Surya Food & Agro Limited IPO

Business of Surya Food & Agro Limited 

Surya Foods is in the business of manufacturing biscuits for the last 15 years and is one of the leading manufacturers of biscuits in the country. Priyagold which is the brand under which the biscuits of the company are sold is quite well known and the trademark “Hak se Maango” is quite well known in the FMCG sector.  Surya Foods is also present in the fruit juices segment and has the brands – “Fresh Gold” and “Treat”. An interesting and positive development for the company has been the awarding of a contract to run 130 kiosks in railway stations by the Indian Rail Catering Corporation. By operating in a busy place like a railway station the company will get a substantial boost to its revenues. 

Financials of Surya Foods & Agro Limited   

 

In the last three fiscals Surya Foods has not shown growth in the topline with the revenues shrinking from Rs.28,372 lakhs to Rs.26,974 lakhs. In the corresponding period the profits have grown a from Rs.248.10 lakhs to Rs.283.67 lakhs. If anything there is a wide fluctuation in the profits that the company has made in the last five years. These have been Rs.33.94, Rs.444.12, Rs.248.1, Rs.130.16 and Rs.283.67 lakhs in the last five years respectively.  The EPS for the year ended March 31 2007 is Rs.16.36 and this will be a key figure to determine what is the P/E multiple at which Surya Foods is offering its shares. This is because if you take the average of the last three years it comes out to be Rs.20.43 however the EPS for year ended 2005 is 35.87, 2006 is 18.82 and hence the figure of 35.87 skews up the average to the higher side. 

Risks faced by Surya Food & Agro Limited   

 

There are various legal proceedings going on against Surya Foods both in the nature of criminal and civil. The cases if held against Surya foods will impact the business negatively.  Though the company is a veteran in the biscuit manufacturing its proposed expansion into chocolates is a new field and as such poses all the threats that any new entrant who is not well established faces. 

Objective of the IPO   

 

Surya Foods IPO is intended at raising money in order to increase its biscuit manufacturing facility and setting up a Chocolate Plant. The expense of the former is expected to be Rs.3958.56 lakhs and the latter is expected to be Rs.5852.67 lakhs respectively. Other than this the proceeds from the IPO will also be used for meeting working capital requirements and public issue expenses. 

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Jhaveri Flexo India Ltd. – IPO   

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When is the right time to sell?

There is an adage in Dalal Street which goes – “regret after selling and not after buying”.

 

Many a times you would see investors who have sold stocks at profit however as soon as they sold their shares, the share went up another 10% in a matter of days.  Hence the investor rather than basking in profits is brooding about the loss in profits that he could make if he had waited for a few more days.

 

Wisdom says this is better than buying a stock and then repenting because it goes down 10% after a few hours of your purchase, which incidentally occurs more number of times than is good for any honest tax paying citizen’s metabolism.  
With the market scaling all time highs and that too bouncing back in a really short time and being as volatile as it is today, one can rest assured that the stocks which have gone up will go down as well and its best to book profits at least to some extent so that if the market goes down your profits do not vanish away completely and at the same time if the market goes further up you are not just sitting on the sidelines and watching the value of the stock that you ‘once owned’ go up.

 

For a long term investor it important not to rush while selling, and there isn’t a need to book profits out of all stocks that you hold in your portfolio. If you have been patient enough and have bought and kept stocks for over a couple of years, chances are that at least one or two of them are bringing you excess of 100% returns.  In all probability one of these stocks would be overvalued as well, because of the general atmosphere that exists in a bull run, another great plus is that if you own stock for over one year it comes under a long term investment and no tax need to be paid for the capital gains from such appreciation.

 

Therefore a combination of these three factors – 1. One of the stocks which are bringing in the greatest return in your portfolio, 2. Stock priced more than what you think should be the fair value and 3. Stock owned for over a year give a good yardstick to sell.

 

If you are holding a stock for a fairly long term you would have a good idea on what its worth is but as a general and quick guideline if the P/E exceeds the growth rate considerably then you can look at booking some profits in the stock.

 

There is no sure shot way of either predicting the bottom or the top when one is dealing with the markets the best one can do is over a long term stick to some sort of game-plan which brings more profits than would have accrued if the investor had just invested in fixed deposits or bonds.

