Micro Inks

One of the investments which got delisted. I beleive i have considerable margin of safety on this. Here I found some discussions on delisting of MicroInks http://www.moneycontrol.com/india/messageboardblog/message_thread/2569773/4009558#m4009558

I prefer not to go for the open offer at 640 per share. I would like to remain as a private shareholder.
http://investingvalues.blogspot.com/2010/04/micro-inks-delisting-exercise.html

Castrol

I am looking at castrol's fundamentals. If invested the dividend yield is more attractive than a interest from a bank. The later being taxable. The trend of dividend is even more beautiful. I have interest to acquire a few shares of it.

The incremental return on retained earnings is always on the positive side and shows its intelligent deployement of capital.

Decription:
Castrol India Limited is an India-based lubricant company. The Company manufactures and markets a range of automotive and industrial lubricants. The Company markets its automotive lubricants under two brands: Castrol and BP. The Company operates in segments, including passenger car engine oils, premium two-stroke and four-stroke oils and multigrade diesel engine oils. The Company offers CRB Plus, CRB Turbo, CRB Prima and CRB Prima Plus for the diesel oil industry. The Company's brand names include GTX, Super TT, CRB, Magnatec, Activ and CRB Plus. Its BikeZone is a multibrand motorcycle service, which services two wheelers. As at December 31, 2008, the Company had 119 BikeZones in India.

Note:

The business is sound and the yield looked sweet but the price I bought was too high. I have sold it  as I needed funds to invest in others companies. Probably will buy it again when the price is 15 times its earnings.

GSFC

About GSFC


G.S.F.C. is one of the largest fertilizer manufacturing units in Asia, which was incorporated under companies Act 1956, on 15th Feb, 1962. G.S.F.C. was established with the objective of enhancing food production in the state of Gujarat which was food deficit at the time.

G.S.F.C. instant strive for products diversification on and value addition has created an product mix ranging from more than 24 brands of fertilizer to petrochemical, chemical, industrial gases, plastics, fibers and other products.


Translating G.S.F.C.'s philosophy is its vast network of plants that make its possible. This infrastructure took its first step in1967 with the setting up of 6 plants with an initial investment of Rs. 40 Crore. These six nitrogenous and phosphatic fertilizer plants started production of: ➢Ammonia
➢Urea
➢Ammonia Sulphate (AS)
➢Di-ammonium Phosphate(DAP)
➢Sulphuric Acid

➢Phosphoric Acid

Formation and growth


1969 – First Expansion The expansion of Ammonia and Urea production began with Phase II in1969 and an investment of Rs. 23 Crore. Was made to meet the increasing demand for Nitrogenous fertilizers.

1974 - Phase III Phase III began in1974 when diversification of products occurred. Plants to manufacture Caprolactam, Melamine, Nylon-6, Oleum - SO2 and OXO - Synthesis Gas unit and Purge Gas Recovery Unit were set up. With Phase III, G.S.F.C. became India's first & only Melamine producer. This provided the boost for further diversification to Nylons / Fibers / Melamine / MEK-Oxime and industrial gases like Argon Gas & Oxon Synthesis Gas.

1989 - Further expansion and diversification Three Co-generation units using LSHS and Natural Gas were set up. Also further expansion of Ammonia and Caprolactam production was initiated. Diversification into Fibers, Nylons, and Acrylic was completed and a DAP plant was also set up. This extensive diversification and expansion drive has been fuelled by G.S.F.C.'s compelling need to ensure full utilization of available resources while also maintaining its profitability and leadership status.

Composition


➢49% of State Government participation
➢51% of Public and Financial Institutions Today,

➢The Government’s involvement has come down to37.84% as on31st March 2009

GNFC: One of the Joint Venture


Gujarat Narmada Valley Fertilizers Company Limited is basically a joint sector company, with GSFC and Gujarat Government, holding 26% and 25% of the share Capital, respectively. GNFC is the largest fuel- based Ammonia plant and was the first largest single stream Urea plant in the world when commissioned. This project was set-up at Bharuch in the industrially-backward area with an investment of Rs.445 Crores and now it has become the largest complex among other industries by major diversification not only in fertilizers, but also in industrial products.


