This document provides an equity research report on Acrysil (India) Ltd, which manufactures quartz and granite kitchen sinks. Some key points:
- Acrysil is a leading manufacturer of composite quartz sinks in India and exports to over 30 countries. Exports account for 80% of revenues.
- Recent developments include adding new institutional customers, entering new geographies, and launching new product lines in India to target the premium kitchen segment.
- Financial performance has been positive with rising revenues, though profits have recently declined due to higher raw material costs. Forecasts estimate continued revenue and profit growth.
- Risks include reliance on exports and susceptibility to global economic conditions, as well as inflation
Rane Brake Lining Ltd (RBL) is an auto ancillary company and domestic leader in friction material products. It manufactures brake linings, disc pads, clutch facings, and composite brake blocks. RBL was awarded the prestigious Deming Grand Prize in 2013, marking a milestone in its excellence journey. The company has four manufacturing plants in India and supplies products to automotive OEMs, the Indian Railways, and exports to 15 countries. RBL is led by a strong management team focused on quality and research & development.
Asian Granito India Ltd is a manufacturer of ceramic tiles based in India. The report provides an overview of the company's background, products, financial performance and recent developments. Key points include:
- The company has expanded its production capacity significantly over the past decade and now has 8 manufacturing plants.
- In FY14, revenues were Rs. 759 crore and net profit was Rs. 14.15 crore. In Q1 FY15, revenues were Rs. 176 crore and net profit was Rs. 3.35 crore.
- Recent developments include opening new showrooms, acquiring a new subsidiary, and using contract manufacturing to further expand production capacity.
Tide Water Oil is an Indian lubricant company with a market cap of Rs. 6,747 crores. It has seen revenue and profit growth of 13.61% and 21% respectively over the past 3 years. The report recommends the stock with an 18-24 month target price of Rs. 12,500, citing opportunities for international expansion through a recent acquisition and a technical collaboration with a major Japanese lubricant company. However, risks include volatility in base oil prices and competition from large players in the domestic market.
This report provides an analysis of Superhouse Ltd, an Indian company that manufactures and exports leather, leather products, and textile garments. It discusses the company's background and facilities, financial performance, industry overview, and recommends the stock as a potential investment. Key points include that Superhouse has annual revenues over Rs. 4,000 crores and 15 manufacturing units in India. The report provides financial details, compares it to peers, and forecasts continued growth in the coming quarters.
- Mold-Tek Packaging Ltd is a leading manufacturer of rigid plastic packaging in India with a 25% market share. It produces plastic containers for paints, lubricants, food, and FMCG products.
- The company recently raised Rs. 55 crores through a QIP to expand operations by setting up new plants in India and the UAE and increasing capacities of its tool room and food packaging facilities.
- Financial performance has been strong with net profits rising 74.8% in the December 2014 quarter and 72.6% in the September 2014 quarter compared to the prior year periods. Net sales have also increased annually.
- The company expects further growth driven by its in-mold labeling segment
Plastiblends India Ltd is India's largest manufacturer and exporter of color and additive masterbatches and thermoplastic compounds. The report provides an overview of the company's background, facilities, products, achievements and financial performance. It also discusses the Indian masterbatch market outlook, forecasting growth of 23% annually until 2018 driven by increased plastic usage in industries like packaging, healthcare and automotive. The company has a leading 12% market share in India's fragmented masterbatch industry.
This document provides an equity research report on Chemfab Alkalis Ltd, a commodity chemicals company based in Chennai, India. The report discusses the company's background and products, recent developments including replacing old plants, financial performance over the last six quarters, peer comparison, and risks. The report recommends the stock, noting the company stands to benefit from rebounding domestic demand and higher international caustic soda prices. The target price is Rs. 170, with an expected return of 12-24 months.
This document provides an equity research report on Pokarna Ltd, an Indian company that exports granite and manufactures quartz surfaces. It discusses the company's background, recent developments, financial performance, peer comparisons, risks, and provides a recommendation to purchase the stock with a target price of Rs. 1975 within 12-24 months. The report also provides an overview of the favorable outlook for the granite, quartz, flooring and countertop industries globally and in key markets like North America, Europe and Asia.
Rane Brake Lining Ltd (RBL) is an auto ancillary company and domestic leader in friction material products. It manufactures brake linings, disc pads, clutch facings, and composite brake blocks. RBL was awarded the prestigious Deming Grand Prize in 2013, marking a milestone in its excellence journey. The company has four manufacturing plants in India and supplies products to automotive OEMs, the Indian Railways, and exports to 15 countries. RBL is led by a strong management team focused on quality and research & development.
Asian Granito India Ltd is a manufacturer of ceramic tiles based in India. The report provides an overview of the company's background, products, financial performance and recent developments. Key points include:
- The company has expanded its production capacity significantly over the past decade and now has 8 manufacturing plants.
- In FY14, revenues were Rs. 759 crore and net profit was Rs. 14.15 crore. In Q1 FY15, revenues were Rs. 176 crore and net profit was Rs. 3.35 crore.
- Recent developments include opening new showrooms, acquiring a new subsidiary, and using contract manufacturing to further expand production capacity.
Tide Water Oil is an Indian lubricant company with a market cap of Rs. 6,747 crores. It has seen revenue and profit growth of 13.61% and 21% respectively over the past 3 years. The report recommends the stock with an 18-24 month target price of Rs. 12,500, citing opportunities for international expansion through a recent acquisition and a technical collaboration with a major Japanese lubricant company. However, risks include volatility in base oil prices and competition from large players in the domestic market.
This report provides an analysis of Superhouse Ltd, an Indian company that manufactures and exports leather, leather products, and textile garments. It discusses the company's background and facilities, financial performance, industry overview, and recommends the stock as a potential investment. Key points include that Superhouse has annual revenues over Rs. 4,000 crores and 15 manufacturing units in India. The report provides financial details, compares it to peers, and forecasts continued growth in the coming quarters.
- Mold-Tek Packaging Ltd is a leading manufacturer of rigid plastic packaging in India with a 25% market share. It produces plastic containers for paints, lubricants, food, and FMCG products.
- The company recently raised Rs. 55 crores through a QIP to expand operations by setting up new plants in India and the UAE and increasing capacities of its tool room and food packaging facilities.
- Financial performance has been strong with net profits rising 74.8% in the December 2014 quarter and 72.6% in the September 2014 quarter compared to the prior year periods. Net sales have also increased annually.
- The company expects further growth driven by its in-mold labeling segment
Plastiblends India Ltd is India's largest manufacturer and exporter of color and additive masterbatches and thermoplastic compounds. The report provides an overview of the company's background, facilities, products, achievements and financial performance. It also discusses the Indian masterbatch market outlook, forecasting growth of 23% annually until 2018 driven by increased plastic usage in industries like packaging, healthcare and automotive. The company has a leading 12% market share in India's fragmented masterbatch industry.
This document provides an equity research report on Chemfab Alkalis Ltd, a commodity chemicals company based in Chennai, India. The report discusses the company's background and products, recent developments including replacing old plants, financial performance over the last six quarters, peer comparison, and risks. The report recommends the stock, noting the company stands to benefit from rebounding domestic demand and higher international caustic soda prices. The target price is Rs. 170, with an expected return of 12-24 months.
This document provides an equity research report on Pokarna Ltd, an Indian company that exports granite and manufactures quartz surfaces. It discusses the company's background, recent developments, financial performance, peer comparisons, risks, and provides a recommendation to purchase the stock with a target price of Rs. 1975 within 12-24 months. The report also provides an overview of the favorable outlook for the granite, quartz, flooring and countertop industries globally and in key markets like North America, Europe and Asia.
Cera Sanitaryware Ltd is an Indian ceramics company that manufactures sanitaryware and bathroom fittings. It has grown at a rate of over 25% in the past 3 years and aims to become India's largest sanitaryware producer. Recent developments include unveiling a new logo and branding identity to appeal to younger customers, signing Bollywood actress Dia Mirza as a brand endorser, and plans to acquire an Italian brand or factory to enter the high-end sanitaryware segment in India and globally. The company is also expanding its manufacturing capacity in India through investments of Rs. 100 crores.
