments in mutual
funds, here’s what you need to focus on:
PLAN YOUR INVESTMENTS
It pays to begin investing after doing
some groundwork. There are three steps
that can help determine an action plan.
First, you must begin by making a list of
investment goals to be achieved during
short, medium and long-term horizon.
Second, you need to assess your current
position in the financial lifecycle. Third,
you must decide as to how much risk you
are willing to take to earn your targeted
returns as well as what is your capacity to
take these risks. This is critical as
different financial objectives require
different investments.
SELECT YOUR INVESTMENT
OPTIONS CAREFULLY
In today’s ever-changing financial
environment, it pays to allow
professional fund managers to manage
your hard-earned money. Though
investment risks and economic
uncertainties can never be eliminated,
Hemant Rustagi
professionals managing your money
in mutual funds can help you tackle
them more efficiently. Hence, you
must make mutual funds an integral
part of your portfolio. However, to
benefit from their expertise to the
fullest, it is necessary to invest in the
right type of funds, i.e., invest in those
funds whose objective matches with
yours.
FOLLOW A TAX-AWARE
INVESTMENT STRATEGY
Many of us have the habit of investing in
a haphazard manner to save taxes. That’s
because we consider tax saving
investments a burden rather than a tool
to get the best in terms of saving taxes as
well as making our money grow. There is
a need to integrate these investments into
your overall investment programme.
Besides, you need to adopt a disciplined
way of investing rather than investing at
the fag end of the year.
After determining your overall exposure
to equities, you can invest in Equity
Linked Savings Schemes (ELSS) of
mutual funds. Being equity-oriented
funds, these have the potential to
provide better returns than most of
the options under Section 80C.
Another notable feature is the tax
efficiency in terms of returns earned
through them. DS
DSIJ.in
QueryBoard
Investment Horizon
Query-Specific

ADF FOODS JBF INDUSTRIES LIMITED

I have 60 shares of JBF Industries Limited
Is ADF Foods a good buy for the long term? purchased at `194. Should I sell it or hold it? 
 - Ankush Mundra  - Chitra Devi

AVOID HOLD
BSE/NSE Code 519183 / ADFFOOD BSE/NSE Code 514034 / JBFIND
Face Value `10 Face Value `10
CMP `223 CMP `171
52-Week High `316.10 / Low `119.95 52-Week High `326 / Low `136
Your Current -- Your Current (11.85 per cent)
Profit/(Loss) Profit/(Loss)

A J
DF Foods Limited, a holding company, is engaged in the BF Industries Limited is engaged in the manufacture of
business of meal accompliments, canned food and polyester chips, polyester yarn and processed yarn from
ready-to-eat and frozen foods. The company mainly polyester chips. The company operates in various segments,
manufactures and exports food products, including pickles, including polyester film and other polyester products. On the
chutneys, ready-to-eat items, pastes and sauces, frozen foods financial front, JBF Industries Limited’s revenue increased 3.96
and spices. It offers products under various brands such as per cent to `1060.54 crore in the first quarter of FY18 as
Ashoka, Soul, Truly Indian and Nate’s, among others. compared to the same quarter of the previous fiscal.

On the financial front, ADF Food Limited posted a 4.92 per The company’s PBIDT dropped 24.30 per cent to `48.60 crore
cent increase in its revenue to `40.16 crore in the first quarter of
in Q1FY18 as against `64.20 crore in Q1FY17. The company’s
FY18 as compared to the same quarter in the previous fiscal. profit after tax declined by over 200 per cent to record a loss of
However the company’s PBIDT fell by 43.03 per cent to `3.97 `12.66 crore in the first quarter of FY18 as against a PAT of
crore in Q1FY18 from `6.96 crore in the first quarter of FY17. `9.83 crore in Q1FY17. On an annual basis, the company’s
The company’s profit after tax rose 0.21 per cent to `4.27 crore revenue increased by 8.41 per cent to `4271.45 crore in FY2017
in the first quarter of FY18 on a yearly basis. as compared to the previous fiscal. The company’s PBIDT
decreased 27.14 per cent to `253.25 crore in FY17 as against
On an annual basis, the company’s revenue rose 3.36 per cent to `347.58 crore in FY16. The profit after tax of the company also
`159.13 crore in FY17 as compared to the previous fiscal. The got reduced by 42.28 per cent to `35.63 crore in FY17 as
company’s PBIDT fell 19.97 per cent to `21.76 crore in FY17 as compared to `61.73 crore in FY16. The company maintained
against `27.19 crore in FY16. The profit after tax of the company its TTM PE at 111.28x, whereas its peers such as Banswara
declined 12.27 per cent to `12.37 crore in FY17 as against `14.10 Syntex stood at 23.77x and Pasupati Acrylon at 11.74x. The
crore in the previous fiscal. We recommend investor-readers to industry’s TTM PE is at 19.44x. The stock is likely to go up. We
AVOID the stock for long term investment. recommend investors to HOLD the stock.