Analysis

Trading below 240 its book value for 09, guess I overlooked this stock and chose GNFC. I failed to realise two could have been better than one. The fundamentals of GCFC looks attractive. It has done a great job in reducing the debt levels to almost nil. For the eps of 62 and the cmp of 220, eps/cmp works around 28 %; and the roe/cmp is around 26%. If the earnings at current levels are sustainable then it is a good buy.

References: Project work by Vivek Negandhi on GSFC

GE Shipping

This is truly a value business which could be bought at a bargain at rs 138. With dividend around 15 rs and earnings at 80 rs. Its a diamond for a value investor. With it buyback of share it is amazing to see the equity base reducing. This is a rare phenomenon and very share holder friendly.

Financial Technologies Ltd

Story of Jignesh shah , its promoter.


This company is a player in transaction market. Its products are means to the end and not the end itself. That is no matter people gain or loose money while buying or selling equites, commodities or bullion, FTIL is going to have a commission amount from the transaction made. That is a toll bridge kind of revenue model which would also need less capital expenditure.

The price of Rs 515, dividend of rs 20 and earnings of rs 148 is okay but if the price falls around rs 250- 350 would be a bargain price for this company.

Indian public holding in FT is only 7 %. So there is no scope for
promoters to buy any of the stock. Promoters buying is a good indicator
but not the sole indicator.

The company has two streams of income : 1) license and transaction fee on
its products 2) periodic stake sale in subsidiaries that it has
incubated.

Incubating and stake sale in subsidiaries is a Venture Capital model and
earnings are lumpy. Just as GE Shipping considers profit on sale of ships
as regular income, stake sale in subsidiaries is also regular income for
FT.

When analysing "Other Income" we have to see whether it is regular income or
extraordinary.

FY 08 results included part stake sales in MCX. But, even discounting
that, the previous few years had CAGR of 90 %.
Q-2 FY09 has no stake sales. There is rapid growth in license and
transaction fee income. MCX has increased its market share.
The value of the stake in MCX and other unlisted subsidiaries is listed
at cost in the balance sheet. The market value is much higher.

FY07 EPS was Rs 20. Due to the high profits in FY08, the dividend payout
was Rs 20, equal to the entire EPS of the previous year. The company has
enough free cash to continue paying Rs 20 dividends.

The price of FT is volatile due to the small floating stock.

GNFC

I believe GNFC has competitive advantage which is sustainable.

The EPS growth which I analysed is predictable.


http://www.nseindia.com/marketinfo/companyinfo/eod/announcements.jsp?symbol=GNFC

Main activities are to produce and distribute chemicals, fertilizers, IT solutions, and electronic goods.The Fertilizers Co. of Gujarat Narmada Valley has a Urea plant which is the world's single largest stream plant and also an Ammonia plant which too is one of the largest in the world.

The various fertilizers manufactured by the Gujarat Narmada Valley Fertilizers Co. are:
Urea
Single Super Phosphate
Ammonium Sulphate
Muriate of Potash
Di-ammonium Phosphate
Calcium Ammonium Nitrate

The various chemicals manufactured by the Gujarat Narmada Valley Fertilizers Co. are:
Acetic Acid
Methanol
Formic Acid
Ammonium Nitrate
Calcium Carbonate
Methyl Formate

The advantage of fertilizer company is that
"though the price of fertilizer is 1/5th that of the global market, the goverment compensates the fertilizer companies by providing subsidy for the difference in the actual price and the price paid by the farmers. The farmer community is a major votebank that the political parties will hesitate to loose by displeasing them"
This is a advantage to the fertilizer industry as a whole.

