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.

Wonderla Holidays Ltd Update

We recommend at 253 on 13th Aug 2014 Today reached 355 We recommend short term traders to book profit in this company. 

Wonderla Holidays Ltd - Hidden Gem - Buy

Wonderla Holidays ltd started in the year 2002 at kochi for amusment park and resorts, and in 2009 they opened another amusment park at Bangalore, After 2009 they started good revenue from bangalore amusment park, 75 % of their Revenue comes mainly from their Bangalore We see this company revenue improving year and year this is the only amusment park listed in NSE & BSE, Compare with other listed companies in the same sector country club WHL value is cheap. Another milestone for this company they are going to start another amusment park at Hyderabad, After the commencement of Hyderabad unit we can expect its revenue can increase to three hold.

Mar13	Mar12	Mar11	Mar10	Mar09
Income :
Operating Income	137.85	113.13	89.64	68.87	62.36
Expenses
Material Consumed	7.22	4.75	4.17	3.64	3.17
Manufacturing Expenses	20.73	16.96	12.39	11.45	10.40
Personnel Expenses	27.42	20.75	13.81	11.21	9.88
Selling Expenses	0.00	0.00	0.00	0.00	0.00
Adminstrative Expenses	19.64	15.18	13.34	11.34	11.19
Expenses Capitalised	0.00	0.00	0.00	0.00	0.00
Cost Of Sales	75.01	57.64	43.71	37.64	34.65
Operating Profit	62.84	55.50	45.94	31.23	27.71
Other Recurring Income	1.32	1.39	1.57	0.89	0.95
Adjusted PBDIT	64.16	56.89	47.51	32.11	28.66
Financial Expenses	2.23	1.13	3.90	5.78	7.64
Depreciation	11.85	11.56	11.83	11.83	11.73
Other Write offs	0.00	0.00	0.00	0.00	0.00
Adjusted PBT	50.09	44.20	31.78	14.50	9.30
Tax Charges	16.61	14.33	11.06	5.12	-1.73
Adjusted PAT	33.48	29.87	20.72	9.38	11.03
Non Recurring Items	0.00	0.00	10.80	0.00	0.00
Other Non Cash adjustments	0.00	0.00	0.00	0.00	0.00
Reported Net Profit	33.48	29.87	31.52	9.38	11.03
Earnigs Before Appropriation	78.43	54.49	34.18	9.38	11.03
Equity Dividend	5.23	5.28	5.28	0.00	0.00
Preference Dividend	0.00	0.00	0.00	0.00	0.00
Dividend Tax	1.07	1.02	1.02	0.00	0.00
Retained Earnings	72.13	48.19	27.88	9.38	11.03

Source Dion Global Solution ltd

This stock is listed in both NSE & BSE Cmp 253 TGT 400 in short term view

TVS Motor Company Ltd - Mulitbagger Buy

TVS Motor company Ltd we all well know about this company. This company faced huge challange for the past 4 Years, For the last 1 year company vehicle sales started improving mainly in its scotter segment and its Share increased from 12.7 to 16.9 % as on lastest till Mar 2014 sales.  We believe comparing with its peer company, it can do well in the next few years.  TVS Motor Company Ltd. - Profit & Loss

Mar14 Mar13 Mar12 Mar11 Mar10 Income :  Operating Income  7961.85 7065.00 7126.20 6179.48 4363.11 Expenses  Material Consumed  5719.07 5145.98 5315.29 4662.62 3171.71 Manufacturing Expenses  79.81 90.45 89.77 116.22 90.99 Personnel Expenses  476.11 407.13 370.11 328.69 251.39 Selling Expenses  0.00 0.00 0.00 595.37 501.51 Adminstrative Expenses  1208.76 1012.41 881.66 172.22 138.15 Expenses Capitalised  0.00 0.00 0.00 0.00 0.00 Cost Of Sales  7483.75 6655.97 6656.83 5875.12 4153.75 Operating Profit  478.10 409.03 469.37 304.36 209.36 Other Recurring Income  30.21 23.84 21.71 131.48 79.36 Adjusted PBDIT  508.31 432.87 491.08 435.84 288.72 Financial Expenses  25.40 48.04 57.09 70.30 75.36 Depreciation  131.65 130.41 117.53 107.25 102.53 Other Write offs  0.00 0.00 0.00 0.36 1.95 Adjusted PBT  351.26 254.42 316.46 257.93 108.88 Tax Charges  90.91 47.56 67.39 53.51 -11.84 Adjusted PAT  260.35 206.86 249.07 204.42 120.72 Non Recurring Items  1.28 -90.84 0.00 -9.84 -32.71 Other Non Cash adjustments  0.00 0.00 0.00 0.00 0.00 Reported Net Profit  261.63 116.02 249.07 194.58 88.01 Earnigs Before Appropriation  585.44 400.92 384.54 228.70 121.03 Equity Dividend  55.50 48.53 51.76 44.06 28.51 Preference Dividend  0.00 0.00 0.00 0.00 0.00 Dividend Tax  11.01 8.49 10.01 8.21 4.36 Retained Earnings  518.93 343.90 322.77 176.43 88.16

  Source: Dion Global Solution Ltd.