This document provides an equity research report on Premier Explosives Ltd, an Indian company that manufactures explosives and accessories. The report discusses the company's background, financial performance, peer comparison, and risks. It recommends the stock as a potential multibagger, citing the company's consistent growth, expansion into new markets, and upside potential given government plans driving demand in the mining and power industries. The target price is Rs. 150, representing upside of over 100% from the current market price.
Camlin Fine Chemicals Ltd is an Indian manufacturer and exporter of bulk drugs, fine chemicals, and food grade products. The company produces active pharmaceutical ingredients, food antioxidants, and sweeteners. It has two business divisions: Food Ingredients and Industrial Products. Camlin has a research and development facility focused on product and process improvements. The company has expanded its production capacity over the years through investments and acquisitions. Camlin's key products include the food antioxidants TBHQ and BHA, as well as the sweetener sucralose.
The document provides an equity research report on Stylam Industries Ltd., which manufactures high-pressure laminates. Some key points:
- Stylam is a leading manufacturer of decorative laminates in India and exports to over 80 countries. It has several quality certifications and a new manufacturing plant.
- The report discusses the laminate industry outlook, noting increasing demand from the housing and construction sectors. It is expected to grow at a 11.2% CAGR to 2020.
- Recent developments for Stylam include winning a rising star brand award and emerging as a leading laminate exporter to Italy through high-quality, innovative designs.
- Stylam is developing a new building at an IT park
Petronet LNG Ltd is India's largest importer of LNG with long term supply contracts with RasGas of Qatar and Exxon Mobil's Gorgon project in Australia. The company has seen strong growth in recent years with net profit rising 112% in Q4 FY2011 and 53% for the full year. Future outlook is positive due to increasing demand for cleaner natural gas and the company's expansion plans. However, risks include volatility in international LNG prices and regulatory changes.
This report provides an analysis of Emmi Industries Ltd, an Indian packaging company. Key points:
- Emmi manufactures flexible packaging products like flexible intermediate bulk containers and woven sacks. It has a manufacturing facility in Silvassa, India.
- The company supplies domestic and international customers in over 52 countries. Exports contributed 49% of revenue in FY16.
- Emmi is focusing on value-added products like water conservation and agriculture products for the domestic market. It has an R&D center approved by the Indian government.
- Recent developments include the company gaining recognition as an R&D center and expanding into food-grade packaging. Financial performance has been positive with increasing revenues
This report provides an equity research analysis of Ultramarine & Pigments Ltd., a specialty chemicals company based in India. The report discusses the company's background and operations in pigments, surfactants, and IT services. It highlights recent developments like plans to expand surfactant production and an increased focus on IT services. Financially, the company has seen rising revenues and profits in recent quarters. The report recommends the stock as a potential multibagger, setting a target price that is 80% higher than the current market price.
SMS Pharmaceuticals is an integrated pharmaceutical company focused on API manufacturing with a presence in over 70 countries. The report provides an equity research analysis on SMS Pharmaceuticals with a target price of Rs. 1100 based on a 18-24 month timeframe. Key details include SMS Pharma's financial performance over the last 6 quarters, expected future earnings, peer comparison, and risks. The report recommends SMS Pharma given its robust product portfolio, largest producer of anti-ulcer products, manufacturing facilities approved by USFDA and European authorities, and plans to invest in expanding facilities in Andhra Pradesh.
This equity research report provides an overview of Shaily Engineering Plastics Ltd, a manufacturer of plastic components and subassemblies. Some key points:
- The company has five manufacturing facilities in Gujarat producing components for industries like FMCG, pharmaceuticals, auto, and more.
- It caters to major domestic and international clients and has long-standing relationships. Exports are diversified globally.
- A new plant produces child-resistant packaging for pharmaceuticals with capacity for 100 million units. Approval from two drug companies received.
- The report recommends the stock as a potential multibagger, setting a target price significantly higher than the current market price.
This report provides an analysis of Sterling Tools Ltd, an Indian manufacturer of high tensile cold forged fasteners for the automotive industry. The company has outperformed peers with strong revenue growth of 9-14% in recent quarters due to growth in automotive sales. The report recommends the stock as a potential multibagger, setting a target price of Rs. 1400 based on projected revenue increases of 5-10% annually over the next 2 years from continued automotive sector expansion. Key risks include any slowdown in the automotive industry.
Aurobindo Pharma Ltd is an Indian pharmaceutical company with a market capitalization of Rs. 54543.9 million. The equity research report from Saral Gyan Capital Services provides an overview of the company, recent developments, financial performance, investment rationale, and risks. Key points include Aurobindo generating over 70% of its revenues from international markets, guidance for 15-20% revenue growth in the US market, and plans to aggressively file 25 ANDAs per year to drive future growth. The report recommends Aurobindo Pharma as a buy with a 12-18 month target price of Rs. 275 per share.
Bambino Agro Industries Ltd is a leading producer of vermicelli in South Asia, with a household name in India. It has four manufacturing units across India equipped with modern facilities. The company focuses on R&D to develop new product lines and maintains stringent quality control. It has a large distribution network across India as well as exporting to various international markets. The report provides an overview of the company's background and operations, and recommends the stock as a potential investment.
This document summarizes 15 promising Indian tech startups that have the potential to become the next Infosys. It provides brief descriptions of each company, including their founders, year founded, business focus, notable customers, and revenue where available. The companies cover a wide range of technologies including mobile services, networking, cloud computing, software development, data centers, and more.
Sri Adhikari Brothers Television Network Ltd is an Indian media and entertainment company with a market capitalization of Rs. 892.76 crore. Some recent developments at the company include the approval of the allotment of 51.25 lakh equity shares, reviewing the strategy of their music and comedy channel Mastiii which became the number one music channel in Mumbai and major Hindi markets within 3 weeks, and fixing the dates for their annual general meeting and book closure for dividend. The company's financial performance has also improved with net sales rising 42.48% in Q1 FY2011 and net profit turning positive. The research report provides earnings estimates for the next two quarters expecting continued robust growth.
Sitara Chemical Industries Ltd is a Pakistani chemical manufacturer founded in 1981. It produces chemicals like caustic soda, chlorine, and fertilizers. The document discusses the company's vision, mission, businesses, objectives, financial ratios analyzing liquidity, activity, profitability, and solvency. It also presents a SWOT analysis and recommendations to increase production capacity, product lines, and provide online customer services. The ratio analysis shows some ratios decreased or increased compared to the previous year. Overall, the company has a strong market position but needs measures to maintain its profitability.
Extensive Coverage of Balmer Lawrie in Business India, January EditionBalmerLawrie
1) Balmer Lawrie abandoned plans for a logistics hub project in West Bengal after failing to secure land from the state government. It is now pursuing a larger logistics hub project in partnership with Visakhapatnam Port Trust in Andhra Pradesh.
2) Balmer Lawrie is expanding its existing container freight station facilities in Mumbai, Chennai, and Kolkata. It is also growing its inland logistics operations in Coimbatore. Future growth in Chennai is expected to outpace Kolkata, which has traditionally been its home base.
3) Balmer Lawrie is considering spinning off its barrel manufacturing business within the next two years in order to unlock value and pursue new opportunities in
This document provides an overview of Blue Star Ltd, an Indian air conditioning company. Some key points:
- Blue Star was founded in 1943 and has grown to become India's largest central air conditioning company with annual turnover of Rs 2270 crores.
- It has 5 manufacturing facilities in India that use state-of-the-art equipment to produce consistent, high quality products.
- Blue Star's vision includes delivering excellent customer experience, profitable growth, and being a responsible corporate citizen.
- Some major milestones in Blue Star's history include establishing manufacturing operations, securing major agency partnerships, and executing large projects in India and the Middle East.