The key issue is to find whether this advantage is durable. Another issue will be that when all the players in the industry gains then which are the companies which is going to benfit from it the most.

Source: http://www.scribd.com/doc/5061434/Indian-Fertilizer-Sector

Further the impact of NPS stage III policy according to ICRA is favourable to few companies like GNFC, NFL, GSFC and DCM Sriram Consolidated Ltd. View 9th page of http://www.icra.in/Files/PDF/ArticleFiles/2007-March-StageIIIUreaPolicy.PDF

Futher GNFC and NFL gain because of
1. full reimbursement of Tax inputs.

Notes:

Few years back the a company resolution was proposed to use 30% of the profits for charitable use. To a shareholder this is like another tax on income and an unfriendly attitude in play. The protection of the moat being a state owned company thus becomes a double edged sword for the shareholder. Though this proposal was defeated, the threat exists.

The lack of sustained leadership at the top management can be seen by the change of leaders. This is like a ship changing its captain during its voyage frequently.

COLGATE-PALMOLIVE (INDIA) LIMITED

Colgate Palmolive is the leading provider of scientifically proven oral care products at various price points. Products include toothpastes, topotpowder and toothbrushes under the "colgate" brand.
These have become the daily part of oral hygiene and therapeutic oral care in India

Under the "Pamolive" brand it has personal care products like shaving creams, lotions, face creams, baby powder and talcum powder etc.

Colgate brand has competitive advantage which is sustainable.

Inventory turnover is 19.9 for yoy 2008. EPS growth (5 year) rate is above 17 percent for yoy 2008.
Dividend for yoy 2008 is 13 rs for 1 re share.
The working capital for a turnover of 1553 cr is 7.59 cr and the net current asset is -104.68cr. The company is zero debt.

http://www.fourstocks.com/stocks/colpal/company_info/IncomeStat

Bharat Electronics Limited (BEL)

About
Bharat Electronics Limited (BEL) is the largest defense equipment company in India catering to Defense services electronic requirement. BEL enjoys near monopoly status in supplying high-tech defense products like radars, sonars, communication equipment, electronic warfare equipment to the armed forces. Other division manufacturing civilian products supplies communication equipment to the telecom industry, voting machines etc.

The defence sector contributed to 76% of the revenue and the rest was from the civilian sector.

The company has a government mandated near monopoly for the defence sector business. In addition foreign vendors as a part of localization are required to source from BEL



Competitive analysis
BEL is one of those rare companies which have very substantial competitive advantages. These advantages are government mandated and I find it diffcult to see how these will go away. Across the world there is a preference for domestic companies for defence contracts, more so in india

Cheviot Co. Ltd.

Report Dated: 30 th January 2005

HISTORICAL BACKGROUND
:
•
This Kolkata-based jute major was promoted by the Kanoria group more than
100 years ago has been operating as a 100% EOU (Export Oriented Unit) and
is today, by far the
most profitable jute manufacturer in the country.
•
Its second plant at Falta (FSEZ) (a 100% EOU) in West Bengal commenced
commercial production on March 27 th 2003. Both its units (the other being
at Budge Budge) are engaged in manufacture of high-grade industrial
fabrics.
•
Over the past few years, the company has embarked upon a modernization and
diversification exercise and has this endeavour has largely been met with
success.
•
Occasional labour unrest is somewhat inherent to the jute industry and
Cheviot too has had its share of the same in 1998, 2000 & 2004. Its
operations though have remained largely unaffected.
•
Its captive power plant became operational in January 2003, thereby
enabling the company to secure itself in the wake of frequent power
failures prevalent in West Bengal.
BSE Code
526817
Promoter Holding 73.13%
CMP Rs.
512
Market Capitalisation (Rs. In crores)
154
2
•
In keeping with Company's strategy to focus on its core business of
manufacturing value added items of jute goods, the Company is taking
effective steps to expand operations at its 100% Export Oriented Unit at
Falta Special Economic Zone, by setting up a backward integration project
to create facilities to manufacture jute yarn as per permissions granted by
the Government of India.
The proposed expansion of the aforesaid Falta Unit would be advantageous
and can be conveniently carried on along with its existing operations and
would ultimately make it an integrated unit manufacturing and exporting
value added jute fabrics and yarn. The work on the said project is expected
to commence soon.


