FOODS AND INNS LTD (BSE Code 507552) CMP 1000 (FACE VALUE RS 10)

FOODS AND INNS LTD (BSE Code 507552) CMP 1000 (FACE VALUE RS 10)

The Company :

The Company, a public limited company established in 1971 is primarily engaged in the business of processing and marketing fruit pulps, concentrates and spray dried fruit and vegetable powders both into domestic and international markets. The Company exports its products to various geographies such as Europe, Middle East, USA and Japan catering to companies in the foods, beverage and dairy industry.

The Company through its various divisions viz. Aseptic, Canning, Spray Drying and Frozen Fruits, IQF Vegetables and Snacks products makes a diverse portfolio of processed food products.

The Company presently operates from seven (7) processing units strategically located near the fruit and vegetable growing areas at Chittoor (Andhra Pradesh), Valsad (Gujarat), Nasik (Maharashtra) and Mumbai.

Company is in final stages of installing two new lines i.e. spray drying & flavor compound / blending in the western region. This will add capacities and also give opportunity in the new value added products.

The Company’s units at Chittoor and Nasik are FSSC 22000-2010 accredited by DNV Business Assurance for food safety management of the Company. --- Valsad unit of the Company is ISO 22000 certifi ed. In addition to the above, the Company’s units are SGF accredited in recognition of the quality practices adopted by the Company over the years.These certifications enable the Company to sell its products in the regulated markets like Europe, USA and Japan.
The Company derives significant portion of its income from sale of range of mango products both in domestic as well as international markets. The domestic business of the Company is driven by its own sales and marketing network. The Company participates in leading international trade fairs and exhibitions such as Anuga (Germany), Sial (France), Gulf Food (Dubai) enabling the Company to procure customer orders.

Due to the availability of the entire process line in-house, the Company’s dependence on third parties for providing specific and customized processed products to its customers reduces to a large extent. We believe that this ability to provide customized products to its customers is the key strength for further growth of the Company.

During the year the Company made capital investments at its manufacturing facilities in Chittoor and Nashik for enhancing the capacities to take advantage of growing domestic demand of our products and automation in material handling. This will reduce operating expense and upgrading system on farmer’s certificate programme to comply with new EU guidelines on food safety and security. The Company has also upgraded its existing fruit concentration line to produce Tomato Paste as per International standard. The first season business
response has been encouraging hence the company is considering setting up second plant in the western region. Also Company is at a final stage of negotiating project cost for food service & institutional pack for Tomato paste for fast food chain.The new spray drying plant will also being planned for commissioning in September, 2014.Further the Company has successfully negotiated contract manufacturing of value added fruit compounds and blend with the equipment supplied by leading EU Company for exclusive production for their requirement to be sold in domestic and neighboring countries.

The Products :

Aseptic :
Concentrates – Totapuri Mango Concentrate, Red Papaya Concentrate, White Guava Concentrate & Neelam

Mango Concentrate Puree : Alphonso Mango, Kesar Mango, Totapuri Mango, Raspuri Mango, White Guava, Pink Guava, Red Papaya, Sindura Mango, Alphonso Totapuri Blend

Canning :
Puree : Alphonso Mango, Sweetened Alphonso, Kesar Mango, Sweetened Kesar Mango, Totapuri Mango, Raspuri Mango.

Spray Dried : Alphonso Mango powder, Ripe Banana Powder, Tomato Juice Powder, Orange Juice Powder, Beetroot Juice Powder, Pineapple Juice Powder, Lemon Juice Powder

Organic Puree : Alphonso Mango Puree

The Valuation :

The company having TTM sales of Rs 350 Cr, TTM EPS of Rs 167 per share, belonging to ambitious and high growth Food sector which is the flavor of the current bull market, is trading at a ridiculously cheap market cap of just 150 Cr, (Sales to Market Cap of just 0.35) that gives us PE ratio of Just over 6.5.

Company has ROE of 18% and ROCE of 12%, which will increase significantly going forward, as new production lines have commenced for high margin value added products.

(If we compare peers, Freshtrop Fruits with TTM sales of 125 crore and EPS of 7 is trading at Market cap of over 210 Crore and PE of close to 25. Another Tricom Fruits with TTM sales of less than 1 lakh rupee and negative EPS, Edelweiss bought 11% stake into it at an undisclosed amount.)