Readers are requested to send only one query at a time so that more readers get a chance. For complaints regarding non-receipt of
dividend, bonus, rights and other matters, investors may write to www.investor.sebi.gov.in

Company Name: DEMOCRATIZING WEALTH CREATION

Vol.
Vol. No.
No. 31
32 No.
No. 21
17
Query:
Send in your queries:
DSIJ Pvt. Ltd.
C-305, 3rd Floor, Trade Center,
Name: North Main Road, Near Axis Bank,
Opp. Lane No. 6, Koregaon Park,
Address:
Pune - 411001
E-mail: Email:editorial@DSIJ.in

100 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in

QueryBoard
KARUR VYSYA BANK LIMITED
I hold 2100 shares of Karur Vysya Bank bought at
`141 per share. I am a long term investor. Please let
me know whether I should sell or hold .
 - C. S. Swaminathan
BOOK
BSE/NSE Code 590003 KARURVYSYA PROFIT
Face Value `10
CMP `151
52-Week High `156.45 / Low `80
Your Current 7 per cent
Profit/(Loss)
K I
arur Vysya Bank Limited is a Tamil Nadu headquartered
bank which offers banking and financial services,
including commercial banking and treasury operations.
The bank operates in various business segments, including
treasury, corporate and wholesale banking, retail banking,
among others.
The bank also provides retail products, such as home loans, car
loans and mortgage loans, besides offering products and
services for corporate banking and forex business. It provides
loan products, such as KVB Rice Plus, KVB Timber Plus, KVB
Transport Plus and KVB Pharma Plus. The bank approximately
has 670 branches and more than 1,650 automated teller
machines (ATMs) across India.
On the financial front, Karur Vysya Bank posted a 0.07 per cent
decline in its interest earned at `1384.08 crore in the first
quarter of FY18 as compared to the corresponding quarter of
the previous fiscal. The company’s operating profit rose 29.81
per cent to `449.41 crore in the first quarter of FY18 as
compared to `346.21 crore in Q1FY17. The company’s profit
after tax rose 1.11 per cent to `147.97 crore in Q1FY17 on a
year-on-year basis.
On an annual basis, the company’s interest earned rose 3.29 per
cent to `5622.35 crore in FY17 as compared to the previous
fiscal. The operating profit of the company increased 20.56 per
cent to `1570.97 crore on a YoY basis. The company’s profit
after tax increased 6.76 per cent to `605.98 crore in FY17 as
against `567.63 crore in FY16.
The company maintained a TTM PE of 14.99x, whereas its
peers such as Karnataka Bank stood at 9.13x and South India
Bank at 12.98x. The company’s TTM PE seems to be
undervalued in comparison with the industry PE at 28.15x. The
stock is on a downward trend. We recommend reader-investor
to BOOK PROFIT.
102 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Investment Horizon
Query-Specific
IFB AGRO INDUSTRIES LIMITED
I have bought 500 shares of IFB Agro Industries
Limited at `392. Should I hold it or sell it off?
- Ankush Mundra
BOOK
BSE/NSE Code 507438 / IFBAGRO PROFIT
Face Value `10
CMP `408
52-Week High `496.90 /Low `327.20
Your Current 4 per cent
Profit/(Loss)
FB Agro Industries Limited manufactures alcohol, engages
in bottling of branded alcoholic beverages, besides
processed and packed marine foods for both domestic
and foreign markets. The company operates in segments
including spirit, liquor and spirituous beverages, as well
as marine products. The company’s spirit, liquor and
spirituous beverages segment manufactures extra neutral
alcohol (ENA), rectified spirit and Indian made Indian
liquor.
The company’s marine related business engages in the marine
product processing for sale in export and domestic markets
and marine feed trading as well. The company has a grain-
based distillery at Noorpur in West Bengal with a capacity of
about 120,000 litres ENA per day.
On the financial front, the revenue of IFB Agro Industries
rose 23.01 per cent to `336.34 crore in the first quarter of FY18
from `273.43 crore in the corresponding quarter of FY17.
However, the company’s PBIDT decreased 24.83 per cent to
`12.87 crore in Q1FY18 on a year-on-year basis.
The company’s profit after tax stood at `7.27 crore for Q1FY18,
down by 28.50 per cent from `10.17 crore in Q1FY17.
On an annual basis, the company’s revenue increased 32.10 per
cent to `807.05 crore in FY17 from `610.93 crore in the
previous fiscal. The PBDIT of the company fell 5.95 per cent to
`49.34 crore for FY2017 on a year-on-year basis. The
company’s profit after tax increased 9.31 per cent to `32.06
crore in FY17 on a yearly basis.
The company maintained a TTM PE of 12.21x, whereas its
peers such as GRM Overseas stood at 7.53x and KSE at 17.31x,
