Sangam Advisors Limited - Bombay Stock · PDF fileundertook for Haldiram in FY12. ... The net profit margin has improved in FY12 at 32.95% ... SANGAM ADVISORS LIMITED

Sangam Advisors Limited

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SANGAM ADVISORS LIMITEDIndustry: Financial Services

Sangam Advisors Limited

• Financial ServicesSector

• June 22, 1999Date of Incorporation

• 33/34, 3rd Floor, Printing House, 28 ‐ D, Police Court Lane, Behind Old Handloom House, Fort, Mumbai 400001

Registered Office

• Mr. Gauri Shankar BajajManaging Director

• Ms. Supriya AroraCompany Secretary

• M/s Mahesh Bairat & AssociatesAuditor

• www.sangamadvisors.comWebsite

49.68

50.32

Promoters

Public & others

Pre Issue Source: Company DRHP

The company provides diversified financial services with

primary focus in assisting small and medium enterprises

in corporate and non‐corporate sectors.

The company’s business is majorly divided into three

verticals, viz. a) Investment Banking Advisory Services, b)

Corporate Advisory and c) Investment in Securities.

The revenue contribution from fee‐based services stood

at Rs. 52.76 lakh (78.8% of total income) while the rest

of the income (interest income and income from

investment activities) stood at Rs. 14.16 lakh for the

financial year 2011‐12.

The rise in fee‐based income was primarily due to

increased share of investment banking advisory services.

The company earned Rs. 20 lakh in M&A advisory it

undertook for Haldiram in FY12.

The company’s investments in its books as on March 31,

2012 aggregate to Rs. 363.64 lakh. However, the market

value of such investments is worth Rs. 278.52 lakh.

At present, the company is catering its professional

advisory services to SMEs in the local markets. Further, it

plans to expand its coverage to 15 other cities in next 3

years.

Business Summary (Key Business Highlights)

ackground & History

Shareholding Pattern as on June 2012 (in %)

No. of Shares Outstanding prior to issue 37,98,875

No. of Shares offered

a. Reserved for Promoters ‐

b. Reserved for Market Makers 3,42,000

c. Net issue to the Public 19,62,000

Total 23,04,000

Equity Shares outstanding after the issue 61,02,875

Minimum Application Size (No. of Shares)

a. For QIB and NII 6,000

b. For Retail Individuals 6,000

Face Value (in Rs.) 10

Issue Price (in Rs.) 22

Issue Size (in Rs.) (Lakhs) 507

Issue Details

The company was incorporated as Sangam Advisors Private

Limited on June 22, 1999. In 2010, the company was taken

over by M/s. Giza Estates Private Limited (GEPL). At

present, GEPL holds 49.68% of the pre‐issue paid‐up share

capital. Post issue, the shareholding of the promoter and

promoter group will come down to 30.93%. The company is

engaged in the business of providing diversified financial

services with a primary focus in assisting small and medium

enterprises (SMEs) in corporate and non‐corporate sector

in financial planning, corporate restructuring and fund

syndication requirements. Going forward, the company is

open to invest in non‐listed SMEs having sound business

model with whom, it will have close business ties. The

company expects long‐term value unlocking by making

strategic investments in such fast growing SMEs.

Background & History


SANGAM ADVISORS LIMITED

Relevant Parties

Lead Manager Aryaman Financial Services Limited

Merchant Banker Aryaman Financial Services Limited

Underwriter

Aryaman Financial Services Limited

K.M. Jain Stock Brokers Private Limited

Market Maker K.M. Jain Stock Brokers Private Limited

Registrar Purva Sharegistry (India) Private Limited

The company intends to use Rs. 455 lakh (i.e 90% of the

fund raised) for investing in listed/non‐listed securities.

Such investments could be of strategic or non‐strategic

nature either for short term/long term duration depending

upon the condition of the capital market. Since the

company is in the business of providing financial and

corporate advisory to SME industry, its domain knowledge

from such business relations, coupled with the experience

of its senior management is likely to help it identify and

explore various investment opportunities in this space. As

the target SME companies may be unlisted, Sangam

Advisors can unlock huge value from its investments in such

companies when they plan to go for equity public issue.

What Drives the Company for Getting Listed?

Underwriter Aryaman

Financial Services Limited

K.M. Jain Stock Brokers Private

Limited

No. of Shares Underwritten

19,62,000 3,42,000

Amount Underwritten (Rs. In Lakhs)

431.64 75.24

% Underwritten 85.16 14.84

Underwriting Commitment

Developing confidence level among corporate clients.