While Foods & Inns is a profit making high growth company, so why cant it trade atleast at 15 PE of FY15 estimate EPS of more than 175, that brings us to fair valuation of price close to Rs 2600 per share, while this hidden gem is available at just Rs 1000, giving scope of immense appreciation in medium to long term. Investors must buy and sit tightly on this stock to earn multibagger returns, before it comes into limelight of media and analyst.

Capital of the company is just 1.45 Cr (1.45 million shares), out of which management holds 46%, FII 1.45, 28.55% with HNI Investors, leaving only less than 3 lakhs shares with minority shareholders.

This sector has huge potential, especially when PM of India, Shri Narendra Modi himself has said many times, that to avoid wastage of fruits due to lack of warehousing and cold storage, fruit farmers should get ready market if producers of cola drinks adds 5% of fruit juice into their drinks. This will create huge demand for entire manufacturing line of fruit processing industry.

Triggers :

As per latest news of 20th Jan, EU has lifted ban on import of mangoes from India, this will give the company huge and lucrative high margin market of more than 28 country bloc, which follows EU guidelines, earlier on November 2014, during the visit of Shri Narendra Modi to Japan, Japanese authorities has expedited
procedural obligations to step up Mango import from India. Since new government is serious to help food processing industries, many such steps are expected in future also, this will only help the company going forward, which could be huge positive for the entire industry.

Company may sell off their Deonar unit and shift production to its Valsad or Nasik unit to reduce the debt, which can add atleast Rs 60 to 70 to its yearly EPS

In coming budget, this particular sector is likely to get huge sops to encourage domestic food processing industries, increase in export rebate, reducing of duties and taxes, discount in interest rates, all these can add another Rs 20 to 30 to its yearly EPS

Since company is loaded with high debt, falling interest rates will directly add to the bottomline from here on.

Falling food inflation, Bumper harvest, Direct Fertilizer subsidy Transfer to farmers, Removing of supply side bottlenecks, will only help company to source raw material from growers at a cheaper rates.

Likely to go for 10:1 Split or announce liberal bonus to widen investor base.

Stock has been in Trade to Trade since last many months, likely to come out soon, which will see huge price impact on the upside, once the shackles of “T” group is removed

Reduction in fuel price will help company reduce transportation cost substantially


For more Hidden Gem Picks : http://hemanghigandhi.blogspot.in/

ALSTOM INDIA LTD - CMP 650 - "MAKE IN INDIA" THEME

ALSTOM India Ltd (CMP 650 Face Value Rs 10) :

Alstom, a global leader in energy generation, transmission and rail infrastructure, has gained an enviable reputation through the quality of its products and services. We are committed to customer satisfaction by continuously improving our products and setting the benchmark for innovative and environmentally conscious technologies. In India, Alstom offers full range of products and services for power generation, transport and transmission sector.

In the power sector, Alstom is a leader in clean technologies for all types of fuel including gas, coal, hydro, nuclear, solar, wind, etc. It offers a comprehensive range of power generation solutions - from integrated power plant to associated services including plant modernisation, maintenance and operational support.

A promoter of sustainable mobility, the Transport sector is the only multi specialist constructor in the railway sector covering everything from rolling stock and maintenance to signalling and infrastructures.

The Grid sector offers products, power electronics, automation and turnkey solutions, alongside a full range of services, to its customers across high, extra high and ultra-high voltages (66 kV to 765 kV/1200 kV). It designs and manufactures equipment and engineered turnkey solutions to manage power grids and transmit electricity from the power plant to the large end-user, be it a distribution utility or an industrial process or production facility.

At the heart of the development of Smart Grid, Alstom Grid in India offers fully localised products, services and integrated energy management solutions across the full energy value chain - from power generation, through transmission and distribution grids and to the large end user. It offers products and Services by Range, Market, Engineered Solutions and Smart Grid.

While quarterly sales have shown volatility between 450 cr to 700 cr for the last 10 quarters, operating profit has improved from 12 cr to 58 cr from Jun 12 to Sep 14. In the same period other income doubled from 19 to 38 crore, while EBIDT tripled from 32 cr to 97 cr., tax expenses rose from 6 cr to 41 cr.

Net profit rose from 13 cr to 86 crore, more than 7 times in last 10 quarters. Giving EPS of 12.8 in SEP 14 quarter, which was 1.92 in JUN 12.

The company has technology MOAT, which places it as a top notch player in Power Sector.