while the industry’s TTM PE stood at 47.97x. The stock is likely
to trade lower, hence we recommend our reader-investors to
Book Profit.
DSIJ.in
QueryBoard
BODAL CHEMICALS
Should I buy Bodal Chemicals at the current price?
 - George Philip
BUY
BSE/NSE Code 524370 / BODALCHEM
Face Value `2
CMP `170
52-Week High `193.60 / Low `99.60
Your Current --
Profit/(Loss)
B M
odal Chemicals Limited is one of the world’s largest
manufacturer and exporter of dye intermediates. The
company and its subsidiaries are engaged in the business
of manufacturing dyestuffs, dye intermediates and basic
chemicals.
The company manufactures a wide range of chemicals used as
raw materials for dye intermediates and dyestuffs. Its products
include vinyl sulphone ester, H acid, F C acid, DASA and Gama
acid, among others. It produces over 20 kinds of dye
intermediates and more than 150 variants in dyestuff, used as
raw materials in textiles, leather, paper and other dye
consuming industries. The company’s manufacturing units are
located in Gujarat, while it exports to China, Korea, Thailand,
Taiwan, Japan and Europe.
On the financial front, Bodal Chemicals Limited posted a 1.37
per cent decrease in its revenue to `294.62 crore for the first
quarter of FY18 on a year-on-year basis. The PBIDT of the
company got reduced by 9.05 per cent to `50.95 crore for
Q1FY18 on a yearly basis. The company’s net profit stood at
`31.15 crore, down by 6.08 per cent on a YoY basis.
On an annual basis, the company posted a 30.36 per cent
increase in its revenue from `975.84 crore in FY16 to `1272.08
crore in the FY2017. The company’s PBIDT stood at `220.31
crore for FY2017, an increase of 46.94 per cent from `149.93
crore in FY16. The profit after tax of the company increased
48.51 per cent to `128.61 crore in FY17 from `86.60 crore in the
previous fiscal.
The company maintained its TTM PE at 14.34x, whereas
its peers such as IG Petrochem stood at 14.34x and
Thirumalai Chemicals at 15.9x. The company’s TTM PE seems
to be undervalued in comparison with the industry PE at
29.96x. The reader-investor may BUY the stock at the current
price.
104 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017
Investment Horizon
Query-Specific
MINDA INDUSTRIES
I have 60 shares of Minda Industries bought at the
rate of `550. Please suggest if I should hold the
 stock for the long term. 
 - J Kannan
HOLD
BSE/NSE Code 532539 / MINDAIND
Face Value `10
CMP `863
52-Week High `900 / Low `263
Your Current --
Profit/(Loss)
inda Industries Limited is engaged in the business of
supplying automotive solutions as well as
manufacturing original equipment. The company
provides a range of products across several verticals of auto
components, including switching systems, acoustic systems and
alloy wheels, among others. The company’s business divisions
include lighting systems, switch & handle bar systems, acoustics
systems and sensors actuators and controllers division.
The company also produces batteries for two-wheelers, fuel cap
and compressed natural gas (CNG)/liquid petroleum gas (LPG)
kits, besides being engaged in blow-moulding components and
aluminium die casting, alloy wheel, brake hoses and fuel hoses.
It also develops electronic products, such as start-stop sensors
and head lamp levelling motors.
On the financial front, Minda Industries posted a 6.45 per cent
increase in its revenue to `469.33 crore in the first quarter of
FY18 on a year-on-year basis. However, the company’s PBIDT
declined 12.72 per cent to `34.38 crore, as compared to the
same quarter of the previous year. The profit after tax of the
company rose 6.16 per cent to `23.80 crore in the first quarter
of FY18 as against the PAT in the same quarter of the previous
fiscal year.
On an annual basis, the company’s revenue increased by 11.62
per cent to `1639.45 crore as compared to the previous fiscal.
The company’s PBIDT rose 11.85 per cent to `156 crore in FY18
as against the previous fiscal. The company’s profit after tax rose
19.45 per cent to `94.82 crore in FY2017 as against PAT of
`79.38 crore in the previous fiscal.
The company maintained its TTM PE at 78.66x, whereas its
peers such as Gabriel India stood at 35.7x and Wabco India at
54.8x. The industry’s TTM PE is 51.23x. We recommend
reader-investors to HOLD the stock. DS
(Closing price as on Sept 13, 2017)
DSIJ.in
Reviews
In this edition, we have reviewed Hi Tech Pipes and Blue Dart. We suggest our
reader-investors to BOOK PROFIT in Hi Tech Pipes and EXIT in Blue Dart.
Change Scrip’s Movement
HI TECH PIPES BOOK PROFIT 59 Per Cent
CMP - `211