- Blue Star has rigorous manufacturing processes that utilize
A PROJECT REPORT ON FINANCIAL ANALYSIS REFERNCE TO FEDERAL MOGUALHarsharan Singh
The auto components industry faced a slowdown in the first half of 2014 due to slipping growth in commercial vehicles and passenger cars, though two-wheeler and three-wheeler segments witnessed strong growth. While the short-term challenge was a sales slowdown in several markets, a longer-term challenge was losing domestic market share to increasing competition. Operational excellence, scenario planning, and risk management will be important for auto component companies to succeed in an uncertain future environment.
Established in 1991 and listed on BSE in 1993, Control Print Limited is one of India’s leading Industrial Coding & Marking Solutions provider and the only Indian manufacturer of Continuous Inkjet Printers (CIJ) and consumables under license of KBAMetronic
AG, Germany at its facility in Nalagarh, Himachal Pradesh.
Prior to Control Print’s tie-up with KBA-Metronic AG, it was one of the largest distributors of Videojet CIJ printers in India and Nepal.
Besides CIJ Printers, the company also manufactures Large Character Printers, Electrograph Digital Printers, Thermal Transfer Over printers (TTO), Hot Ink Coders and
their consumables in collaboration with respective technology leaders. The laser range of printers at Control Print is supported by MACSA Lasers. MACSA has over 90 years of experience and are market leaders for Laser Solutions internationally.
Cement is a material with adhesive and cohesive properties which make it capable of bonding minerals fragments into a compact whole. It can be defined as any substance, which can join unite two or more pieces of some other substance together to form a unit mass. It is an inorganic, non-metallic substance with hydraulic binding properties, and is used as a bonding agent in building materials. It is a fine powder, usually gray in color that consists of a mixture of the hydraulic cement minerals to which one or more forms of calcium sulfate have been added.
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Saral Gyan - 15% @ 90 Days - March 2017SaralGyanTeam
City Union Bank stock is recommended as a buy for short term gains within 90 days. The stock price is currently Rs. 143.95 but is predicted to rise to Rs. 168, a potential upside of 16.7%. Quarterly results show the bank has experienced rising revenues, profits, and EPS over the past year. Technical analysis further supports the stock reaching resistance levels that justify the price target. However, investors are advised to make independent decisions as this is an independent equity research report and not a solicitation.
SpiceJet Ltd stock is recommended as a buy for short term gains within 90 days. At a current price of Rs. 102.25 per share, the target price is Rs. 120 per share, representing an upside potential of 17.4%. Technical analysis indicates support levels of Rs. 97 and Rs. 90 per share, and resistance levels of Rs. 108 and Rs. 115 per share. Over the past year, SpiceJet stock has significantly outperformed the broader market with returns of 49.8% compared to 16.4% for the Sensex.
Cera Sanitaryware Ltd is an Indian ceramics company that manufactures sanitaryware and bathroom fittings. It has grown at a rate of over 25% in the past 3 years and aims to become India's largest sanitaryware producer. Recent developments include unveiling a new logo and branding identity to appeal to younger customers, signing Bollywood actress Dia Mirza as a brand endorser, and plans to acquire an Italian brand or factory to enter the high-end sanitaryware segment in India and globally. The company is also expanding its manufacturing capacity in India through investments of Rs. 100 crores.
This document provides an equity research report on Premier Explosives Ltd, an Indian company that manufactures explosives and accessories. The report discusses the company's background, financial performance, peer comparison, and risks. It recommends the stock as a potential multibagger, citing the company's consistent growth, expansion into new markets, and upside potential given government plans driving demand in the mining and power industries. The target price is Rs. 150, representing upside of over 100% from the current market price.
Camlin Fine Chemicals Ltd is an Indian manufacturer and exporter of bulk drugs, fine chemicals, and food grade products. The company produces active pharmaceutical ingredients, food antioxidants, and sweeteners. It has two business divisions: Food Ingredients and Industrial Products. Camlin has a research and development facility focused on product and process improvements. The company has expanded its production capacity over the years through investments and acquisitions. Camlin's key products include the food antioxidants TBHQ and BHA, as well as the sweetener sucralose.
The document provides an equity research report on Stylam Industries Ltd., which manufactures high-pressure laminates. Some key points:
- Stylam is a leading manufacturer of decorative laminates in India and exports to over 80 countries. It has several quality certifications and a new manufacturing plant.
- The report discusses the laminate industry outlook, noting increasing demand from the housing and construction sectors. It is expected to grow at a 11.2% CAGR to 2020.
- Recent developments for Stylam include winning a rising star brand award and emerging as a leading laminate exporter to Italy through high-quality, innovative designs.
- Stylam is developing a new building at an IT park
Petronet LNG Ltd is India's largest importer of LNG with long term supply contracts with RasGas of Qatar and Exxon Mobil's Gorgon project in Australia. The company has seen strong growth in recent years with net profit rising 112% in Q4 FY2011 and 53% for the full year. Future outlook is positive due to increasing demand for cleaner natural gas and the company's expansion plans. However, risks include volatility in international LNG prices and regulatory changes.
This report provides an analysis of Emmi Industries Ltd, an Indian packaging company. Key points:
- Emmi manufactures flexible packaging products like flexible intermediate bulk containers and woven sacks. It has a manufacturing facility in Silvassa, India.
- The company supplies domestic and international customers in over 52 countries. Exports contributed 49% of revenue in FY16.
- Emmi is focusing on value-added products like water conservation and agriculture products for the domestic market. It has an R&D center approved by the Indian government.
- Recent developments include the company gaining recognition as an R&D center and expanding into food-grade packaging. Financial performance has been positive with increasing revenues
This report provides an equity research analysis of Ultramarine & Pigments Ltd., a specialty chemicals company based in India. The report discusses the company's background and operations in pigments, surfactants, and IT services. It highlights recent developments like plans to expand surfactant production and an increased focus on IT services. Financially, the company has seen rising revenues and profits in recent quarters. The report recommends the stock as a potential multibagger, setting a target price that is 80% higher than the current market price.
SMS Pharmaceuticals is an integrated pharmaceutical company focused on API manufacturing with a presence in over 70 countries. The report provides an equity research analysis on SMS Pharmaceuticals with a target price of Rs. 1100 based on a 18-24 month timeframe. Key details include SMS Pharma's financial performance over the last 6 quarters, expected future earnings, peer comparison, and risks. The report recommends SMS Pharma given its robust product portfolio, largest producer of anti-ulcer products, manufacturing facilities approved by USFDA and European authorities, and plans to invest in expanding facilities in Andhra Pradesh.
This equity research report provides an overview of Shaily Engineering Plastics Ltd, a manufacturer of plastic components and subassemblies. Some key points:
- The company has five manufacturing facilities in Gujarat producing components for industries like FMCG, pharmaceuticals, auto, and more.
- It caters to major domestic and international clients and has long-standing relationships. Exports are diversified globally.
- A new plant produces child-resistant packaging for pharmaceuticals with capacity for 100 million units. Approval from two drug companies received.
- The report recommends the stock as a potential multibagger, setting a target price significantly higher than the current market price.
This report provides an analysis of Sterling Tools Ltd, an Indian manufacturer of high tensile cold forged fasteners for the automotive industry. The company has outperformed peers with strong revenue growth of 9-14% in recent quarters due to growth in automotive sales. The report recommends the stock as a potential multibagger, setting a target price of Rs. 1400 based on projected revenue increases of 5-10% annually over the next 2 years from continued automotive sector expansion. Key risks include any slowdown in the automotive industry.
Aurobindo Pharma Ltd is an Indian pharmaceutical company with a market capitalization of Rs. 54543.9 million. The equity research report from Saral Gyan Capital Services provides an overview of the company, recent developments, financial performance, investment rationale, and risks. Key points include Aurobindo generating over 70% of its revenues from international markets, guidance for 15-20% revenue growth in the US market, and plans to aggressively file 25 ANDAs per year to drive future growth. The report recommends Aurobindo Pharma as a buy with a 12-18 month target price of Rs. 275 per share.