This debt free company has a good ROE of 25.94%, and ROCE of 22.11% for the last 3 years, which will only improve due to fall in input price and revival of power sector.

We expect company to post EPS of Rs 60 for FY16, which discounts CMP of Rs 650 at just 11 times 1 year forward earning, Going forward we expect stock price to touch 1200 in next 12 months discounting its current price to earning of 20 times at which all MNC companies trades at.

This is mainly due to Falling commodity prices along with cost control measures implemented by the company resulted in robust bottomline of the company, which can be seen in Sept quarter result.

Company maintains healthy dividend payout of 32.68%, which will double Dividend per share from current Rs 10 to Rs 20. Good performance to continue going forward, looking at manufacturing push by the government, plus good demand likely from power and energy sector added with demand from Railway Sector, as announced by PM Modi, as company is multi specialist constructor in Railway sector, covering everything from rolling stock and maintenance to signaling & infrastructure.

After GE takeover, AIL to become GE India, only listed GE company outside of USA. Company to get benefit of GE product portfolio & technology going forward.

For more such picks you can visit : http://hemanghigandhi.blogspot.in/

Prozone Intu Properties Ltd (CMP 21)

 PROZONE INTU PROPERTIES – Rs 21 Target Rs 84

BSE : 534675 NSE : PROZONINTU (FACE VALUE RS 2)

PROZONE INTU PROPERTIES (PIP), formerly known as Prozone Capital Shopping Centres Limited (PCSC)  was demerged from Provogue on 10^th Feb, 2012, and was listed on stock exchange on 12^th Sept, 2012, is a joint venture between Provogue (India) and Intu Properties (UK), formerly known as Capital Shopping Centres (UK) in which Intu Properties holds 32.38% stake.

Intu Properties invested Rs 202 crore for 25% stake (via FDI Account) in FY07 valuing this company at Rs 808 cr then (Current Market cap of entire company is just 250 odd crore)

Intu Properties (UK) is one of the largest real estate company of UK which is owning & managing close to 8 billion Pounds of assets, Its strategy is to focus on large mixed development (Built-Lease & Built-Sell model) thus facilitates creation of debt-free assets and generating annuity income.

PIP has also got investment from Triangle Fund (South Africa) and Lewis Trust Group for three projects in Aurangabad, Coimbatore and Nagpur of Rs 367 Crore for 38% stake in 2008.

Business Strategy –

 To develop large scale Land Parcels for Mixed Use development.

 75% of the Land to be developed as Residential & Commercial – Build & Sell model

 25% of the Land to be developed as Retail – Build & Lease Model

 The Company follows this model so as the Cash Flows from Build & Sell portfolio facilitate the Build &

 lease model, Thus resulting into Debt Free Annuity Assets.

Residential Projects ‐ Strategy

 The Company invests and develops the entire Clubhouse and Site Infrastructure for the project

upfront before the Launch of the Project.

 The Clubhouse features all the Modern amenities and is spread across 4‐5 acres of Land.

 It provides credibility to the business as all the Amenities are developed Upfront and also all the

project permissions are in place.

 It thus accelerates the sale of the project, resulting into better cash flows.

 The company spends around Rs. 14 ‐15 cr on this upfront Infrastructure as it is cash rich and not

levered. Also since it has economies of scale the cost is apportioned across large no of units resulting

into cost effective way.

 Due to this, the Company emerges as the strongest and the most credible player in the region. Eg, In

Nagpur, Company has received an over whelming response is compared to the best players in the

region such as Tata Realty, Mahindra & Godrej Properties.

The company has land bank of 17.8 million square ft spread over 6 cities in India, viz :

Total Saleable Area         Million Sq Ft

Aurangabad                          1.56 – Land Area 19.79 acres ( 1.50 FSI) PIP Stake 61.5%

Nagpur                                 4.25 – Land Area 41.30 acres (2.00 FSI) PIP Stake 61.5%

Indore                                   4.54 – Land Area 43.49 acres (2.00 FSI) PIP Stake 60.0%

Coimbatore                           3.44 – Land Area 25.66 acres (2.50 FSI) PIP Stake 61.5%

Jaipur                                    2.78 – Land Area 28.31 acres (1.75 FSI) PIP Stake 50%

Mysore                                 1.22 – Land Area 8 acres  (1.75 FSI) PIP Stake 25%

Total                                     17.79

PIP a turnaround story. 