BSE CODE Reco. Price Face Value

504959 `133 `10

W
e had recommended Hi Tech
Pipes in issue no. 9 dated April
3- April 16, 2017 under
“Choice Scrip” section when the scrip was
trading at `133. Our recommendation
was backed by positive macroeconomic
growth factors, expansion plans and
attractive valuations.
Hi-Tech pipes is amongst leading steel
processing companies in India. It is
engaged in the business of manufacturing
and supplying steel pipes, hollow sections,
tubes, cold rolled coils and strips and a
range of other galvanized products. The
company designs and supplies steel pipes
for various water, air and gas transport
applications. The company has
transitioned and diversified its business
from Tubular segment to Integrated cold
rolling complexes and Continous
galvanizing. Recently, HI- Tech Pipes
successfully completed commissioning of
the 72,000 MT4-HI cold Rolling mill at
their Sikadarad plant which will increase
operational efficiencies.
On the financial front, Hi-Tech Pipes
posted a 17.14 per cent hike in its revenue
to `663.55 crore in the fiscal year 2017 as
compared to `566.47 crore in the
previous financial year. The company’s
PBIDT increased by 14.31 per cent to
`36.51 crore in FY17 on a year on year
basis. The profit after tax of the company
also rose by 35.23 per cent to `8.79 crore
in FY17 as against `6.50 crore in the
previous financial year.
The company maintained a TTM PE of
2017
24.74x against an industry PE of 18.02x.
While the company’s peers, Aanchal Ispat
and Nelcast maintained a TTM PE of
17.69x and 18.04x, respectively.
The stock is currently trading at`. 220 on
NSE. Since our recommendation, the
share price of Hi-Tech Pipes has soared
more than 69 per cent. Considering the
current market conditions, we
recommend our reader-investors to BOOK
PROFIT in the stock.