OVERVIEW OF THE JUTE INDUSTRY:
•
India is the world’s largest jute producer followed by Bangladesh, China,
Myanmar, Thailand & Nepal. India and Bangladesh together account for more
than 90% of total world jute production as also the total world area under
jute cultivation. India was 2.6 times the size of Bangladesh in terms of
both area under jute cultivation and jute production.
•
In terms of yield per hectare though, China leads the race with 52% higher
yield than India but since China’s total jute production is just 7% that of
India, this is not very significant.
•
Within India, around 70% of the jute production comes from West Bengal and
productivity in terms of quintals/hectare is also highest in W.B. The rest
of the production comes from Bihar, Assam, Andhra Pradesh, Orissa,
Meghalaya, Tripura & others. This production pattern is in line with
cultivation patterns.
•
The Indian jute industry has been facing very difficult times over the last
few years. Losses have been mounting. In the 3-year period from FY00 to
FY02, aggregate losses for the industry went up from Rs.344.31 crores to
Rs.418.67 crores. This number though has since been falling and stood at
Rs.387.27 crores in FY04.
•
Out of 74 companies in the jute industry, only 33 were profit making during
2003-04.
•
Operations at as many as 13 jute mills stood suspended as at October 2003
and as many as 30 jute mills were BIFR cases.

3
•
Due to mounting losses in the industry, the total capital employed has
eroded fast and stood at negative Rs.1939.7 crores as at the close of FY04.
Cheviot’s capital employed stood at positive Rs.110.82 crores as on the
same date.
•
To put things in perspective, most of the losses were resulting from the 6
jute mills controlled by the Government owned NJMC (National Jute
Manufacturers Corporation) and if one excludes these, the picture is
materially different. To illustrate this, between 2001-02 and 2003-04, the
losses from NJMC & 2 other Govt. owned mills increased from Rs.376.9 crores
to Rs.447.16 crores, the rest of the industry recorded a sharp turnaround,
reporting a net profit of Rs.59.89 crores in 2003-04 as against a loss of
Rs.41.76 crores in 2001-02. (Source: Office of the Jute Commissioner,
Kolkata). A similar trend was also seen in the capital employed figures.
•
The jute industry got a breather by way of the TUFS (Technology Upgradation
Fund Scheme) w.e.f 01/04/99, which enabled textile and jute manufacturers
to avail of loans for modernization at lower costs. As per the scheme
which remains valid upto 31/03/04, the fund would be used to re-imburse 5%
of the interest cost paid by the company to the approved lender.
•
Until 15/10/05, Rs.80.36 crores of assistance under TUFS had been
sanctioned, out of which Rs.69.47 crores had already been disbursed.
•
A number of jute manufacturing facilities have closed down over since May
2005, in view of the non-availability of raw jute and rising prices
thereof. However, the Government’s recent moves to control prices have
brought some stability. In fact, the JCI termed the high prices as
extremely speculative, given the better crop output and 21 lakh bales of
surplus carryover.
All this means better margins for jute manufacturers.
•
Presently, the jute industry’s major products include hessian, yarn,
sacking, CBCs & JDPs. There is however, great potential for the use of
Jute Geo-textile (JGT) in roads, particularly in rural areas. JMDC has
entered into a MoU with the National Rural Roads Development Agency
(NRRDA), to undertake a Pilot Project in rural roads under PMGSY with Jute
Geotextiles. The Pilot Project will cover at lease two stretches each in 6
states totaling to around 50 km. Successful completion of the project is
expected to bring a new future to the Jute Industry.
•
The National Jute Policy 2005 of the UPA Government is targeting a 15% CAGR
in quantity terms for jute and jute products. In value terms, the targets
are even more optimistic and are expected at Rs.5000 crores by 2010 as
against Rs.1000 crores in 2005.