PIP has 17.79 million Sq Ft of land bank (entire land bank is paid up) with only 1.2 million developed till dateand more than 16.5 mn sq ft yet to be monetized.

Out of total 17.79 mn sq ft, 2 mn would be used for Retail, 7.6 mn sq ft for residential and 0.4 mn sq ft for commercial with the balance 8 mn sq ft for future expansion.

Company is almost debt free and will be able to monetize its huge saleable land bank over the next few years to come, which gives vision for long term investments.

 The company has strong balance sheet with net debt at less than 15 cr on a consolidated basis. The total debt for the company is around 152.2 cr, of which PIPs share is 93.6 cr (61.5% share). The company has cash and cash equivalent to the tune of 80 Cr at the parent level making the company relatively debt free.

The company intends to utilize the cash flow from the residential projects to facilitate the construction of the retail malls.

The company will have strong free cash flows this year as the company has delivered the commercial PTC Phase 1 and Saral Bazaar in FY14. Also, strong annuity income by FY16-17, as the company will have 3 operational malls in Aurangabad, Coimbatore and Nagpur with an estimated total annuity income of more than Rs 100 Cr.

The company is estimated to have more than Rs 1000 Cr of cash & Cash Receivables by FY16 due to the launch of 4 residential projects (Nagpur, Indore, Coimbatore and Jaipur) and commencement of 3 retail Malls. (Aurangabad, Nagpur & Coimbatore)

If we take conservative value of entire land bank, which is fully paid up and nowadays such land parcels are difficult to acquire as these are huge single land parcel, which comes close to 2000 cr, out of which stake of PIP is 61.5% that comes to around Rs 1250 Cr, which is 5 times its current market cap, plus annuity income from retail space which will increase every year, the stock is trading at Market cap of JUST 250 CR and is a screaming buy for the conservative target of RS 84 in next 24 months, adding scarcity premium as its one of the listed company which is partly held by foreign partner, which is into high growth consumption theme of tier 2 and tier 3 cities with retail malls business alongwith Commercial complexes, which has high demand from IT/BPO space as cheap availability of manpower, plus company is into Affordability Housing residential project, where company first creates the infrastructure and ameneties before opening of bookings.

Some Back of the envelop calculation :

Company plans to develop 17 million sq ft in next 6 years, imagine if the company earns most conservative profit of just Rs 1500 per sq ft as it is fully paid land bank, (only construction cost of 1200 per sq ft and other cost + taxes another 800 rs expense per sq ft, where as selling price is between 3500 to 4000 per sq ft super built up this is conservative estimate as total current value of land bank is Rs 2000 cr, so company must earn atleast 3000 crore after developing it, else company is better off selling entire land bank at current price of Rs 2000 cr), than total Profit in the next 6 years could be Rs 1500 x 1.7 Cr sq ft = 2550 Crore of profit, which is 10 times of current market cap. Just imagine the potential this company has to earn.

We are yet to calculate lease income which will accrue year after year on 4.5 million sq ft of retail space, If Rs 50 / sq ft lease rental is received per month, than 50 x 12 x 45 lakh sq ft = 270 cr per year, yes its mind boggling lease rental income of Rs 270 cr per year, which alone will give EPS of Rs 18 per year, add that with Profit earned over Rs 2500 cr in next six year, that will give EPS of close to 30 per year.

That means company has potential to earn EPS of Rs 50 per year, and is available at Rs 20 only? Just because it is small cap, under researched and hidden gem.

Company has long term asset which they can list as REIT. FDI allowed in construction to benefit, as company has foreign partner INTU (UK) will buy stake from indian partner and company will become mnc co.

(rakesh jhunjhunwala hold 2%)

Stewarts & Lloyds of India Ltd (Recomended at 30)

Stock made high of 54 after recomendation

STEWARTS & LLOYDS OF INDIA LTD – BSE : 504960 (RS 30.00 FACE VALUE RS 10)

This company is Promoted by IOT Infrastructure & Energy Services Ltd (100% Subsidiary of Indian Oil Corporation Ltd) which holds 55.46% stake in it. The company has small equity base of Rs 3 crore, with very low floating stock. The company which is promoted by PSU Subsidiary Company, Listed on BSE, belongs to turnaround sector, i.e. EPC & Project Maintenance is trading at a Ridiculously cheap, with market cap of only 9 crore.