The company trading in both the exchanges CMP 151 Tgt 300 for short term view Rs.1000 for the longer term view.

Gujarat Pipavav Port Ltd - Dark Horse- Buy

Gujarat Pipavav Port Ltd ( GPPL) is a leading container handling company in india company started its operation in the year 1992, APMTHL and Maersk India acquired 13.5% of the then shareholding of our Company. APMTHL transferred its shareholding in our Company to APM Terminals Mauritius Limited, one of the Promoters of this Company, in October 2005.

Company mainly handling of container cargo, bulk cargo and liquid cargo.  GPPL main business comes from APM terminal and maersk india.  Company suffered loss till 2010, GPPL financial performance and its business started improving year on year. We expect company profitability will improve to 1000 crore in the next 2 to 3 years.

Gujarat Pipavav Port Ltd. - Annual Results

Dec 13 Dec 12 Dec 11 Dec 10 Dec 09 Net Sales/Income from operations 473.65 371.54 366.19 283.93 220.71 Other Operating Income 44.29 44.49 30.58 0.00 0.00 Total Income From Operations 517.94 416.03 396.77 283.93 0.00 EXPENDITURE Increase/Decrease in Stocks 0.00 0.00 0.00 0.00 0.00 Consumption of Raw Materials 0.00 0.00 0.00 0.00 0.00 Purchase of Traded Goods 0.00 0.00 0.00 0.00 0.00 Power & Fuel 0.00 0.00 0.00 0.00 0.00 Employees Cost 42.05 36.08 34.14 27.18 24.69 Depreciation 60.78 54.94 55.78 49.27 45.76 Excise Duty 0.00 0.00 0.00 0.00 0.00 Admin. And Selling Expenses 0.00 0.00 29.29 25.31 35.17 R & D Expenses 0.00 0.00 0.00 0.00 0.00 Provisions And Contingencies 0.00 0.00 0.00 0.00 0.00 Exp. Capitalised 0.00 0.00 0.00 0.00 0.00 Other Expenses 219.05 197.23 150.53 114.05 110.58 P/L Before Other Inc. , Int., Excpt. Items & Tax 196.05 127.78 127.04 68.12 0.00 Other Income 16.76 14.60 15.25 8.14 0.66 P/L Before Int., Excpt. Items & Tax 212.81 142.38 142.29 76.26 0.00 Interest 37.42 68.41 85.19 127.14 115.68 P/L Before Exceptional Items & Tax 175.38 73.96 57.10 -50.89 0.00 Exceptional Items 16.38 0.00 0.00 0.00 0.00 P/L Before Tax 191.77 73.96 57.10 -50.89 0.00 Tax 0.00 0.00 0.00 0.00 0.09 P/L After Tax from Ordinary Activities 191.77 73.96 57.10 -50.89 0.00 Prior Year Adjustments 0.00 0.00 0.00 0.00 0.00 Extra Ordinary Items 0.00 0.00 0.00 -3.83 -5.80 Net Profit/(Loss) For the Period 191.77 73.96 57.10 -54.72 -116.39 Equity Share Capital 483.44 483.44 423.56 423.56 314.86 Reserves Excluding Revaluation Reserves 920.07 728.30 1143.95 1143.95 773.14 Equity Dividend Rate (%) 0.00 0.00 0.00 0.00 0.00 EPS Before Extra Ordinary Basic EPS 3.97 1.64 1.35 -1.45 0.00 Diluted EPS 3.97 1.64 1.35 -1.45 0.00 EPS After Extra Ordinary Basic EPS 3.97 1.64 1.35 -1.56 0.00 Diluted EPS 3.97 1.64 1.35 -1.56 0.00 Public Share Holding No Of Shares (Lakhs) 2755.36 2755.36 2414.07 2414.07 1327.12 Share Holding (%) 56.99 56.99 56.99 56.99 42.15 Promoters and Promoter Group Shareholding a) Pledged/Encumbered - Number of shares 0.00 207903931.00 182152360.00 182152360.00 0.00 - Per. of shares (as a % of the total sh. of prom. and promoter group) 0.00 100.00 100.00 100.00 0.00 - Per. of shares (as a % of the total Share Cap. of the company) 0.00 43.01 43.01 43.01 0.00 b) Non-encumbered - Number of shares 2079.04 0.00 0.00 0.00 0.00 - Per. of shares (as a % of the total sh. of prom. and promoter group) 100.00 0.00 0.00 0.00 0.00 - Per. of shares (as a % of the total Share Cap. of the company) 43.01 0.00 0.00 0.00 0.00 PBITOE margin (%)/ Operating profit Margin (%) 37.85 30.71 32.02 23.99 0.00 PBTE Margin (%) 33.86 17.78 14.39 -17.92 0.00 PBT Margin (%) 37.02 17.78 14.39 -17.92 0.00 PAT Margin/ NP Margin (%) 37.02 17.78 14.39 -19.27 -52.74

Source : Dion Global Solution ltd.

Company trading both NSE and BSE CMP 145 we are expecting target of 300 in short term view.