Manshu Verma

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Jhaveri Flexo India Ltd. – IPO
 

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Jhaveri Flexo India Ltd.

Business of Jhaveri Flexo India Ltd 

Jhaveri Flexo is coming out with an IPO and is in the business of packaging. Jhaveri Flexo has two manufacturing plants in Aurangabad and Silvassa and produces Laminated Packaging material, PVC Cling Film, Surface Protection tapes, Lamination Film and LLDPE Stretch Film. 

This material is used for packaging and some of the better known clients of Jhaveri Flexo are Hindustan Unilever, PepsiCo, Nestle, Pillsbury, ITC, Tata,Marico, Dabur India, Perfetti, Jet Airways, Taj Group, Oberoi’s. 

Financials of Jhaveri Flexo India Ltd. 

The company had total income of Rs.105.92 crores in the fort the fiscal ended 31.03.07 of which the profit after tax and extra ordinary items was Rs.2.61 crores, which is slightly greater than 2% of revenue. The company had incurred a loss to the tune of Rs.92.7 lakhs in the fiscal before that. In the latest fiscal Jhaveri Flexo India is in a negative cash flow situation for its operations and financing. 

Risks faced by Jhaveri Flexo India Ltd. 

There are certain risks faced by Jhaveri Flexo India Ltd. which an investor must keep in mind while investing in the IPO. 

The company is in a negative cash flow situation for the period ending 31/03/07 for its operations and investment activities. This means that the cash generated by the company has not been sufficient to finance its day to day operations and it had to borrow more money. 

The company had made certain projection of revenues in a rights offer in 1996, but Jhaveri Flexo has been off target for most of its revenue and profits projection for made at that time 

The promoter company Wellworth Securities limited is also a loss making company therefore eliminating any chance of a bail out by the promoter company in case anything goes wrong with this one. 

The company has been referred to BIFR in the past. BIFR had declared Jhavaeri Flexo as a sick industrial company and had appointed ICICI as the operating agency. 

Jhaveri Flexo has an export obligation upwards of US$3.7 million which pertains to various EPCG councils. If these obligations are not discharged as per the scheme then the profitability will be hit as Jhaveri flexo will have to pay duty and interest as applicable. 

Object of the IPO 

Jhaveri Expo is coming out with the IPO to comply with the guidelines of SEBI according to which the promoter holding should be less than 75% which at present stands at some 84%. 

Another reason for that is to finance a few projects which it is planning to set up. This involves increasing capacity in the existing plants and setting up a new manufacturing plant in Silvassa. 

You may also be interested in: 

The trouble with buying low! 

When will the markets bottom out? 

Of Exchange Rates, Interest Rates and Inflation 

Yen Carry Trade 

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The trouble with buying low!

The trouble with buying any stock low is just that – the stock is low. Many a times I have looked at a stock which is at its ‘year high’ and wished that I would have bought it at its ‘year low’. However when it came to its year low all I could think is what went wrong! 

This kind of emotion is the biggest barrier to value investing. It becomes quite difficult for an investor to buy into a stock when everyone else is selling. But that is the oldest maxim on Dalal Street – Buy when everyone else sells, and sell everyone else buys! 

I have personally gone ahead and bought a stock which is at its annual low when the markets are scaling all time highs! (which is the trigger for this article too) The stock in question is Crew BOS a leather accessories export company from India which I had been buying from a long time and when it had reached 293 some time ago, was wishing that I had bought it at 93 which was its yearly low. 

Last week I bought this at 95 and while there have been many stocks that have found their place in my portfolio when they were low none of them were at their yearly lows when the market was at its all time highs and that’s why the apprehension. 

Being a company that is involved in exports the rupee appreciation has hurt it, but at a P/E multiple of just over 5 this stocks looks like a great bargain now. Even if it were to take a substantial hit over the next few quarters because of the appreciating rupee, over a longer term (2 -3 years) there is a very good chance of it rebounding. The diluted EPS for last year was 16.97 and at a P/E of 10 which is not very ambitious the stock would be priced at 170. 

If one is a long term investor, one has the luxury of time on one’s side and can wait for the tide to turn. The rationale behind CREW BOS is that if any time in the next three years it reaches Rs.160 which is just 10 bucks lower than its present 10 P/E price that would earn a cool 30% CAGR which is enough for any investment. When one thinks about a company with a turnover of Rs.186 crores last fiscal then the chance of its stock touching 160 from 95 in the next three years doesn’t sound all that far fetched. 