Main business of the company is to execute EPC, Maintenance, Engineering Services and Project Management orders received from Indian Oil Corporation (IOC) and all its Subsidiaries through its promoter company IOT Infra & Energy Services Ltd (IOCIESL).

Everything was going good with this company till boom period of 2007-8 and before that. After that downhill ride for the company started.

Main reason was Shortage of Orders, Non availability of Bank Finance,  Non realization of old outstanding dues, Encashment of Bank Guarantees, the company has to suffer a lot, as IOCL, from which it used to receive orders was bleeding under subsidy burden, which made difficult for the company to allot cash and undertake for new project and pass on the contract to Stewarts & Lloyds through IOTIESL.

The performance of the company has now hit the bottom and could not go down further.

In the past few months the UPA and new NDA government has allowed to raise Diesel price by 50 Paise gradually, the step which seems to be turning around the corners for the oil companies including IOCL, now that the subsidy on Diesel is just under 1 rupee per litre, as compared to Rs 15 couple of years back.

Now that OIL COMPANIES will again start making profits, which will fill their chest with cash and help them to execute new projects, which will benefit companies like Stewarts & Lloyds.

Even Stewarts & Lloyds have proposed some steps to turn the company around , some of the Strategies adopted by the company is as below :-

Regaining Customer’s Confidence

Initiatives to tie-up with various Public / Private sectors

Strengthening the working capacity with active business development drive

Synergies with group companies to create value

Upgradation of safety and quality standard in order to meet up international standard

Restructuring its marketing group to focus on company’s business for project related and maintenance job

Top build self-sustaining base for manufacturing and fabrication unit

Measures taken for cost reduction and cost control in all the activities

In a recently concluded AGM the Chairman mentioned that

“The company is putting its best efforts to come out of this impasse with the support of its parent company and associate companies.

The parent company has come forward with active involvement to resolve the stalement condition in the banks.

The company is also having talks with its associate companies for bagging some part of the Service / Erection orders from them where involvement of Letter of Credit and Bank Guarantee is NIL.

The company is also concentrating on procurement of maintenance orders from DSP, TATA STEEL and PARADIP where requirement of supplyis very nominal.

The company is aiming for optimum utilization of its available resources and hopes that with the visionary outlook and effective planning of the NEW GOVERNMENT there will be BOOST up in the Infrastructure and Engineering sectors and the company will be able to take the opportunity to grab some of the business from the market and gradually come out from such difficult situation.”

Conclusion : Looking at all the above reasons, Investors can take small exposure in the company as high risk high gain bet with medium term view of 12 months with target price of Rs 50. Which seems achievable if company turns around and start making profits again.

Old Reco - Bharat Agri Fert & Realty Ltd (Recomended at Rs 80)

The stock achieved target of 175

The Company :-

Bharat Agri Fert & Realty Ltd (BFRL), a company came with a public issue in 1962, and is listed

on BSE ever since. Main business of the company is to manufacture NPK Fertilizer, mainly SSP

fertilizer in powder and granulated form.

Company closed down one of its manufacturing plant at Majiwade, Thane and is developing 6.5

acre of land for residential project in 2 phase, out of which phase 1 is completed.

Assets :-

Plant & Machinery (Fully depreciated in the books) located at Wada, Maharashtra for

Manufacturing Fertilizer : Replacement cost for the same could be 15 crore minimum,

considering the cost of land (18.36 acres), plant and machinery and license issued for

manufacturing.

Product Installed Capacity in M.Tons per annum

Single Super Phosphate Powder form 1,32,000

Single Super Phosphate Granule form 99,000

Sulphuric Acid 33,000 (Against licensed capacity of 1,00,000)

Sodium Silico Fluoride 660

Ferric Alum solid 26,400

Surplus Land to the tune of 120 Acres at Wada, Maharashtra (To be used in Organic Farming and

Aromatic plant cultivation, Approx value of land Rs 100 Crore)

70,000 Square Feet of inventory in the form of ready to move in flats at Majiwade, Thane (Current rate

is approx Rs 9000 per Square Feet, that comes to around 63 crores, for which construction expenses

already booked)

Earning potential from Phase 2 of Majiwade project of 280000 saleable sq ft (Rs 4000 profit

per sq ft x 280000 = 112 Crores in next 3 / 4 years

Bharat House at Fort, Mumbai where company plans to develop 15000 square feet of commercial

premise, which will earn Rs 5.4 crore as lease rental per annum from FY 2015 onwards. (The rate per

square feet in Fort area is close to Rs 20000, which brings valuation close to Rs 30 crore)