Bambino Agro Industries Ltd is a leading producer of vermicelli in South Asia, with a household name in India. It has four manufacturing units across India equipped with modern facilities. The company focuses on R&D to develop new product lines and maintains stringent quality control. It has a large distribution network across India as well as exporting to various international markets. The report provides an overview of the company's background and operations, and recommends the stock as a potential investment.
This document summarizes 15 promising Indian tech startups that have the potential to become the next Infosys. It provides brief descriptions of each company, including their founders, year founded, business focus, notable customers, and revenue where available. The companies cover a wide range of technologies including mobile services, networking, cloud computing, software development, data centers, and more.
Sri Adhikari Brothers Television Network Ltd is an Indian media and entertainment company with a market capitalization of Rs. 892.76 crore. Some recent developments at the company include the approval of the allotment of 51.25 lakh equity shares, reviewing the strategy of their music and comedy channel Mastiii which became the number one music channel in Mumbai and major Hindi markets within 3 weeks, and fixing the dates for their annual general meeting and book closure for dividend. The company's financial performance has also improved with net sales rising 42.48% in Q1 FY2011 and net profit turning positive. The research report provides earnings estimates for the next two quarters expecting continued robust growth.
Sitara Chemical Industries Ltd is a Pakistani chemical manufacturer founded in 1981. It produces chemicals like caustic soda, chlorine, and fertilizers. The document discusses the company's vision, mission, businesses, objectives, financial ratios analyzing liquidity, activity, profitability, and solvency. It also presents a SWOT analysis and recommendations to increase production capacity, product lines, and provide online customer services. The ratio analysis shows some ratios decreased or increased compared to the previous year. Overall, the company has a strong market position but needs measures to maintain its profitability.
Extensive Coverage of Balmer Lawrie in Business India, January EditionBalmerLawrie
1) Balmer Lawrie abandoned plans for a logistics hub project in West Bengal after failing to secure land from the state government. It is now pursuing a larger logistics hub project in partnership with Visakhapatnam Port Trust in Andhra Pradesh.
2) Balmer Lawrie is expanding its existing container freight station facilities in Mumbai, Chennai, and Kolkata. It is also growing its inland logistics operations in Coimbatore. Future growth in Chennai is expected to outpace Kolkata, which has traditionally been its home base.
3) Balmer Lawrie is considering spinning off its barrel manufacturing business within the next two years in order to unlock value and pursue new opportunities in
This document provides an overview of Blue Star Ltd, an Indian air conditioning company. Some key points:
- Blue Star was founded in 1943 and has grown to become India's largest central air conditioning company with annual turnover of Rs 2270 crores.
- It has 5 manufacturing facilities in India that use state-of-the-art equipment to produce consistent, high quality products.
- Blue Star's vision includes delivering excellent customer experience, profitable growth, and being a responsible corporate citizen.
- Some major milestones in Blue Star's history include establishing manufacturing operations, securing major agency partnerships, and executing large projects in India and the Middle East.
- Blue Star has rigorous manufacturing processes that utilize
A PROJECT REPORT ON FINANCIAL ANALYSIS REFERNCE TO FEDERAL MOGUALHarsharan Singh
The auto components industry faced a slowdown in the first half of 2014 due to slipping growth in commercial vehicles and passenger cars, though two-wheeler and three-wheeler segments witnessed strong growth. While the short-term challenge was a sales slowdown in several markets, a longer-term challenge was losing domestic market share to increasing competition. Operational excellence, scenario planning, and risk management will be important for auto component companies to succeed in an uncertain future environment.
Established in 1991 and listed on BSE in 1993, Control Print Limited is one of India’s leading Industrial Coding & Marking Solutions provider and the only Indian manufacturer of Continuous Inkjet Printers (CIJ) and consumables under license of KBAMetronic
AG, Germany at its facility in Nalagarh, Himachal Pradesh.
Prior to Control Print’s tie-up with KBA-Metronic AG, it was one of the largest distributors of Videojet CIJ printers in India and Nepal.
Besides CIJ Printers, the company also manufactures Large Character Printers, Electrograph Digital Printers, Thermal Transfer Over printers (TTO), Hot Ink Coders and
their consumables in collaboration with respective technology leaders. The laser range of printers at Control Print is supported by MACSA Lasers. MACSA has over 90 years of experience and are market leaders for Laser Solutions internationally.
Cement is a material with adhesive and cohesive properties which make it capable of bonding minerals fragments into a compact whole. It can be defined as any substance, which can join unite two or more pieces of some other substance together to form a unit mass. It is an inorganic, non-metallic substance with hydraulic binding properties, and is used as a bonding agent in building materials. It is a fine powder, usually gray in color that consists of a mixture of the hydraulic cement minerals to which one or more forms of calcium sulfate have been added.
See more
http://goo.gl/TKXYje
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http://goo.gl/Rl0FIk
http://goo.gl/ljiPll
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Saral Gyan - 15% @ 90 Days - March 2017SaralGyanTeam
City Union Bank stock is recommended as a buy for short term gains within 90 days. The stock price is currently Rs. 143.95 but is predicted to rise to Rs. 168, a potential upside of 16.7%. Quarterly results show the bank has experienced rising revenues, profits, and EPS over the past year. Technical analysis further supports the stock reaching resistance levels that justify the price target. However, investors are advised to make independent decisions as this is an independent equity research report and not a solicitation.
SpiceJet Ltd stock is recommended as a buy for short term gains within 90 days. At a current price of Rs. 102.25 per share, the target price is Rs. 120 per share, representing an upside potential of 17.4%. Technical analysis indicates support levels of Rs. 97 and Rs. 90 per share, and resistance levels of Rs. 108 and Rs. 115 per share. Over the past year, SpiceJet stock has significantly outperformed the broader market with returns of 49.8% compared to 16.4% for the Sensex.
Prima Plastics is one of the largest plastic moulded furniture manufacturers in India with a market share of around 6%. The company exports to countries in Africa, Americas, and the Middle East. It has two manufacturing plants in India and a 50% joint venture in Cameroon, Africa. Prima Plastics is expanding its manufacturing capacity in India and Africa to meet growing demand. The company is also exploring setting up a new joint venture in Central America to expand its international reach. In the past, Prima Plastics diversified into aluminum composite panels but later closed this division due to challenges.
De Nora India Ltd is an Indian subsidiary of De Nora, a global leader in electrochemical technologies. Some key points:
- De Nora India reported a net profit of Rs. 9.72 million for the quarter ending September 2010, up from a net loss in the same quarter the previous year. Sales increased 55.72% to Rs. 44.13 million.
- For the quarter ending June 2010, De Nora India's net profit rose 105.17% to Rs. 11.9 million compared to the same quarter the previous year. Sales increased 56.08% to Rs. 46.3 million.
- Estimated earnings show continued growth with net sales projected to be Rs. 64.63
The document provides an equity research report on Coral Laboratories Ltd, an Indian pharmaceutical company. It discusses the company's background and product portfolio, recent developments, financial performance, peer comparison, risks, and the analyst's recommendation of the stock as a potential multibagger investment over the next 12-24 months with a target price of Rs. 1100. The report analyses Coral Labs' manufacturing facilities, leadership, export markets, and range of generic drug products across various therapeutic segments.
The document recommends buying shares of Vedanta Ltd, an Indian natural resources company. It is currently trading at Rs. 249.05 per share and has an upside potential of 17.2% to reach the target price of Rs. 292 within 90 days. Vedanta has significantly outperformed the broader market in returns over the past year. The recommendation is based on technical analysis and the company's strong financial performance in recent quarters with rising revenues, profits, and earnings per share.
This document recommends buying shares of Edelweiss Financial Services Ltd for short-term gains over the next 90 days. It provides analysis showing the stock's current price and target price indicate a potential 16.9% upside. Charts show the stock has outperformed the broader market index by over 100% in the past year. The company's most recent quarterly financial results are also summarized, showing increases in total income, net profit, and earnings per share compared to the same period last year. The recommendation is based on technical analysis indicating the stock is currently trading below resistance levels and has support levels that suggest limited downside risk over the recommendation period.