4 .BUSINESS PROFILE
:
•
Let us now evaluate Cheviot’s performance in light of the grim industry
outlook painted above.
Cheviot has thrived in spite of the poor business environment.
•
Exports as a percentage of total sales have been rising and stood at 72.25%
in FY05. Margins in the export market are much higher than those in the
domestic markets. Cheviot exports fine yarns to Belgium, U.K., Germany,
U.S.A., Holland and other countries.
•
The company has increased its focus on value added items of jute and jute
blends thereby improving its product mix.
•
Cheviot is a niche player and one of the lowest cost producers of jute in
the country. Cheviot enjoyed the highest pre-tax profitability margin in
the industry at 12.27% in 2003-04 as against the industry average of 1.73%.
To put things in perspective, Birla Jute (division of Birla Corporation
Ltd.), which is the largest listed player, had a profitability of just
3.35%.
Profitability for Cheviot has improved to 14.89% in 2004-05 and
15.38% for the 9 months ended December 31, 2005 (after excluding Rs.6.27
crores of one-time income that was included in the net sales for the
period)
It would only be fair to say that Cheviot is an exception to the otherwise
ailing jute industry.

FINANCIALS
:
•
Summarised below are the financials for the last 5 years:
(Rs. in million)
FY05
FY04
FY03
FY02
FY01
Income :
Operating Income
1,492.93 1,416.13 1,317.03 1,215.49 1,041.40
Expenses
Material Consumed
672.08
553.28
585.30
617.89
477.66
Manufacturing Expenses
94.60
235.55
115.57
101.51
90.22
Personnel Expenses
257.60
232.82
237.00
215.08
210.62
Selling Expenses
108.99
89.04
76.65
71.43
103.05
Administrative Expenses
74.52
67.35
55.00
65.16
48.32
Cost Of Sales
1,207.78 1,178.04 1,069.50 1,071.06
929.86
Operating Profit
285.15
238.08
247.53
144.43
111.55

5
FY05
FY04
FY03
FY02
FY01
Other Recurring Income
1.86
2.68
3.35
14.11
3.22
Adjusted PBDIT
287.02
240.76
250.87
158.53
114.76
Financial Expenses
1.61
7.56
3.63
1.65
4.68
Depreciation
70.14
72.77
40.97
36.26
38.85
Other Write offs
0.00
0.54
0.54
0.54
0.54
Adjusted PBT
215.27
159.90
205.74
120.09
70.70
Tax Charges
31.29
7.66
27.72
13.70
11.00
Adjusted PAT
183.98
152.24
178.02
106.39
59.70
Non Recurring Items
6.91
13.83
-0.34
3.29
1.67
Other Non Cash adjustments
0.01
1.46
48.34
-1.19
6.43
Reported Net Profit
190.90
166.07
177.68
109.68
61.37
Earnings Before Appropriation
206.08
182.33
236.80
115.39
75.21
Equity Dividend
30.08
24.06
15.07
9.04
7.54
Retained Earnings
171.73
155.19
219.80
106.34
66.90
Operating income and material consumed for FY01, FY02 and FY03 are
inclusive of inter-unit sales.
•
It is clear from the above statistics that
Cheviot’s operating profits
have grown at a CAGR of 20.6% over the last 5 years, which by any
standards is commendable.
•
The topline has grown at a CAGR of 10% during the same period (on a
normalized basis), which shows that the growth has been led by cost
cutting and improvement in sales realisations brought about as a result
of moving up the value chain.
•
The performance for the 9 months period ended December 31, 2005 along
with comparatives is shown below:
Description
YTD FY06
YTD FY05
Net Sales
1,184.5 1,074.9
Other Income
19.7 8.1
Total Income
1,204.1 1,083.0
Expenditure
(918.3) (851.7)
Operating Profit
285.9 231.3
Interest
(0.6) (1.4)
Gross Profit
285.3 229.9
Depreciation
(50.1) (51.3)
Profit before Tax
235.2 178.7
Tax
(36.9) (26.8)
Profit after Tax
198.3 151.9
EPS
65.91
50.48
Value (Rs. in million)