BAFR recently purchased Commercial Space for office use at distressed price of Rs 10 Crore at Hubtown

Solaris, andheri

SSP stock as on 31.03.2013 as 16,000 M.Tons, Rs 9.93 Crores & Rs 23 Crore stock in trade in real estate

division

Business : -

Fertilizer :

BAFR is confident of selling 70,000 M.Tons of Powder SSP / Granular SSP in the year 2013-14, in

the state of Mahrasshtra, against state requirement of 9 Lakh M.Tons, mainly through supply

agreement with M/s. Indian Potash Ltd (Asia’s largest fertilizer trading co) of 30,000 MT,

Maharashtra Agro Industries Development Corp Ltd of 10,000 MT and under company’s own

brand Bharat of 30,000 MT. In addition to these, company is negotiating to sell additional

quantity to M/s. Chambal Fertilizers & Chemicals Ltd and M/s. Jubilant Industries.

According to the company, Raw material could be planned in advance and since the company’s

plant is in upto date condition to run at minimum 50% capacity utilization (70,000 MT target

sales against installed capacity of 1,32,000 MT, thereby no additional Capital Investment

required to catch ready market for GSSP for additional 70,000 MT per annum) in 2013-14 and

there will be excellent performance in company operation from fertilizer business during 2013-

14 with reasonable profit margin.

Real Estate :

BAFR will start Phase 2 of its residential project of 2,80,000 Square Feet saleable area from

October 2013 which will be completed by 2017/18, which will bring in the revenue of Rs 250

crore and pre tax profit of close to 110/120 crores, spread over next 3 years. (Only

construction expense and TDR expense will be incurred to the tune of Rs 2000 & 2500 PSF

against selling price of above Rs 9000 PSF), the balance stock of ready flats for 70,000 Sq Ft as

on 31.03.2013 of Phase 1 would be sold during 2013-14 and 2014-15, to enable company to

have funds arrangement from its own resource for Phase 2.

The company has already received MoEF permission Letter No SEAC 2012/CR-288tc-2 dated

17th May 2013 for Phase 2 project and will be shortly apply to Thane Municipal Corporation for

necessary approval of plans.

The company was in the final stage of starting redevelopment of Mumbai office at Nanabhai

Lane, Fort, Mumbai 400 023 and the area of 15,000 Sq Ft would be given on lease and this

project would be completed in 2014-15. The company would earn income of Rs 45.00 Lacs per

month on its completion.

The company is only liable to pay MAT at the rate of 22.66% on the profit earned.

Conclusion :-

Thus BAFR, the Debt Free, and Cash Rich company with huge assets and earning visibility

over next 4 years along with excellent ROE and ROCE plus tax benefit as company is only

paying MAT (Minimum Alternative Tax) at the rate of 22.66% only, can earn an EPS of Rs 15

from Fertilizer division and EPS of close to Rs 60 from its real estate division (70,000 Sq Ft

unsold ready flats to be sold in FY 14 & FY 15 @ of Rs 9000 Per Square feet) in FY 14, which

could jump to Rs 100/120 once booking and revenue starts from Phase 2 of Majiwade, Thane

residential project, October 2013 onwards.

Hence the stock is available at P/E multiple of 0.80 for FY 14 and 0.6 for FY15 earning per

share of Rs 100 and Rs 120. If dividend increase taken into consideration than tax free

dividend yield comes close to 7.5% per annum for expected dividend of Rs 6 per share for FY

14 and 10% per annum i.e. Rs 8 per share for FY 15.

Considering above all listed asset of close to Rs 250 crores, that comes to Rs 500 per Share,

plus earning potential from Phase 2 of Majiwade project of 280000 saleable sq ft (Rs 4000

profit per sq ft x 280000 = 112 Crores in next 3 / 4 years, adding yet 200 rs per share, that

comes to asset value per share of close to Rs 700, while this under researched stock is

available at Rs 80, i.e. more than 85% discount to its Assets Value.

Hence the stock at CMP of Rs 80 is grossly undervalued and is a screaming buy with a target

of Rs 175 in the next 12 months.

Link to download latest Annual Report :-

http://www.mediafire.com/?7v12p1mmxbsfolx

(Author : Mrs Hemangi Gandhi, Ahmedabad – hemanghigandhi@gmail.com )