Enhancing brand visibility which will enable future

growth opportunities

Gaining access to additional fund raising in future by

means of new issues of shares.

Increasing public awareness in the company and its

products.

Enhancing the status and financial standing of the

company.

Confidence among the employees about the growth.

Corporate governance and discipline among the organization.

Company’s Expectations from Listing



Financial Data

Rs. (lakhs) FY10 FY11 FY12

Revenue 3.64 13.49 70.43

Growth (%) 203.25 270.67 396.18

EBITDA 0.75 5.07 30.09

EBITDA Margin (%) 20.57 37.56 42.72

Net Profit 0.51 3.62 22.05

NP Margin (%) 13.92 26.86 31.31

EPS (Diluted) 0.12 0.10 0.58

P/E Multiple 179.02 226.86 37.90

P/BV 0.46 2.13 1.92

Investments/Net Worth 0.28 1.33 0.84

ROCE 0.26 0.94 5.07

Revenue grew by 396.16% to Rs. 70.43 lakh from Rs.

13.49 lakh for the financial year ending March 2012.

Advisory/fee‐based income grew 6 times Y‐o‐Y, resulting

in steep rise for the revenue during FY12.

Despite significant rise in employee expenses, EBITDA

margin grew 516 bps due to steep rise in revenue.

Net profit increased to Rs 22.05 lakh in FY12 from Rs

3.62 lakh in FY11.

The net profit margin has improved in FY12 at 32.95%

against 26.86% recorded a year ago.

Price to book value shrunk in FY12 to 1.92 from 2.13

due to sale of investments and inventories emanating

from refund of share application money worth Rs. 855

lakh.

The ongoing financial crisis has affected a number of businesses in developed countries. However, countries like India and

China have withstood it, and as a result, emerged as strong economic powers. India’s soaring economic growth and the rise

in demand for both corporate and consumer financial services are attracting greater interest from international groups. On

the domestic front, new entrants are coming forward to cater to the financial needs of entrepreneurs in the SME space.

Industry Analysis

Financial Snapshot

Financial Services

Capital Markets Portfolio/Asset

management NBFCs and MFIs

Capital Markets Retail brokerage Mutual Funds NBFCs Microfinance

There are more than 8,000 brokers in addition to 75,000 sub‐brokers registered with the SEBI.

Mutual funds in India have assets under management (AUM) worth Rs. 6.92 lakh crore in June 2012 ending quarter.

More than 12,500 NBFCs are registered with the RBI. More than 80% of the equipment hire purchase segment is financed by them.

The micro finance

segment in India

has witnessed

rapid growth.

These institutions

reach out to the

grass root level.

The NSE and BSE are the main exchanges, with NSE contributing more than 75% of the turnover.



Key Drivers of the Industry

Key Drivers of

the Industry

Progressive & regulatory reforms

Indian economy‐one of the fastest‐growing in the

world

Higher saving rate of the

working class

Tremendous growth

potential of Indian capital

market

FIIs viewing Indian capital market as an attractive destination

Favourable demographic

profile

Technology advancement

& online platform

India’s financial sector has been one of the fastest growing sectors in the economy. The opening of Indian economy coupled

with buoyancy in Indian capital market has provided new opportunities for financial and investment activities. The sector

growth can be attributed to:

A large, untapped domestic market with huge growth potential, particularly in sector like Small and Medium

Enterprise.

Presence of financial and capital market mechanism.

Increase in intellectual capital.

Banks account for majority of the banking assets while Non Banking Financial Companies (NBFC) play an important role by

complementing banks in providing wide range of financial services. Other intermediaries such as insurance providers,

NBFCs, and Development Finance Institutions play an important role in the sector. With the demand for financial services

taking off, great opportunities lie in the SME segment, which remains largely untapped.



Michael Porter’s “Five Forces” Analysis

High

Low

Medium

Medium

Rivalry among Existing Competitors

The industry is highly fragmented and

increased competitive pressure pushes

larger players to provide the advisory

services at lower fees

Threats of New Entrants

As the advisory industry is already

fragmented and relies more on client

relationships, the threat of new entrants is

less effective

Threats of Substitutes

Clients can approach the local Chartered Accountant firms for their financial

advisory needs

Bargaining Power

of Service provider

Advisory firms

also have some

factors for

enjoying

bargaining

power:

Proven track

record of

servicing to

reputed clients

Retention of

quality

professionals

Bargaining Power

of Clients

The clients enjoy the liberty of

demanding

services at

competitive

rates



Corporate Governance ‐ The Company emphasizes on the corporate governance for establishing and maintaining integrity,

transparency, accountability and fairness. It has complied with the corporate governance code in accordance with SME

Equity Listing Agreement.