Whether this happens or not only time will tell, but for value investors it is important to sometimes ignore the market wave or rather benefit from it and buy into stocks when no one else is doing and take advantage of the anomalies in pricing that are sometimes the nature of the markets. 

Manshu Verma  October 26, 2007 

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When will the markets bottom out?

It’s amazing that there is no end to the yearly sell offs and the subsequent rise in the stock markets. Every year at least once the stock markets fall spectacularly leading most to believe that there is no bottom and we are in a bear run now, and then slowly recovers to remind everyone that we are in the middle of a bull run.

The reasons for this year’s sell offs are quite different from last years, this year it is the nuclear deal with US, threatening a change in the government at the centre as well as global uncertainties and hedge funds selling off in the Indian market.

What is same however is a lingering sense of confidence that everything will again return to normal and we will soon see the end of the volatility and would know that the markets have bottomed out. This is because essentially nothing has changed, the economy continues to grow with all sectors contributing, inflation is under reasonable check, we have strong forex reserves which keeps us from worrying on that account.

So what I am waiting for is the markets to bottom out. So far a sure sign of knowing that the markets have bottomed out is that it stops moving violently upwards. Till the time there are upward movements in excess of 200 points or so in the Sensex one can be rest assured that the market will go down also and that too more violently. However when the market starts slowly climbing up in 30s and 40s over one day that is when one can be assured that the worst is behind you. Typically this also happens after a few very violent downturns in which the market has fallen 5% or more in a single day. In the short run the volatility remains with a lot of wild swings which leads one to believe that the worst is not over and that there is still some downside left. However every downturn may be a good time to start buying and you need to target your stocks and start accumulating at every downturn. It might be very difficult to judge when exactly the market bottoms out if not impossible so start accumulating stocks which have been fundamentally good, but have bled simply because of the market downturn and then wait patiently. For patience is the key in this market and wait for the time when the commentators on CNBC once again declare that we are in a bull run!

Manshu Verma  

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Burnpur Cement Limited IPO

Burnpur Cement Limited is entering Indian primary market with a Public issue of 3, 18, 25,100 equity shares of Rs.10 per equity share aggregating to Rs. 3182.51 lacs (at the lower end of the price band of Rs.10/-per equity share) and Rs. 3819.01 lacs (at the higher end of the price band of Rs. 12/- per equity share). Below are the salient features of this issue:

Business of the Company

Burnpur Cement Limited (BCL) is one of the established cement?manufacturers of Eastern India having its market presence in West Bengal, Jharkhand and Bihar. The Company started operations in the cement industry in October 1991 with a small cement plant of 30 TPD. The Products of the company are approved and accredited with Quality Standards with BIS Certification. The quality standards ensure that the quality of cement manufactured by the Company is as per Industry norms.

Promoters

Mr. Ashok Gutgutia, aged 46 years is a Graduate of Commerce from University of Ranchi and is an MBA from Indian Institute of Business Management, Patna. He is one of the promoters of the Company. Mrs. Shashi Gutgutia aged 37 years is a Non-Executive and Non ????Independent Director of the company is also promoter of the Company.

Financials

Burnpur Cement Limited is a profit making company. For the FY ended March 31, 2006, the company clocked a turnover of Rs. 23 crores. The restated net profit for the same period was about Rs.89 lacs. For FY 2007, till Dec?2006, company had clocked a turnover of Rs.11 crores and PAT of Rs.32 lacs. For FY 2005 and FY 2004, the top line was Rs. 12 and Rs. 9 crores approximately. The net profit for FY 2005 was Rs. 43 lacs and for FY 2004 net profit was Rs. 15 lacs.

Particulars of the Issue

The Face Value of the Equity Share is Rs. 10/- and the Issue Price is (.) times the face value of the Equity Share. The price band is Rs. 10/- to Rs. 12/- per equity share of Rs. 10/- each.

Basis for Issue price

The Company is one of the established players in Cement sector of Eastern India having its market presence in West Bengal, Jharkhand and Bihar. The Company has a technically qualified management team led by promoters having rich experience in Cement industry. The company has already a grinding unit for manufacture of cement for a capacity of 1,000 TPD located in Asansol district of West Bengal.