Acrysil Ltd is an Indian manufacturer of premium composite quartz and granite kitchen sinks. Some key points:
1) Acrysil is one of only four companies worldwide that manufactures composite quartz sinks, and is India's largest non-steel sink manufacturer.
2) The company exports about 85% of its sinks globally but is focusing on growing its domestic Indian market which currently accounts for 15% of sales.
3) Acrysil has expanded its production capacity significantly over the last five years through capital expenditures funded primarily through internal cash flows.
4) Rising incomes in India are expected to fuel demand for Acrysil's premium branded products as Indian consumers become more brand conscious and seek lifestyle
Acrysil Ltd is an Indian company that manufactures premium composite quartz and granite kitchen sinks. It is the largest kitchen sink manufacturer in India that is not focused on steel sinks. Around 85% of Acrysil's sales currently come from exports but the company aims to increase domestic Indian sales to 30% of total sales over the next couple years. Acrysil has aggressively expanded production capacity over the last 5 years and is considering further expansion to meet growing demand. The company uses unique manufacturing processes and materials like quartz to produce high-quality, scratch-resistant sinks and has been growing sales through both volume increases and price increases.
This document provides background information on Alembic Glass Industries Ltd (AGIL), an Indian glass manufacturing company. It discusses AGIL's history, current operations, products, markets, and competition. AGIL was established in 1944 and currently operates one plant in Vadodara, manufacturing a wide range of pressed glass products for household and industrial customers under popular brands. The glass industry in India is growing at an estimated 5% annually but also faces stiff competition, particularly from unorganized domestic producers and imported goods. AGIL aims to increase its market share in key product segments through new product development and expansion.
This document provides an overview of the glass industry in India. It begins with introducing glass, its properties, and its widespread uses. It then discusses the glass industry in India, including its division into cottage and factory industries. Major glass manufacturing companies in India are identified like Asahi India Glass and Borosil Glass Works. Details are given about the products and industries of these two companies, including automotive glass, architectural glass, scientific glassware, and solar glass. References are provided at the end.
October 2015 Edition of BEACON, A Monthly Newsletter by SIMCON.
Inside this issue:
About Us
Our Team
INDUSTRY ANALYSIS : Paint Industry
COMPANY ANALYSIS : Asian Paints
BRAND ANALYSIS : Cadbury
Concept of the month: The Halo Effect In Marketing
Event Report : Convergence
- Asahi India Glass Ltd. (AIS) is India's largest integrated glass company, manufacturing automotive glass, float glass, and other glass products. It has 11 plants across 4 locations in India.
- AIS has grown from supplying automotive tempered glass to a single customer in 1987 to becoming a leader in the automotive and architectural glass industry today, with market shares of over 80% and 29% respectively.
- AIS is jointly promoted by an Indian family, Asahi Glass Co. of Japan, and Maruti Suzuki, and has expanded its manufacturing capacity and product portfolio over the years.
Analyzing the performance of the suppliers of aiw @ mba project report marketingBabasab Patil
The document analyzes the performance of suppliers to Ashok Iron Works. It discusses the company's research methodology, including primary and secondary data collection. The findings show that purchase departments influence decisions and promote brand loyalty. The document also provides an industry profile, company profile, details on Ashok Iron Works' two plant locations, products, features, awards, and departments.
The document discusses a Turkish Kitchenware Cluster project that aims to support Turkish kitchenware exporters in their international marketing activities. The project is supported by the Turkish Ministry of Economy and involves trade missions to 17 countries so far to explore new markets. Key advantages for Turkish exporters through the project include mix container shipping, unique design, affordable prices, flexibility and shortest delivery time. The project will continue global market exploration and trade events. The rest of the document profiles Turkish kitchenware companies involved in the project.
Group 10 presented information on Asian Paints, the largest paint company in India. Asian Paints was founded in 1945 and became a public limited company in 1973. It has a vision to be a world-class research and technology organization aligned with future customer needs. The company has a wide range of interior and exterior paint products at different price tiers. It focuses marketing on product quality and brand value and targets homeowners, designers, and contractors. Key competitors include Berger Paints and Nerolac Paints.
Summer Internship Final Project_Suruchi GoyalSuruchi Goyal
Arc International is a global leader in the tableware industry with brands like Luminarc, Arcoroc, Pyrex, and Cristal d'Arques. The document is a summer training report that analyzes consumer brand preferences for dinnerware and drinkware in Delhi. It finds that consumers prefer traditional steel dinner sets but glass, opal, and melamine sets are increasing in popularity with income growth. Drinkware usage is also rising significantly. While retailing has improved accessibility, wholesale markets remain favored. The report recommends strengthening brand awareness through better promotion and positioning quality brands to build loyalty.
The Research is aimed at the study of Royal Enfield Brand in Indian Markets – So far how they have performed and suggestions for them to grab more market share and be profitable. Every year, they have sold modest numbers but despite low numbers, they continue to command a position of respect and awe in the Indian motorcycle market. The objective of the study was to study the different product lines, marketing strategy and Brand Management of Royal Enfield Bullets in Indian market.
1. Bullet riders are mostly Value-Expressive, with an internal locus of control and a strong sense of independence.
2. The company has been cashing in on the iconic status it has and has done little to reinforce its image amongst an exploding two-wheeler market.
3. The pricing of the motorcycle might also be looked upon as conservative.
Royal Enfield has for a while now targeted the youth market with lure of freedom. However, they have done little to reinforce their position. Maybe advertising campaigns targeted at the Value-expressive customer would enable the brand to reap the benefits of its iconic position in a much more productive way. Also, most users find it imperative for the company to improve its After Sales Service and Spares availability.
Crystalite is a combination of two breakthrough technologies that crystallizes and protects vehicle headlamps. It forms a protective glass layer, fills pits and holes on the surface for improved light transmission. Crystalite improves scratch resistance, provides customizable crystal colors, and shields headlamps from damage while complying with regulations. The easy-to-apply product extends the life of headlamps through beautification and protection.
EXPENSE TREND ANALYSIS OF CENURY PLY BOARDS.Rishi vyas
Century Ply boards, incorporated in 1982, is well–known manufacturer of plywood and decorative veneers. The company was formed by Sajjan Bhajanka and Sanjay Aggarwal. The manufacturing facility of company is located at Bishnupur near Joka, Kolkata.
Kay International Limited is an Indian company that manufactures compressors and blowers. It was founded in 1966 and is now the largest manufacturer of these products in India with about 80% market share. The company produces 37 models of compressors and blowers ranging in capacity from 5m3/hr to 40000m3/hr. It has a manufacturing plant in Haryana and sells products across India as well as exporting to over 15 countries. Kay has a research and development department that continuously works to develop new products and technologies. It also has a strong sales and service network across India to support customers.
Financial statement analysis of tiles and ceramic industryRishabh Agarwal
This report includes the detailed financial analysis of three companies namely: Somany Ceramics Limited Cera Sanitaryware Limited HSIL Limited
At the very outset of this project, we downloaded various statements for analyzing financial position, performance and funds flow and computed corresponding ratios for relative comparison. During the process we took help of the databases and formulas available on the internet and also in our text books. We compiled the data in an excel sheet to carry out the required calculations and finally transferred them to a word document. The methodology adopted is very crisp and clear. We have used Quantitative and Qualitative statements for analyzing different financial trends and patterns. We have also used various ratio analysis tools for comparative study.
The document summarizes Pakistan's glass industry. It discusses the key types of glass produced in Pakistan, including soda-lime glass, potash lead glass, and borosilicate glass. It also outlines Pakistan's major glass exports, key players like Gunj Glass Works, and challenges facing the industry like high input costs and dumping of imported glass. Pakistan exports around $15 million worth of glass annually but also imports $69 million worth of glass goods and raw materials. The largest local producer, Gunj Glass Works, has a daily production capacity of 200 tons and uses Belgian technology to produce various high quality glass products.
This document provides an equity research report on Kabra Extrusiontechnik Ltd, which manufactures plastic extrusion machinery. The report discusses the company's background and operations, recent developments including increased stake by promoters and partnership extensions, financial performance with rising net profits in the most recent quarter, and recommends the stock as a potential investment with a target price implying upside of over 100% within 12-24 months. Key risks mentioned include potential slowdown in the plastics industry.
