Carrer Point Limited - Dark Horse - Buy

Career Point Started its operation in the year 1993, they are providing education to students preparing for competitive examinations, apart from this they are also offering test preparation, Technical training and so on.

Career point is partnered with NSDC for Skill development program proposed by modi govt. 

In our view NSDC is a big boost for the training and teaching sectors, Its helps this institutions to expand their business in and around India. 

• Annual Results

	Mar15	Mar14	Mar13	Mar12	Mar11
Income :
Operating Income	62.83	54.14	70.56	79.59	78.62
Expenses
Material Consumed	2.02	1.77	2.53	2.21	2.82
Manufacturing Expenses	0	0	0	0	0
Personnel Expenses	33.49	35.36	34.26	33.54	31.13
Selling Expenses	0	0	0	0	0
Adminstrative Expenses	16.29	15.14	13.61	15.33	14.85
Expenses Capitalised	0	0	0	0	0
Cost Of Sales	51.8	52.27	50.4	51.07	48.8
Operating Profit	11.04	1.87	20.16	28.52	29.82
Other Recurring Income	8.27	8.35	6.83	17.71	10.7
Adjusted PBDIT	19.31	10.22	26.99	46.22	40.53
Financial Expenses	1.07	2.11	0.96	0.04	0.05
Depreciation	4.69	3.69	1.78	1.66	1.3
Other Write offs	0	0	0	0	0
Adjusted PBT	13.55	4.42	24.25	44.52	39.17
Tax Charges	3.85	0.21	8.85	12.72	11.8
Adjusted PAT	9.7	4.21	15.4	31.8	27.37
Non Recurring Items	0	0	0	0	0
Other Non Cash adjustments	0	0	0	0	0
Reported Net Profit	9.7	4.21	15.4	31.8	27.37
Earnigs Before Appropriation	143.45	134.03	129.82	114.42	82.62
Equity Dividend	1.81	0	0	0	0
Preference Dividend	0	0	0	0	0
Dividend Tax	0	0	0	0	0
Retained Earnings	141.63	134.03	129.82	114.42	82.62

Source: Dion Global solution ltd

We recommend with a Buy call on carrer point cmp 108 tgt of 200.

Agarwal Industrial Corporation - Dark Horse - Buy

Agarwal Industrial Corporation Previously named as Bombay Baroda Transport, The company is the largest transporation of Bulk Bitumen, Bulk LPG and Wind generation Power equipements.

The company diversified its business and started a new bitumen manufacturing unit at Belgaum, Karnataka.

Bitumen is the main product for road construction, In the past 1 month nearly 300 stalled road projects has been approved by the newly formed NDA government. We expect more road transporation project will be approve by the new government this will help this company revenue to improve a new historic level.

Mar13 Mar12 Mar11 Mar10 Mar09 Income :  Operating Income  116.73 78.52 55.77 38.32 14.31 Expenses  Material Consumed  81.63 48.54 32.29 18.36 0.09 Manufacturing Expenses  1.04 0.11 0.12 0.06 0.03 Personnel Expenses  1.52 1.27 0.90 0.61 0.43 Selling Expenses  0.00 0.00 0.00 4.58 2.47 Adminstrative Expenses  21.78 21.97 16.99 9.46 6.76 Expenses Capitalised  0.00 0.00 0.00 0.00 0.00 Cost Of Sales  105.97 71.89 50.29 33.08 9.79 Operating Profit  10.76 6.63 5.48 5.24 4.52 Other Recurring Income  0.47 0.94 0.92 0.55 0.05 Adjusted PBDIT  11.24 7.57 6.40 5.79 4.57 Financial Expenses  2.25 1.28 0.98 0.82 0.93 Depreciation  3.90 3.32 3.08 2.43 1.96 Other Write offs  0.00 0.00 0.00 0.00 0.00 Adjusted PBT  5.09 2.97 2.35 2.53 1.68 Tax Charges  1.73 0.56 0.67 0.90 0.43 Adjusted PAT  3.36 2.41 1.68 1.63 1.26 Non Recurring Items  0.00 0.00 0.00 -0.05 0.00 Other Non Cash adjustments  0.00 0.00 0.00 0.00 0.00 Reported Net Profit  3.36 2.41 1.68 1.58 1.26 Earnigs Before Appropriation  11.42 8.06 6.13 4.44 2.86 Equity Dividend  0.52 0.00 0.41 0.00 0.00 Preference Dividend  0.00 0.00 0.00 0.00 0.00 Dividend Tax  0.09 0.00 0.07 0.00 0.00 Retained Earnings  10.81 8.06 5.65 4.44 2.86