Importantly, the company has undertaken necessary steps to comply with the provisions of the SEBI (Prohibition of Insider

Trading) Regulations, 1992 after listing of the company’s equity shares on the Stock Exchanges. The company’s Chief

Financial Officer and Compliance Officer will be responsible for setting forth policies, procedures, monitoring and

adherences to the rules for preservation of price‐sensitive information and implementation of the code of conduct under

the overall supervision of the Board.

Expansion Plan – The company is constantly marketing itself on various national and international platforms like JITO (Jain

International Trade Organization), ICFAI and CFA Forum. The company plans to expand its customer base from Mumbai

and Nagpur to 15 new cities. Sangam Advisors will execute this expansion plan in a staged manner (over the next 3 years)

by entering into agreements with new co‐associates.

Management Overview ‐ The company is engaged in the business of providing diversified financial services with a primary

focus in assisting small and medium enterprises (SMEs) in corporate and non‐corporate sector in their financial planning,

corporate restructuring and fund syndication requirements. The company believes that strong management and technical

experience along with industry networks will help in achieving key business strategies. Even existing business presence and

elite clientele in advisory and consultancy business will further increase opportunities in expanding investment portfolio.

The company’s current relationship and healthy client base will help generate future revenues as well as open up

possibilities for new businesses through cross references. The company believes that these relationships will provide an

extra edge in sourcing and executing more deals for a growing clientele. After going public, the company believes that it

will further be able to offer attractive stock‐based incentives to talented professionals, which will aid recruitment effort

and retention of key employees.

HR Practices ‐ The company currently has eleven people in its payroll. The permanent employees include personnel

engaged in management, administration, marketing and operations. The employees are not covered by collective

bargaining agreements. The Board of Directors of the company has an optimum combination of Executive and Non‐

Executive Directors. There are six Directors on the Board out of which two are Independent Directors and the Chairman is

an Independent and Non‐Executive Director.

As per the company’s draft prospect, the average experience of their key personnel is 2.76 years. The company is not

providing any others benefits to the employees except for the payment of salaries and yearly bonus.

Business Analysis



Business Overview

The company’s fee‐based income comprises:

a) Investment advisory

b) Corporate advisory services

The major revenue generating verticals for the company are as

follows:

Investment Banking Advisory: The company’s major

revenue comes from this segment; it contributed close to

80% of the total advisory business and 60% of the total

revenue during FY12. Investment Banking Advisory vertical

can be further subdivided into the following domains:

Debt syndication: Debt syndication falls under

investment banking advisory services, which

contributed close to 20% of fee‐based income during

FY12. The company undertook debt syndication for

ALL Services and Mail Order Solutions during FY12.

Mergers & Acquisitions (M&A): The company has

provided amalgamation services, which is a part of

M&A. It contributed around 40% to the total advisory

income.

Sangam Advisors

Investment Banking advisory

Debt Syndication

M&A

PE

Corporate Advisory

Tax Advisory

Restructuring

Investment in securities

Public companies

PrivateCompanies

Corporate advisory‐ The company has the flexibility to offer this service separately or bundle it with other services

like debt syndication or M&A.

Investment in securities: The company has invested in quoted shares considered as long term and short term. Out of

which, short term investments are disclosed under inventory as per the AS‐13 accounting guidelines. Both long‐term

and short‐term investments stood at Rs. 363.64 lakh and Rs. 37.69 lakh respectively. As of FY12, the market value of

long‐term investments was Rs. 278.52 lakh, significantly lower than the purchase cost.

20%

40%

20%

20%

Fee based income break‐up for FY12

Debt Syndication

Amalgamation (M&A)

Advisory on PE deals

Miscellenous



SWOT Analysis

Significantly dependent on few customers ‐ The company’s top 5 clients contributed 64.47% and 51.08% of its total fee‐

based income during FY12 and FY11 respectively. The company expects the fee‐based income to remain restricted to a

limited number of clients and this trend may continue in near future as well.