This document recommends buying shares of NIIT Ltd, an Indian IT training company, based on its current undervaluation. It presents the stock's current price and target price with a potential 16.5% upside over 90 days. It includes charts comparing the stock and index returns over the last year and technical support and resistance levels. It also provides the company's quarterly financial results and basis for the recommendation, which is based on technical analysis. The document disclaims any warranty or liability for investment decisions based on its content.
This document recommends buying shares of Praj Industries Ltd, an Indian engineering company, for potential short-term gains within 90 days. It provides the stock's current price and target price, along with technical analysis showing resistance and support levels. Financial data for the past four quarters demonstrates overall growth in sales, net profit, and earnings per share. The recommendation is based on this technical and fundamental analysis showing the stock is undervalued and has upside potential for investors.
This document recommends buying shares of Dhampur Sugar Mills Ltd, an Indian sugar company, based on its current undervaluation. The stock price is 117.10 rupees but the target price over the next 90 days is 139 rupees, representing an 18.7% upside potential. Recent financial data is presented showing the company's quarterly revenues, expenses, profits, and other details. A technical analysis indicates the stock price supports and resistances in the near term. The recommendation is to buy this stock to benefit from short-term gains over the next 3 months.
- Radico Khaitan Ltd is recommended as a short-term buy based on its current market price of 323.45 and target price of 380, representing potential upside of 17.5%.
- Over the last year, Radico Khaitan's stock returns were 84.8% compared to 3.3% for the Nifty index. Resistance levels are seen at 350 and 372, with support at 315 and 300.
- Quarterly financial results show rising sales, profits and EPS over the past four quarters on a year-over-year basis.
This document provides a stock recommendation for Radico Khaitan Ltd, an Indian beverage company. It recommends buying the stock with an expected 17.6% upside potential within 90 days. The stock analysis is based on the company's financial performance, quarterly results, current market price of Rs. 353 compared to a target price of Rs. 415, and technical analysis showing support and resistance levels. The document discloses its independent equity research status and disclaimer.
The document recommends buying shares of Capital First Ltd for short-term gains within 90 days. It provides the stock's current and target prices, market capitalization, P/E ratio, and other financial details. The quarterly financial results are shown, along with a comparative chart showing Capital First's returns have outperformed the Nifty index over the last year. Technical analysis forms the basis for the recommendation to buy the stock.
This document recommends buying shares of India Glycols Ltd, an Indian chemicals company, for potential short-term gains of 16.7% over the next 90 days. It provides the company's current stock price and target price, as well as comparative charts showing India Glycols' strong stock performance versus the broader market in the last year. Financial data for the past four quarters show increasing sales and profits. The recommendation is based on technical analysis indicating the stock price may rise further.
Waterbase Ltd is an aquaculture company headquartered in Chennai that manufactures shrimp feed and processes farmed shrimp for export. The company has recently received approval to merge Pinnae Feeds Ltd, which manufactures shrimp feed, to expand production capacity. Waterbase was also awarded the 2016 India Shrimp Feed Industry New Product Innovation Leadership Award. Financially, Waterbase reported a profit of Rs. 0.82 crore for the quarter ending March 2017 compared to a loss of Rs. 1.73 crore in the previous year, with sales rising 12.05% to Rs. 62.50 crore.
The document recommends buying shares of Capital First Ltd, an Indian financial services company. It predicts the stock price will rise 16.2% within 90 days based on technical analysis showing the stock has outperformed the market over the last year and supports and resistances. Financial results for the past four quarters are provided, showing increasing revenue and profit. The recommendation is to purchase the stock for short-term gains of 15% over the next 90 days based mainly on technical analysis of past stock performance.
This document recommends buying shares of Gujarat Alkalies & Chemicals Ltd. for short term gains within 90 days. It provides the company's current stock price and target price with an upside potential of 16.5%. Technical analysis indicates resistance and support levels. Financial data for the past quarters show increasing sales, profits, and earnings per share. The recommendation is based on this financial and technical analysis.
The document recommends buying shares of City Union Bank Ltd. for potential short-term gains of 16.5% over the next 90 days. It notes that the stock's current price is 144.20 rupees per share with a target price of 168 rupees. Recent quarterly financial results for the bank are also presented, showing growth in interest income, net profits, and basic earnings per share over the past four quarters. The recommendation is based on technical analysis showing the stock's resistance and support levels as well as its strong 62.2% return over the past year compared to a 4.8% return for the Nifty index.
This report provides an equity research analysis of Zenith Fibres Ltd., a manufacturer of polypropylene staple fibre (PPSF) in India. The report discusses the company's background, recent developments in the textiles industry, financial performance over the last 6 quarters, peer comparison, and risks. The report recommends Zenith Fibres as a investment, citing its focus on quality, new product grades, established production base, and debt-free balance sheet. The report predicts steady growth as new initiatives are absorbed.
Saral Gyan - 15% @ 90 Days - August 2016SaralGyanTeam
The document recommends buying shares of Credit Analysis & Research Ltd. It is currently trading at Rs. 1187.70 per share and the target price is Rs. 1380, representing an upside potential of 16.2%. The company's quarterly financial results are provided, showing steady growth in net profit. A technical analysis indicates the stock price has support levels of Rs. 1110 and Rs. 1030, and resistance at Rs. 1270 and Rs. 1340. The recommendation is to buy the stock with an expected return of 15% within 90 days.
The document recommends buying shares of L&T Finance Holdings Ltd, an Indian finance company. It gives a target price of Rs. 89 in 90 days, up 15.7% from the current price of Rs. 76.90. Key details provided include the company's financial performance, share price resistance and support levels, and a technical analysis basis for the recommendation. The document disclaims any warranty and advises that investments discussed may not be suitable for all investors.
The document recommends buying shares of Repco Home Finance Ltd, an Indian housing finance company. It provides analysis showing the stock price is currently undervalued and has potential for 15.6% upside growth within 90 days. Financial data for the past four quarters show Repco's steady revenue, net profit, and EPS increases. The recommendation is based on technical analysis showing the stock's historical outperformance of market indexes and support levels that suggest further price appreciation.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
1. UNEXPLORED MULTIBAGGER SMALL CAP STOCKS
EQUITY RESEARCH REPORT
ACRYSIL (INDIA) LTD.
BSE CODE: 524091
Industry: Plastic Products
Market Cap: 50.79 (INR in Millions)
Date: November 25, 2012
CMP: Rs. 113.95 (25/11/2012)
Target Price: Rs. 230.00
Time Period: 18 – 24 months
Saral Gyan Capital Services
www.saralgyan.in
An Independent Equity Research Firm
2. HIDDEN GEMS – NOVEMBER 2012
TABLE OF CONTENT
S.No
Content
Page No.
1.
Company Background
03
2.
Recent Developments
08
3.
Financial Performance
09
4.
Charts & Graphs
11
5.
Peer Group Comparison
13
6.
Key Concerns / Risks
13
7.
Future Outlook
14
8.
Saral Gyan Recommendation
15
9.
Disclaimer
16
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SARAL GYAN CAPITAL SERVICES
3. HIDDEN GEMS – NOVEMBER 2012
1. Company Background
Acrysil Ltd is a leading manufacturer and exporter
of Composite Quartz and Granite Kitchen Sinks
from India. Acrysil Limited was founded in 1987 as
a joint venture with Schock & Co. GmbH (Germany), the inventors and world leaders in
composite quartz technology, as well as in thermoplastic xtruded profiles. The company
began in a small way with production of about 2800 sinks annually, along with
thermoplastic co-extruded profiles for the domestic auto industry.
The company market’s its sinks under the Brand CARYSIL. They are also an OEM
(Original Equipment Manufacturer) for major brands worldwide. Besides Quartz and
Granite sinks which constitute more than 90% sales of the company, the company also
sells Food waste disposers, faucets and stainless steel sinks under it’s own brand.