Objects of the Issue

Main object is to set-up an integrated Clinkerisation and Cement grinding plant of 800 TPD capacity which can be expandable to 1600 TPD in the Hazaribagh district of Jharkhand at Patratu Industrial Estate, for manufacturing Clinker, Ordinary Portland Cement (OPC), Portland Pozzolona Cement (PPC) and Portland Slag Cement (PSC). Other objective is to provide liquidity for existing shareholders by listing the stock on exchanges.

Risks

Following are the key risks which can impact company?s performance:
1.The company?s business is dependent upon its ability to source sufficient limestone for its operations.
2. The Company is dependent upon the continued supply of coal, gypsum and other raw materials and fuel, the supply and costs of which can be subject to significant variation.
3. Rise in Input Costs may affect profitability.
4.Taxes and other levies imposed by the Government of India or State Governments relating to the Company?s business may have a material adverse effect on the demand of its products.
5. After this Issue, the price of the Equity Shares may be highly volatile, or an active trading market for the Equity Shares may not develop.

 

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SVPCL Limited.

SVPCL Limited is entering Indian primary market with a Public issue of * equity shares of Rs.10 each. The issue is a 100% Book Built. Below are the salient features of this issue:
 

Business of the Company

Company is presently one of the largest paper product manufacturers in Southern India with production facilities spread strategically across Andhra Pradesh at Hyderabad, Vijayawada and Visakhapatnam Special Economic Zone. It manufactures the entire range of educational stationery like books, Computer Stationery, Paper products, General stationery and printing services.
 
 
Promoters
 
Company is promoted by the Mr. K. Mallikarjuna Reddy, Managing Director of the company who has a Commerce Degree. Other promoter is Mr. K. Sudhakar Reddy, Whole time Director, who has around 15 years of experience in manufacturing and marketing paper products.
 
Financials
 
SVPCL Limited is a profit making company. For the FY ended March 31, 2006, the company clocked a turnover of Rs. 41 crores. The net profit for the same period was about Rs.1.73 crores. For FY 2007, till Dec’2006, company had clocked a turnover of Rs. 57 crores and a net profit of Rs. 4.44 crores. For FY 2005 and FY 2004, the top line was Rs. 28 and Rs. 14 crores approximately. The net profit for FY 2005 was Rs. 0.31 crores and for FY 2004 net profit was Rs. 0.19 crores.
 
Particulars of the Issue
 
SVPCL Limited IPO is a fresh 100% Book Building issue of * Equity Shares of Rs. 10 each. Out of these * shares are reserved for retail investors.
 
 
Basis for Issue price
 
SVPCL Limited claims that it has integrated content design, process and printing capabilities. It has capacity to provide high quality printing services at competitive costs. It is one of the prominent educational stationery providers in South India. Also it is a consistently profit making company. Its weighted average RONW is 6.37%.
 
Objects of the Issue
 
The main object is to modernize and expand the existing manufacturing facilities at Hyderabad, Vijayawada and Visakhapatnam. Another objective is to set up marketing infrastructure at identified locations in different parts of the country. Augmenting long term working capital resources is the third main objective. Like any other company going public, getting listing gains is also one of the motives of the issue.
 
Risks
 
Following are the key risks which can impact company’s performance:
a.      Company faces intense competition in the student books, Computer Stationery, Paper products, General stationery and printing industry, our business, results of operations and financial condition will be adversely affected.
b.      Company sales are on payment terms averaging approximately 60 days. This may cause it to encounter cash flow difficulties.
c.       Company is yet to fully utilize the existing installed capacity and the capacity utilization has been 40.64% and 55.72% of the installed capacity during the year ended March 2006 and 9 months period ended December 2006 respectively.
d.      For execution of its commercial printing projects, it may be using certain essential intellectual property for which it may not have obtained prior permission.
e.   Company has allotted shares at par during the past one year though the present issue of equity shares is proposed at a premium.

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SVEC Constructions Limited

SVEC Constructions Limited is entering Indian primary market with a Public issue of 40, 00,000 equity shares of Rs.10 each. The issue is a 100% Book Built. Below are the salient features of this issue:
 
Business of the Company
 
Company is engaged in the business of Civil, Electrical and Mechanical Construction works on contract basis with Government and Semi Government Organizations and projects under execution currently span six states across India. Company has so far executed 3 million square meters of Cement Concrete Lining. Company has also executed 6 million cubic meters of earth work excavation. Company is managed by experienced Board of Directors supported by well –qualified professionals in various disciplines like Civil, Electrical and Mechanical Engineering as well as Finance and Administration.
 