Source: Dion Global Solution Ltd

This company listed both NSE and BSE CMP 109 tgt 200 on a short term view.

MT Educare Ltd - Hidden gem Buy

MT Educare ltd is a mumbai based educational service company providing coaching services for 10 th to 12 th students CBSE based syllabus, In 2007 & 2008 they have extended their education centres to Karnataka, Andhra pradesh & Tamil Nadu. Year on Year MT Educare ltd profit increasing by 20 %.  All states schools slowly changing their education to CBSE board this changes is a great advantage for this company. MT Educare ltd is a debt free company. We expect this company will deliver their revenue growth of 25 % year on year.

Mar 14	Mar 13	Mar 12	Mar 11	Mar 10
SOURCES OF FUNDS
Owners Fund
Equity Share Capital	39.78	39.55	35.17	34.35	1.04
Share Application Money	0.00	0.00	0.00	0.00	0.00
Preference Share Capital	0.00	0.00	0.00	0.00	0.00
Reserves & Surplus	74.15	62.61	22.64	13.40	40.09
Loan Funds
Secured Loans	0.00	0.00	0.00	4.50	0.00
Unsecured Loans	1.93	0.00	0.00	0.00	0.00
Total	115.86	102.15	57.81	52.25	41.13
USES OF FUNDS
Fixed Assets
Gross Block	125.57	97.78	56.90	56.48	50.32
Less : Revaluation Reserve	0.00	0.00	0.00	0.00	0.00
Less : Accumulated Depreciation	40.07	31.81	26.72	24.19	17.38
Net Block	85.49	65.97	30.18	32.29	32.94
Capital Work-in-progress	6.08	12.20	16.38	0.91	3.07
Investments	26.15	18.54	14.80	24.84	18.84
Net Current Assets
Current Assets, Loans & Advances	63.92	80.53	68.33	53.92	33.97
Less : Current Liabilities & Provisions	65.77	75.08	71.87	59.71	47.70
Total Net Current Assets	-1.86	5.45	-3.54	-5.79	-13.73
Miscellaneous expenses not written	0.00	0.00	0.00	0.00	0.00
Total	115.86	102.15	57.81	52.25	41.13
Note :
Book Value of Unquoted Investments	19.57	6.57	14.80	24.84	18.84
Market Value of Quoted Investments	0.00	0.00	0.00	0.00	0.00
Contingent liabilities	7.61	16.83	20.81	1.82	1.95
Number of Equity shares outstanding (in Lacs)	397.82	395.48	351.73	343.51	10.41

Source : Dion Global Solution Ltd

This is listed in Both NSE and BSE CMP 144 tgt 240.

Orient Refractories Ltd - Value Buy

Orient Refractories Ltd demerged company from Orient Abrasives ltd at 2010, The Company offers a wide range of Refractory and Monolithic products for the iron and steel industry and enjoy large domestic and international clientele. 