6. The bottom line growth of 30.6% on a topline growth of 10.2% is
commendable. EBITDA margins rose by 170 bps to 22.5% from 20.8% in the
year ago period. This is despite substantial reduction in export market
assistance (EMA) w.e.f. April 05 and higher raw material and fuel
prices.
•
As on March 31, 2005, Cheviot had cash and liquid investments of
Rs.361.4 million (Rs.120 per share), thereby providing a margin of
safety to investors.
•
The table below shows the key financial ratios of the company for the
last 5 years, which makes it evident that
Cheviot is in the pink of
financial health.
Key Performance Indicators
FY05
FY04
FY03
FY02
FY01
PER SHARE RATIOS
Adjusted E P S (Rs.)
61.17
50.62
59.05
35.29
19.80
Adjusted Cash EPS (Rs.)
84.49
74.99
72.82
47.50
32.87
Reported EPS (Rs.)
63.47
55.22
58.94
36.38
20.36
Reported Cash EPS (Rs.)
86.79
79.59
72.71
48.59
33.42
Dividend Per Share
10.00
8.00
5.00
3.00
2.50
Operating Profit Per Share (Rs.)
94.81
79.16
82.11
47.91
37.00
Book Value Per Share (Rs.)
480.43 431.75 591.33 382.89 341.29
Free Reserves Per Share (Rs.)
333.09 281.04 233.22 163.71 119.12
PROFITABILITY RATIOS
OPM (%)
19.10
16.81
18.79
11.88
10.71
GPM (%)
14.40
11.67
15.68
8.89
6.98
NPM (%)
12.77
11.70
13.45
8.92
5.87
Adjusted Cash Margin (%)
17.00
15.89
16.62
11.64
9.48
Adjusted RONW (%)
17.81
17.37
24.24
20.28
15.30
•
Other listed companies engaged in jute manufacture are Birla Corporation
Ltd., Champdany Inds. Ltd. & Willard India Ltd. While Birla Corp. &
Willard are diversified companies, Champdany is a dedicated jute
manufacturer. All 3 companies have suspended operations at most or all
of their jute mills since the last few years due to illegal strikes
and/or unviability of operations. Cheviot is the only company to
increase capacity in recent times.

7. INVESTMENT RATIONALE
:
•
The Cheviot stock has nearly quadrupled since I initiated coverage of
the stock at Rs.140 per share in November 03. In spite of this, the
stock remains grossly undervalued.
I believe that the re-rating on the stock is far from over.
Its valuation parameters are discussed below:
Cheviot trades at a price to book of just 1.07 times based on its FY05 book
value of Rs.480 per share and below its expected book value of Rs.550 per
share for FY06.
Cheviot’s PE Ratio based on projected FY06 EPS of Rs.80 stands at 6.4
times. Champdany Industries trades at a PE ratio of 29.7 times its
annualized EPS for H1FY06.
Cheviot’s dividend payout has been increasing steadily and the company is
expected to pay Rs.12 per share for FY06.
The company’s margins, on the operating, gross & net levels have been
increasing steadily.
Cheviot’s reserves have been swelling at a rapid pace and it is a likely
bonus candidate.
Cheviot’s cash position has been improving for the last 5 consecutive
years.
Cheviot is sitting on sizeable real estate assets (Rs.85 crores as at FY05,
as revalued as on FY03). The market value of these assets would have
appreciated significantly and given that the company has already amended
its objects clause to include real estate development, any concrete moves
in this direction could provide additional triggers.
•
The jute industry is perceived as substitute to cotton in certain areas
and with rising cotton prices, jute manufacturers will also see their
margins increasing.
•
The industry’s future hinges on introduction of new innovative
applications for jute products and Cheviot with its strong cash flows is
well placed to invest in R&D.