Promoters
 
Company is promoted by the Mr. C. Ajad Kumar, Chairman & Managing Director of the company who has an Engineering Degree from the University of Mysore. Other promoters are Mr. C. Sreemannarayana, Executive Director, Mrs. K. Bhanu Smitha and Mrs. C.L.R. Bhavani, Non–Executive Director.
 
Financials
 
SVEC Constructions Limited is a profit making company. For the FY ended March 31, 2006, the company clocked a turnover of Rs. 94 crores. The net profit for the same period was about Rs.5.46 crores. For FY 2007, till Dec’2006, company had clocked a turnover of Rs. 105 crores and a net profit of Rs.6.18 crores. For FY 2005 and FY 2004, the top line was Rs. 55 and Rs. 58 crores approximately. The net profit for FY 2005 was Rs. 1.75 crores and for FY 2004 net profit was Rs. 1.62 crores.
 
Particulars of the Issue
 
SVEC Constructions Limited IPO is a fresh 100% Book Building issue of 40, 00,000 Equity Shares of Rs. 10 each. In terms of the SEBI guidelines, 20% of the post issue capital, held by promoters will be locked-in for 3 years and the balance entire pre-issue holding i.e. 8650080 equity shares will be locked-in for 1 year.
.
Basis for Issue price
 
SVEC Constructions Limited claims that it has experience spanning 40 years in construction. It is registered under various categories for undertaking Government and quasi Government projects across various states which indicates its geographic reach. Also it is a consistently profit making company.
 
Objects of the Issue
 
The main object is to purchase capital equipment for various construction related activities. Company has purchased equipment worth Rs.1548.75 lakhs during the 21 month period 01.04.2005 to 31.12.2006 and there is a further need for capital equipment to be procured for its ongoing projects. The Company has estimated capital equipment requirement to the tune of Rs. 1532 lakhs for the construction of buildings, canal and roads. Working capital requirements and need to list the shares on stock exchanges are the other need for this issue.
 
 
Risks
 
Following are the key risks which can impact company’s performance:
a.       Given the long-term nature of the projects the Company undertakes, it faces various kinds of implementation risks.
b.       Failure to adhere to agreed timelines could adversely affect Company’s reputation and/or expose it to financial liability.
c.       Competition and engagement of Sub-contractors for execution of works are operating risks involved in company’s business.
d.       Company depends extensively on government and various government agencies for business.
e.       Fall of demand in real estate sector can adversely impact the company.
f.        Scarcity of skilled resources can lead to delays in execution of projects.
 
 

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Brahmaputra Consortium Limited

Brahamputra Consortium Limited is entering Indian primary market with a Public issue of 4,200,000 equity shares of Rs.10 each. The issue is a 100% Book Built. Below are the salient features of this issue:
 

Business of the Company

Company is an infrastructure project development company and provides engineering, procurement and construction services for infrastructure projects in India. It is also executing two real estate development projects. The project expertise is primarily in transportation engineering projects including roads, bridges flyovers, tunnels, land development/ embankment and airport runways, mining and hydroelectric projects.
 
Promoters
 
The company is promoted by the Agarwalla family. Mr. Siw Prasad Agarwalla is the founder of the company. He along with his four sons currently forms the promoter group.
 
Financials
 
Brahamputra Consortium Limited is a profit making company. For the FY ended March 31, 2006, the company clocked a turnover of Rs. 101 crores. The restated net profit for the same period was about Rs.37 crores. For FY 2007, till Dec’2006, company had clocked a turnover of Rs.102 crores and a net profit of Rs.40 crores. For FY 2005 and FY 2004, the top line was Rs. 60 and Rs. 40 crores approximately. The net profit for FY 2005 was Rs. 18 crores and for FY 2004 net loss was Rs. 14 crores.
 
Particulars of the Issue
 
Brahamputra Consortium Limited IPO is a fresh 100% Book Building issue of 4,200,000 Equity Shares of Rs. 10 each. At least 1,400,000 Equity Shares of Rs. 10 each is reserved for the retail investors.
 