Mar14	Mar13	Mar12	Mar11
Income :
Operating Income	403.50	359.85	300.42	0.00
Expenses
Material Consumed	237.12	211.61	184.26	0.00
Manufacturing Expenses	19.02	16.18	13.08	0.00
Personnel Expenses	33.56	26.61	23.18	0.00
Selling Expenses	0.00	0.00	0.00	0.00
Adminstrative Expenses	34.62	38.50	31.53	0.09
Expenses Capitalised	0.00	0.00	0.00	0.00
Cost Of Sales	324.32	292.90	252.04	0.09
Operating Profit	79.18	66.95	48.37	-0.09
Other Recurring Income	4.10	2.04	4.31	0.00
Adjusted PBDIT	83.29	68.99	52.68	-0.09
Financial Expenses	0.07	1.94	3.88	0.00
Depreciation	3.63	3.79	2.97	0.00
Other Write offs	0.00	0.00	0.00	0.00
Adjusted PBT	79.58	63.26	45.84	-0.09
Tax Charges	26.74	20.03	15.03	0.00
Adjusted PAT	52.85	43.23	30.81	-0.09
Non Recurring Items	0.00	-1.82	0.00	0.00
Other Non Cash adjustments	0.00	-0.02	0.00	0.00
Reported Net Profit	52.85	41.39	30.81	-0.09
Earnigs Before Appropriation	71.84	48.05	30.72	-0.09
Equity Dividend	12.47	12.01	9.97	0.00
Preference Dividend	0.00	0.00	0.00	0.00
Dividend Tax	2.55	2.04	2.04	0.00
Retained Earnings	56.82	33.99	18.70	-0.09

Source: Dion Global Solution Ltd

Orient refractories ltd trading at 97 tgt 180 for a short term view.

Pricol Limited - Hidden Gem - BUY

Premier Instruments & Controls Limited is primarily an Automobile Ancillary Unit with diversification in the recent years into Electronic Control Instruments, Precision Machine Tools, Panel and Sensor Instruments for Defence and Industrial Gauges. Its main line of business is manufacture of automotive instruments and allied accessories.

The Company was established in 1972 and commenced commercial production in the year 1975, They are leader of industrial and automobile meter gauge. Recent sales of automobile both bike and car sales has been in norhtwards, There main business comes from Hero Moto Corp, Bajaj Auto, TVS Motors and Honda. They are maintianing their leadership status for the past 20 years in automobile gauge. Recent financial shows the company can deliver higher profitability in the coming years. 

Mar14 Mar13 Mar12 Mar11 Mar10 Income :  Operating Income  891.15 873.89 964.94 857.34 809.05 Expenses  Material Consumed  600.97 596.84 659.22 581.77 503.95 Manufacturing Expenses  19.54 19.78 19.23 38.09 35.81 Personnel Expenses  131.65 127.87 125.89 113.29 90.99 Selling Expenses  0.00 0.00 0.00 24.90 54.93 Adminstrative Expenses  73.18 68.96 86.86 23.51 19.35 Expenses Capitalised  0.00 0.00 0.00 0.00 0.00 Cost Of Sales  825.34 813.46 891.21 781.56 705.04 Operating Profit  65.81 60.44 73.73 75.78 104.01 Other Recurring Income  3.62 1.52 2.15 1.27 0.85 Adjusted PBDIT  69.44 61.95 75.88 77.05 104.86 Financial Expenses  6.52 16.33 29.79 29.19 32.94 Depreciation  30.67 31.95 29.19 33.70 35.18 Other Write offs  0.00 0.00 0.00 0.00 0.00 Adjusted PBT  32.25 13.67 16.90 14.16 36.74 Tax Charges  16.89 -2.07 9.90 6.38 1.98 Adjusted PAT  15.37 15.74 7.00 7.78 34.76 Non Recurring Items  51.63 0.00 49.42 1.97 -9.28 Other Non Cash adjustments  0.00 0.00 0.00 7.92 0.00 Reported Net Profit  67.00 15.74 56.42 23.12 25.48 Earnigs Before Appropriation  85.54 30.25 67.88 24.79 13.92 Equity Dividend  6.28 2.99 6.03 4.52 3.60 Preference Dividend  0.00 0.00 0.00 0.00 0.00 Dividend Tax  1.29 0.61 1.17 0.88 0.60 Retained Earnings  77.98 26.65 60.68 19.39 9.72

Source: Dion Global Solution Ltd.

We initiate coverage on Pricol ltd cmp 47 Tgt 90 for the short term view.