8. In September 2004, Indian jute exporters in general and
Cheviot in
particular got a shot in the arm, with the lifting of anti-dumping
duties in Brazil.
After a protracted legal battle by the Jute Manufacturers Development
Council (JMDC) which lasted for 7 years, the Brazilian Government has
lifted the Anti-Dumping Duty on import of jute bags into Brazil for 5
Indian jute companies, including Cheviot. (USD 0.77 per kg)
This augured well for penetrating into the vast Brazilian market for
food-grade jute bags for packaging coffee and cocoa beans.
•
The continuation of the compulsory jute packaging for food grains &
sugar to the extent of 100% & 90% respectively has been a big positive
as far as demand for jute packaging material is concerned. In fact, Mr.
Budhadev Bhattacharyya, CM,
West Bengal, has been pushing for 100% jute
packaging for both. The JMDC has been lobbying for compulsory jute
packaging on similar lines for all industrial products too. Jute is an
eco-friendly substitute for plastic.
Even in an eventuality where compulsory packaging is phased out, Cheviot
will be least affected, given that its sales predominantly come from
exports and it manufactures high value non-traditional diversified jute
yarns and fabrics.
•
The world’s no.1 retailer Walmart’s recent decision to source $5 billion
from India by 2010 could benefit the jute industry in the longer term.
•
In the post-2005 free trade environment, with removal of QRs on all
products, efficient exporters such as Cheviot could benefit.
•
Given these positives, the stock is likely to outperform in the medium
term. Accordingly,
a conservative 12-month price target of Rs.800/- is
set on the counter. At this price, the stock would trade at just
10xFY06-projected earnings, which is very reasonable, given its
prospects.



The company distributed dividend of 13 rs for the year 2011-12.


Notes:
Essay on development of jute textile industry In India

Swot Analysis of Indian Jute Industry at www.indiantextilejournal.com

Jutecomm.gov.in/indostry_intro.htm

List of Companies under focus

Portfolio
AARTI DRUGS
AEONIAN INVSTS.
BPCL
CCAP LIMITED
CHEVIOT COMPANY
CITY UNION BANK
GNFC
HINDALCO
ITC
Lanxess Abs Ltd
MTNL
NAVA BHARAT VENTURES
PATEL ON BOARD
Patel Roadways allots shares to Patel On-Board Couriers members
Patel Roadways' board of directors at a meeting held on 31 October 2006, has allotted 53,86,612 equity shares of Rs 10 each, aggregating to Rs 5,38,66,120 out of the share capital of the company to the shareholders of Patel On-Board Couriers (POBCL).
The aforesaid equity shares were allotted in the ratio of 23 equity shares of the company for 20 equity shares held in POBCL. These equity shares have been allotted pursuant to the scheme of amalgamation (the Scheme) of POBCL with the company, which was approved by shareholders of both and by the High Court of Bombay on August 11, 2006.
RASHTRIYA CHEM
RELIANCE NATURAL RESOURCES LIMITED
TATA POWER
Tata Sponge Ltd

Prospects
Amar remedies

Companies with Brand Identity and Sustainable competitve advantage

Bata Limited

• Strengths would be its strong retail presence
• Cost advantages due it is strong expertise in manufacturing and distribution.
• It caters to different segments through it retail formats.
• Revenues of the next competitor is 41%.
• It has 35% market share in the organised footware market.
• Most recognised brand name in India.

• Pidilite Idustries limited

Lookup

KMCH Ltd:
25th november 06:
cons
For the last four years, the debt equity ratio is more than one and the current ratio is around 0.5.
pros
The earmings 06 have outgrown 340 percent of earnings 05.
SP Apparels : not yet listed