 
Basis for Issue price
 
Brahamputra Consortium Limited claims that government is focused on building infrastructure such as roads, highways, bridges, airports, waterways which provides them good business opportunities. It claims it has Strong Order book amounting to Rs. 73093.79 Lacs as on January 1, 2007. It claims it has ability to execute complex large projects under various operating conditions. Its clients comprise of NHAI, Public Works Departments, Airport Authority of India, Northeast Frontier Railways, Coal India Limited, Mumbai Metropolitan Region Development Authority, L & T etc.
 
 
 
Objects of the Issue
 
The objects of the Issue are to achieve the benefits of listing on the Stock Exchanges and the raising of funds for capital expansion plans. Company believes that listing will enhance the Company’s visibility and brand name among existing and potential customers and investors. Purchase of capital equipments and investment in BOT projects are other main objects of the issue.
 
Risks
Following are the key risks which can impact company’s performance:
a.      Criminal proceedings are pending against the promoters.
b.      Company is involved in legal proceedings.
c.   Confirmation from the GoI that the company can offer the
Equity Shares to registered FIIs investing under the portfolio investment scheme notified under the FEMA Regulations is yet to be received.
d.     Company has not executed BOT project in the past.
e.     Company has negative cash flow for the fiscal year 2005, 2006 and for the nine months period ended December 31, 2006. Any negative cash flow in the future may affect liquidity and financial condition.
 
 
 

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Maytas Ltd.

Maytas Infra Limited is entering Indian primary market with a Public issue of 8,850,000 equity shares of Rs.10 each. The issue is a 100% Book Built. Below are the salient features of this issue:
 
Business of the Company
 
Company is a construction company and infrastructure developer. Its business is organized into two parts – Construction as a contractor on a contract basis and Infrastructure Development which involves identifying, sourcing, developing, and operating projects in infrastructure sectors. In construction business, Maytas has historically focused on the irrigation, roads and bridges, and buildings infrastructure sectors. They have completed, and continue to undertake, construction projects in these sectors across 12 states of India.
 
Promoters
 
The company is promoted by the individual promoter B. Teja Raju. His family members are co-promoters of the company.  
 
Financials
 
Maytas Infra Limited is a profit making company. For the FY ended March 31, 2006, the company clocked a turnover of Rs. 223 crores. The restated net profit for the same period was about Rs.26 crores. For FY 2007, till Dec’2006, company had clocked a turnover of Rs. 312 crores and a net profit of Rs.29 crores. For FY 2005 and FY 2004, the top line was Rs. 262 and Rs. 151 crores approximately. The net profit for FY 2005 was Rs. 58 crores and for FY 2004 net profit was Rs. 6 crores.
 
Particulars of the Issue
 
Maytas Infra Limited IPO is a fresh 100% Book Building issue of 8,850,000 Equity Shares of Rs. 10 each. At least 2,655,000 Equity Shares of Rs. 10 each is reserved for the retail investors.
 
 
Basis for Issue price
 
Maytas Infra Limited claims that it has diversified portfolio across various infrastructure sectors and geographic locations. It has extensive experience and strong track record. It has consistent records of making handsome profits.
 
 
Objects of the Issue
 
The main object is to invest in couple of associate companies. One of them is involved in constructing elevated highway project of the Bangalore-Hosur section of National Highway-7. Another associate company KVK Nilachal Power Private Limited is developing, constructing and commissioning a 300 MW coal-based power plant in Orissa. SV Power Private Limited (“SV Power”) for setting up a 56 MW coal washery reject based power plant and a 2.5 million metric tonne per annum coal washery at Korba District, Chattisgarh.
 
 
 
 
 
 Risks
Following are the key risks which can impact company’s performance:
a.      Company relies on government entities for substantially all of our revenues. Policy changes may result in projects.
b.      Competition is intense in infrastructure sector.
c.       Delays in the completion of current and future infrastructure-related contracts and BOT/BOOT projects could have adverse effects on the Company’s financial results.
d.      We require certain approvals or licenses in the ordinary course of business and the failure to obtain or retain them in a timely manner, or at all, may adversely affect the Company’s financial results.
e.      Skilled labor availability will affect timely completion of projects and hence the company revenues.
 
 

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