In the highly competitive market of lifestyle products and home fittings, Carysil stands
literally in a class of its own. It is India’s only indigenous brand of kitchen sinks made of
quartz bonded with resin, homogeneously moulded by a unique CNC-controlled
polymerization process. That results in a product that is scratchresistance, dent-proof,
stainresistant and heat-proof, with a glossy and truly lasting granite finish in several
varieties. It has truly international looks and styling, and is available in a range of
attractive colours. It is highlyfunctional, easy to clean, and safe in contact with food.
Best of all, it remains as good as new even afteryears of use.
With domestic response being somewhat slow to take off, Acrysil began its focus on
exports of quartz sinks in 1993. Sales jumped threefold, from Rs 359.19 lakhs in 1993 to
Rs 1,036.68 lakhs in 1999. So encouraging was this response that in 1999, the company
sold off its extrusion operation, choosing to focus all its efforts on the more promising
quartz sinks division. 2001-02, the year that Acrysil first looked at India as a potential
growth market for quartz sinks, ready for the introduction of carefully chosen models.
In just a decade, domestic sales multiplied from Rs 1.83 crores in 2001-02 to Rs 12.4
crores in 2011-12.The brand is available in more than 2000 outlets, and is a preferred
choice of builders and Modular Kitchen Studios.
Carysil’s world-class quality is demonstrated in its export performance. Today, Carysil
sinks are shipped to 30 countries, including U.S.A., France, U.K., Greece, many European
markets, Far-East and Gulf Countries. In fact, at Rs 47 crores of Sales in FY 2011-12,
exports today account for 80% of the company’s turnover. As a truly international
product, Carysil also carries ISO9000-14000 certification.
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SARAL GYAN CAPITAL SERVICES
4. HIDDEN GEMS – NOVEMBER 2012
Acrysil has also entered into strategic partnerships with large players in the US, UK,
Russia and France, while also establishing enduring relationships with the world’s largest
retail chain companies, such as BnQ (UK), Europe and U.S.A. Acrysil enjoys strong brand
positioning and has a frequent presence in the world’s largest exhibitions and expos in
Europe, USA and Far Eastern countries.
It doesn’t stop at polymerized quartz. Carysil has sinks for a variety of customer needs,
price ranges and market segments. The customer has elegant options in stainless steel,
and also a choice of stainless steel faucets. There’s even a range of motorized disposal
units for pulverizing and liquidizing kitchen waste.
The Hindu – Saturday, Apr 19, 2008 – The No Stain Sink
There is something unique about
the sinks manufactured by Acrysil.
About 75-80% of the material used
in making it is Quartz mineral, cast
by a means of special computer
controlled polymerization casting
process.
Their unique product in terms of
quality and design makes them
different from other sinks
available in the market as they are
completely scratch free (Quartz
being one of the hardest material)
and offer great quality looks.
Scratch proof: Quartz kitchen sinks on display at the Kitchen Show
Have you seen a round modular kitchen? If you think that is unique, consider the other
product of Acrysil Limited, ‘Carysil Quartz Kitchen Sink’ made of silica quartz, the second
hardest stone after diamond. Kitchen sinks in various sizes, colours and shapes are
available in the stone.
Costing between Rs. 5,000 and 15, 000, the sinks are produced in 10 colours at the
company’s Gujarat plant. “We are one amongst the four companies in the world
manufacturing quartz sinks in technical collaboration with Shock & Co., of West
Germany,” says Kiran, Marketing Manager, Acrysil Limited.
Quartz is a natural stone but as it is available as granules, the production of sinks has to
undergo a long procedure. The granules are crushed into a powder form, mixed with
acrylic and then cast into the required shapes. The use of acrylic is for making the endproduct non-porous and to get the malleability for the right shape. As quartz by nature
has a natural sheen, the product itself has a demure glimmer throughout
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SARAL GYAN CAPITAL SERVICES
5. HIDDEN GEMS – NOVEMBER 2012
Product Range
Granite Sinks:
Stainless Steel Sinks:
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SARAL GYAN CAPITAL SERVICES
6. HIDDEN GEMS – NOVEMBER 2012
Faucets:
Food Waste Disposer:
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SARAL GYAN CAPITAL SERVICES
7. HIDDEN GEMS – NOVEMBER 2012
Why CARYSIL Granite Kitchen Sinks?
System Certifications
Product Certifications
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SARAL GYAN CAPITAL SERVICES
8. HIDDEN GEMS – NOVEMBER 2012
2. Recent Development
Addition of new Institutional Customers & Entry into new Geographies
Company has added some of the major institutional customers in the US and Germany,
many of them are the result of acquisition of Acrysil GmbH as a subsidiary last year.
These new buyers themselves have extensive networks for distribution and marketing,
so there is considerable potential there. At the same time, Acrysil has made an entry
into some entirely new geographies, most importantly Columbia, Hungary, Iran and
Israel.
New Products offering for Global Clientele
Company has customized several new models – that is, new styling and designs – for the
tastes of clientele in Europe, Russia, USA and the Far East. This represents a substantial
investment and management is confident to get multifold sales through exports.
Company has plans to show new range of products in many overseas trade fairs and
exhibitions. Moreover, stainless steel sinks are finding excellent acceptance in Singapore
as well as European markets, so much so that management of the company is now
focusing on new technologies for even better quality and lower cost in their
manufacture.
Targeting no. 1 position in Premium Kitchen Segment in India
Company is also giving a serious push in the domestic arena. Company management has
set an objective to be No. 1 in the premium kitchen segment in not more than five
years. Accordingly, company is expanding its product portfolio with a complete package
of new products that includes various Appliances, Chimneys, Cooking Hobs and Ovens,
slated to be launched in October-November 2012.
Optimizing Process to Improve Operating Margins
Company has taken corrective measures to improve existing systems and processes
especially in R&D, HR skill acquisition, standards compliance and other quality drivers.
Company is constantly upgrading its technologies with an eye on better productivity,
more reliable high quality and economical operation as margins are under more
pressure now compared to earlier years.
Rewarded Share holders by Issuing Bonus Share
Company management has recently rewarded its share holders by issuing bonus share
in the proportion of 1 (one) Equity Share for every 2 (two) Equity Shares held by the
Shareholders on 28th Sept’12.