Utilization of issue proceeds ‐ The company does not have a fixed investment plan or a definitive agreement to utilize a

substantial portion of the issue proceeds amounting to Rs 455 lakh, which is 89.76% of the issue size. Since the planned

investments may include unlisted companies, due diligence may take a longer time compared to listed companies.

Inconsistent revenue stream ‐ Revenues from investment and securities business have remained inconsistent for the

last 3 years. The company also expects it to remain inconsistent in the near term as well due to the volatile nature of the

capital markets.

Recruitment and retention of employees ‐ Qualified professionals in financial services industry are well paid and

recruiting them involves substantial amount of expenditure. Apart from the hiring exercise, retaining them also requires

good compensation benefits and periodic appraisals.

Key Risks

External

Strengths

Promoters has strong experience in

financial services

Strong relationship with existing clients Corporate networking through various platforms like JITO, ICAI and CFA forum

Weakness

Constraint on hiring and retaining larger team of highly qualified professionals

compared to bigger competitors

Being a new entrant, it will require more

time to garner corporate networking and

grow advisory business

Opportunities

Improving market sentiments would

provide more growth opportunities.

Vibrant Indian debt market would lead

to more debt syndication

This advisory model can be replicated in

untapped SME markets

Threats

Fear of acquisition by larger players as promoters and promoter group holding

is less than 30.93%, post issue.

Unfavorable market conditions.

Changes in regulatory norms.

In

ternal

Favorable Unfavorable



New Initiatives

Single minded focus on SMEs – The SME sector has largely remained underserved by the financial services industry in

India even though they have contributed a significant part (close to 8%) to the economy. The SMEs in tier‐II cities receive

limited corporate advisory services to take care of their financial and treasury operations needs. As per the

management's vision, they expect to grow by at least 100% till the next decade.

Replicate current advisory model to the SMEs of tier–II cities ‐ The company plans to provide financial advisory services

to the SME entrepreneurs of at least 15 tier‐II cities in the next 3 years and establish its current advisory model with the

help of co‐associates.

Close business ties with SME clients provide value investment opportunities ‐ The company gets immense opportunity

to understand the business of its SME clients with whom it has worked for a long period of time. Such business relations

also provide avenues for long‐term value investments in such fast growing unlisted SMEs as promoters are willing to

dilute stake. In the long run, the company stands to unlock huge value with such investments.

Strong advisory pipeline for FY13 ‐ The company is having couple of good advisory deals in its kitty for FY13 in the FMCG

space. Apart from the converted deals, the company is also in the final stages of acquiring a big ticket advisory deal with

a well known SME company.

Growth Drivers

Targeting tier – II cities

(Apart from Mumbai)

Utilizing various types of

forums to create corporate

networking

Expanding its customer base by

hiring qualified professionals

The company plans to conduct conferences to educate SME

entrepreneurs on their wealth management and fund raising

activity in metros as well as potential tier‐II cities.

The company is actively using the professional platforms like

ICFAI, CFA, JITO (Jain International Trade Organization) for

developing corporate networking

The company plans to expand its customer base and co‐

associates in the next 3 years to 15 key cities in the country

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Financial Analysis

3.64

13.49

66.93

0

20

40

60

80

2010 2011 2012

Rs in Lakhs

Total Revenue

2.357.25

52.77

0

10

20

30

40

50

60

2010 2011 2012

Rs in Lakhs

Fee based Income

The company witnessed strong revenue growth due to

rise in both fee‐based and interest income. Majority of the

revenue (close to 80%) is generated from fee‐based

income. The remaining income comes from interest

earned from loans & advances and fixed deposits. The

company also earns income from investments in quoted

shares but its contribution was marginal in FY12. The

revenue grew 396.18% Y‐o‐Y to Rs. 66.93 lakh during

FY12.

Fee‐based/advisory income turned out to be the major

revenue generator for the company in FY12. Close

relationship with clients played a key role for the company

in garnering superior deals, which helped in achieiving sharp

growth. In FY12, the advisory income grew more than six

times to Rs. 52.77 lakh emanating from a couple of deals

captured under debt syndication, amalgamation and advice

on private equity. Apart from this, the company was also

engaged in providing advisory to SMEs on raising funds

through iniital public offering (IPO) in capital market. The

management expects to keep a major focus on fee‐based

income as it is self sustaining and holds tremendous growth

potential.