Scrip’s Movement
Change
BLUE DART EXIT 17 Per Cent
CMP - `4225

BSE CODE Reco. Price Face Value

526612 `5105 `10

W
e had recommended Blue Dart
Express (BDE) in Volume 31
issue no. 24 dated October
31- November 13, 2016 under “Special
Report” section when the scrip was
trading at `5105. Our recommendation
was backed by factors such as strong
market share, excellent operating
leverage experienced by BDE and strong
growth expectancy of the industry. BDE is
South Asia’s premier courier and
integrated air express package distribution
company.
BDE has an extensive domestic network
covering over 35,000 locations, and
service more than 220 countries and
territories worldwide through its group
company DHL.
per cent increase in its revenue to `666.66
crore in Q1FY18 from `621.37 crore in
Q1FY17. Moreover, the company’s PBDT
declined by 43.65 per cent to `43.75 crore
in the first quarter of FY18 on a year on
year basis. The company’s net profit too
declined by
52.21 per cent to `21.09 crore for
the first quarter of fiscal year 2017 against
the same period in the previous fiscal
year.
On annual basis, the company’s revenue
rose by 4.97 per cent to `2680.87 crore in
FY17 compared to the previous fiscal. The
company’s PBDT decreased by 22.06 per
cent to `260.99 crore in FY17 on a yearly
basis. The company’s net profit declined
from `189.88 crore in FY16 to `139.57
crore in FY17.
2016 2017
Weak investments in the economy
accompanied by the government’s
demonetisation scheme and GST roll out
have impacted the earnings of the
company, reflecting in its stock market
performance. The stock is currently
trading at `4200 per share.
On observing the recent trend around the
stock, the stock seems to be downward
bent. We recommend our reader-
investors to EXIT. DS

On the financial front, BDE posted a 7.2 (Closing price as on Sept 13, 2017)

DSIJ.in SEPT 18 - OCT 1, 2017 I DALAL STREET INVESTMENT JOURNAL 105

Kerbside
The recommendations provided in this column are taken from various market
sources such as brokers, analysts, dealers and investment strategists, etc. These
recommendations may not be backed by strong fundamentals. Therefore we advise
readers to use their own discretion before investing in these recommendation

INCREASE IN SALES
The Hinduja group flagship
Ashok Leyland Ashok Leyland reported 25
BSE Code: 500477 per cent increase in total sales
CMP: `118 for the month of August.
Moreover, the signing of the
memorandum of understanding (MoU) on cooperation
with Russia’s Rosoboronexport has opened the way for
commercial vehicle specialist to make an aggressive
bid for Indian Army’s Futuristic Infantry Combat
Vehicle (FICV) project. Considering the good prospects
for the company, investors or traders can accumulate
this stock.

SEBI NOD The country’s

MCX leading
BSE Code: 534091 commodity
CMP: `1119 exchange has
received nod
from SEBI to introduce options in
gold and the exchange is planning to
launch it before Diwali. MCX has
conducted road shows to promote
gold options and has reached out to
over 5,000 jewellers across the
country to widen the reach of gold
options. Hence, this stock deserves
attention of traders and medium
term investors.
ALUMINIUM PRICE RISE
Recently, the
National Aluminium stock has
BSE Code: 532234 seen spurt in
CMP: `82.25 price along
with rising
volumes after aluminium prices hit
multi-year highs. With the global
aluminium inventory on a
consistent decline in the last two
years and the trend likely to
continue, global supply is likely to
lag demand. Considering this
scenario, aluminium prices are
likely to remain upbeat as per our
informed sources. This positive
outlook is likely to benefit this
stock.

L&T Finance and

Holding
AND FINALLY.. BSE Code: 533519
CMP: `202
This stock has seen a stellar run-up in the last two-three months
and, as per our sources, there is still steam left in the stock to
move on the higher side as it offers a diverse range of financial
products and services across retail, corporate, housing and
infrastructure sectors. The company’s AUMs have shown
tremendous amount of growth in the last couple of quarters, net
interest income has also given a steady uptick and has good asset
quality. Putting all these things into perspective, it seems the
stock may see a good upside in the short-medium term.
DS

(Closing price as on Sept 13, 2017)

106 DALAL STREET INVESTMENT JOURNAL I SEPT 18 - OCT 1, 2017 DSIJ.in