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SARAL GYAN CAPITAL SERVICES
9. HIDDEN GEMS – NOVEMBER 2012
3. Financial Performance
Acrysil net profit rises 149.38% in the September 2012 quarter
Net profit of Acrysil rose 149.38% to Rs 20.2 million in the quarter ended September
2012 as against Rs 8.1 million during the previous quarter ended September 2011. Sales
rose 43.26% to Rs 21.89 crore in the quarter ended September 2012 as against Rs 15.28
crore during the previous quarter ended September 2011
Acrysil net profit declines 39.76% in the June 2012 quarter
Net profit of Acrysil declined 39.76% to Rs 10 million in the quarter ended June 2012 as
against Rs 16.6 million during the previous quarter ended June 2011. Sales declined
6.77% to Rs 167.8 million in the quarter ended June 2012 as against Rs 180 million
during the previous quarter ended June 2011
Last 6 Quarters Net Sales & Profit
250
218.89
Rs in Millions
200
180.02
167.81
152.76
150
148.72
143.91
100
50
16.58
0
8.11
7.83
10
6.9
20.19
1
2
3
4
5
6
Net Sales
180.02
152.76
143.91
148.72
167.81
218.89
Net Profit
16.58
8.11
7.83
6.9
10
20.19
Jun 11
Sep 11
Dec 11
Mar 12
Jun 12
Sep 12
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SARAL GYAN CAPITAL SERVICES
10. HIDDEN GEMS – NOVEMBER 2012
Current & Expected Earnings
Quarterly Ended Profit & Loss Account
Particulars
(Rs in Millions)
Dec
2011
Mar
2012
Jun
2012
Sep
2012
Dec
2012 E
Mar
2012 E
UA
UA
UA
UA
UA
UA
Net Sales
143.91
148.72
167.81
218.89
225.78
253.65
Total Expenditure
121.66
126.35
143.85
180.55
183.52
206.31
PBIDT (Excl OI)
22.25
22.37
23.96
38.34
42.26
47.34
Other Income
1.53
1.91
1.66
1.96
1.99
2.24
23.78
24.28
25.62
40.3
44.25
49.58
5.18
6.45
5.76
5.73
5.71
5.77
0
0
0
0
0
0
18.6
17.83
19.86
34.57
38.54
43.81
Audited / UnAudited
Operating Profit
Interest
Exceptional Items
PBDT
Depreciation
Profit Before Tax
Tax
Provisions & contingencies
Profit After Tax
8.42
8.64
8.36
9.07
9.45
9.85
10.18
9.19
11.5
25.5
29.09
33.96
2.35
2.29
1.5
5.31
6.11
7.13
0
0
0
0
0
0
7.83
6.9
10
20.19
22.98
26.83
Extraordinary Items
0
0
0
0
0
0
Prior Period Expenses
0
0
0
0
0
0
Other Adjustments
0
0
0
0
0
0
Net Profit
Equity Capital
Face Value (IN RS)
7.83
6.9
10
20.19
22.98
26.83
29.72
29.72
29.72
29.72
44.58
44.58
10
10
10
10
10
10
Reserves
Calculated EPS
2.63
2.32
3.36
6.79
5.15
6.02
Calculated EPS (Annualised)
10.54
9.29
13.46
27.17
20.62
24.07
No of Public Share Holdings
1588668
1588668
1588668
1588668
NA
NA
53.45
53.45
53.45
53.45
NA
NA
% of Public Share Holding
Expected Earnings for 3rd and 4th Qtr FY 2012-13:
Acrysil Ltd has posted excellent growth in 2nd quarter of FY 2012-13. In last 5 years,
Acrysil sales have been doubled but net profits have declined due to increase in raw
material prices which impacted operating and profit margins of the company.
We believe that company operating margins will improve with increase is net profit
considering launch of new products, entry into new geographies for exports and
focusing on domestic sales with growing demand of premium quality products for luxury
homes in India.
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SARAL GYAN CAPITAL SERVICES
11. HIDDEN GEMS – NOVEMBER 2012
4. Charts & Graphs
i) Share holding Pattern:
Promoters share holding is 46.55% without any major change in their stake since last 3
years. FII exposure is nil where as DII exposure is negligible at 0.01%.
ii) Share Price Moving Average:
Acrysil Ltd is currently trading above its 50 and 200 day price moving average. Stock has
strong support in range of Rs 80-90 levels.
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SARAL GYAN CAPITAL SERVICES
12. HIDDEN GEMS – NOVEMBER 2012
iii) Performance Chart:
Company has shown growth in net sales but net profit got impacted in last couple of
years due to high raw material prices and limited pricing power of products.
iv) Comparative Graph:
Acrysil Ltd has given positive returns of 69.22% compared to Sensex returns of 17.91% in
last one year.
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SARAL GYAN CAPITAL SERVICES
13. HIDDEN GEMS – NOVEMBER 2012
5. Peer Group Comparison
Saral Gyan team has not carried peer group comparison for Acrysil Ltd as there is no
direct competitor of Acrysil in India. Acrysil is the only company in all of Asia - and one of
just four companies worldwide - manufacturing composite quartz sinks. They are the
India's largest sink manufacturer in the non-steel category.
6. Key Concerns / Risks
The company derives 80% of its revenue from export sales and is thus susceptible to
global economy slowdown. The export sales of the company did decline in FY 10
and is thus one of the most important factor to watch out for in case of Acrysil.
In the current inflationary environment, the cost of raw materials and operating
expenses have increased while the company may not be able to pass on the price
increase to it’s customers. The same may hurt the margins of the company.
Though there’s still no major competition for Acrysil, however the other way to look
around is that probably the larger players do not see the scale of opportunity.
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SARAL GYAN CAPITAL SERVICES
14. HIDDEN GEMS – NOVEMBER 2012
7. Future Outlook
Rising Incomes to Fuel Demand for Branded / Premium Quality Lifestyle Products
The Indian consumer market, which is primarily dominated by young generation, is
becoming increasingly sophisticated and brand conscious. A typical upper middle class
young consumer is beginning to look beyond the utility aspect of a product to seek
intangibles like brand and lifestyle statement associated with the product.
According to a McKinsey study, there are 1.2 million affluent households, expected to
reach 2.5 million households by 2015.
Accordingly, India is fast becoming a large market even for luxury goods and services,
based on:
Ten-fold rise in India’s middle class: from 50 million to 580 million; with
comfortable living standards
The upper middle class expected to swell from 25 million people to over 130
million by 2025, and
24 million upper crest Indians (income > Rs 1mn per year, or $ 117,000 PPP) with
global lifestyles.
India is rapidly changing from a deprived and aspirer’s economy to seekers country and
with that, people’s preference for lifestyle products is growing. The young generation of
consumers is driving the demand for lifestyle products.
The Indian affluent class has shown lot of attraction towards premium branded goods
and this fetish will continue. A recent luxury brands survey conducted by The Nielsen
Company (a global information and media research company), has ranked India third
after Greece and Hong Kong in the list of most brand conscious countries in the world.
Modularization of Kitchens – Market with Huge Growth Potential
According to Industry experts, the modular kitchens segment stands at around 1500Cr.
In India the readymade kitchens are currently sold at the rate of 10,000 units per month.
The increasing number of nuclear families, rising disposable incomes, affordability, and
easy budget, will drive awareness levels and demand for modular kitchen, which is
already growing at the rate of 45-50% per annum.
Modular kitchen accounts for 40% of the furniture and fittings industry and the products
in this market are largely focused towards establishments in urban India. Modular
kitchen segment in India is expected to grow 8-10 times in the next three to five years.
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SARAL GYAN CAPITAL SERVICES
15. HIDDEN GEMS – NOVEMBER 2012
8. Saral Gyan Recommendation
Sales turnover of the company has doubled in last 5 years, where as net profits
have declined in last 4 years due to high raw material prices and slowdown in US
and Europe. Company has made an entry into some entirely new geographies
like Columbia, Hungary, Iran and Israel. Company has also customized several
new models in terms of new styling and design for their existing clientele in
Europe, Russia, USA and the Far East to drive growth.
Management is now looking aggressive to grab domestic market share for its
premium quality products. Company is also increasing its product portfolio to
offer complete package of new products to their clientele. Currently, company
generates 80% of revenue from exports and now aims to increase their domestic
sales from existing 20% to 30% in next couple of years.
Domestic sales of the company have increased from 1.1 crores in 2001-02 to
12.4 crores in 2011-12. In fact, in FY 2011-12, domestic sales of the company
have grown by nearly 43%. Company is also opening galleries to show case their
products in metro cities like Mumbai, Delhi and Ahmedabad to boost sales in
domestic markets.
As per our estimates, Acrysil can deliver bottom line of 80 million for full
financial year 2012 – 13, annualized EPS of Rs. 21.3 with forward P/E ratio of 5.4
X for FY 2012-13, which makes stock an attractive bet at CMP.
Management has rewarded share holders by paying consistent dividends since
2006. Dividend yield at current market price is above 3. Recently, company also
issued bonus share to share holders at the ratio of 1:2.
On equity of Rs. 44.58 million, the estimated annualized EPS for FY 12-13 works
out to Rs. 21.3 and the Book Value per share is Rs. 73. At current market price of
Rs. 113.95, stock price to book value is 1.56, which makes stock valuations
reasonable with a long term view of 18-24 months.
Considering reasonable valuations and opportunities in domestic markets of using
premium quality products for luxury homes, we find Acrysil Ltd an attractive pick.
Saral Gyan Team recommends “BUY” on Acrysil Ltd. for a target of Rs. 230 over a
period of 18-24 months.
Buying Strategy:
50% at current market price of Rs. 113.95
50% at price range of Rs. 95 - 100
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SARAL GYAN CAPITAL SERVICES