Sharp growth in Revenue

Fee Based Income ‐ Major Revenue Contributor



1.29

7.08

12.73

0

2

4

6

8

10

12

14

2010 2011 2012

Rs in Lakhs

Interest Income

0.51

3.62

22.05

14%

27%33%

0%

10%

20%

30%

40%

0

5

10

15

20

25

2010 2011 2012

Rs in Lakhs

Net Profit Net Profit Margin (%)

Interest income is the second highest revenue contributor

for the company. The company started earning interest

income from FY10 onwards. In FY12, interest income grew

79.78% Y‐o‐Y to Rs. 12.73 lakh. The company generates

this income by giving loans and advances. Loans and

advances witnessed a growth of 61.54% Y‐o‐Y during FY11,

but dropped sharply by 96.22% Y‐o‐Y to Rs. 7.18 lakh in

FY12. Drastic reduction in loans and advances in FY12

could led to fall in interest income in the coming financial

year.

The company’s bottom‐line has improved from Rs. 0.51

lakh in FY10 to Rs. 22.05 lakh in FY12 on the back of

significant contribution from fee‐based income, which

involves lower operating cost. The net profit grew from Rs.

3.62 lakh in FY11 to Rs. 22.05 lakh in FY12. The net profit

margin also witnessed a rise of 609 bps Y‐o‐Y to 33%.

High growth in Interest Income

Impressive growth in Net Profit



Total Revenue EPS Book Value

(Rs. Lakhs) (Rs.) Per Share

Aeonian Investments Co Ltd 380 3.1 1.7 34.55 3.1

Ratnabali Capital Markets Ltd 83860 18.6 11.6 5.65 18.6

Future Capital Holdings Ltd. 26370 8.6 7.5 16.6 8.6

Sangam Advisors Ltd* 67 0.6 5.1 37.3 11.5

#P/E based on closing price of May 31, 2012 on BSE and standalone net profits of FY11;

* Net profit for Sangam is for FY12

Source: Company DRHP

Peers RONW (%) P/E Ratio#

Peer Comparison

1870 30.4 5.3 21.71 30.4Nalwa Sons Investments Ltd

The company expects a huge need of financial advisory services for the SMEs based in tier‐II cities and emerging metros. As far as untapped segments under financial services are concerned, the company plans to increase its expertise and scope of professional services. Till now, the company has successfully offered services pertaining to debt funding, amalgamation, and corporate services for taxation and company law matters. Going forward, the company is looking to expand its professional services basket to cover the following:

Doing both overseas and domestic M&A (merger and acquisition)

Demergers

Treasury operations

Debt syndication for green‐field projects

Valuation of companies

Advising on P/E deals

SME clients getting listed on the BSE

Business consultancy services

Management Outlook



Financial Summary

2012 2011 2010 2009 2008

434.94 386.49 197.56 85.16 74.56

379.89 373.54 41.23 30.00 27.90

55.05 12.95 156.33 55.16 46.66

8.67 1133.79 0.37 0.16 0.10

8.67 1133.79 0.37 0.16 0.10

443.61 1520.28 197.93 85.32 74.65

9.83 189.94 117.58 2.46 3.59

2.81 0.00 0.00 0.00 0.00

(0.16) 0.00 0.00 0.00 0.00

7.18 189.94 117.58 2.46 3.59

363.64 513.72 54.47 82.50 70.50

70.13 816.62 25.88 0.36 0.56

37.70 809.18 0.00 0.00 0.00

22.82 0.00 0.00 0.00 0.00

9.61 7.44 25.88 0.36 0.56

443.61 1520.28 197.93 85.32 74.65

(b) Deferred Tax Assets (Net)

(c) Long Term Loans and Advances

Total (1+2)

(a) Inventories

(b) Sundry Debtors

(c) Cash and Cash Equivalents

(2) Investments

(3) Current Assets

(1) Non‐Current Assets

(a) Fixed Assets

Total (1+2)

II. Assets

(2) Current Liabilities

(a) Current l iabil ities & Provisions

(1) Shareholder's Funds

(a) Share Capital

(b) Reserves and Surplus

ParticularsAs at March 31

SUMMARY STATEMENT OF ASSETS AND LIABILITIES ( In Lakhs)

I. Equity and Liabilities



2012 2011 2010 2009 2008

66.93 13.49 3.64 1.2 0.45

3.50 0.00 0.00 0.00 0.00

70.43 13.49 3.64 1.20 0.45

(30.93) (5.21) (2.48) (0.76) 0.00

(9.41) (3.21) (0.41) (0.28) (0.30)

(40.34) (8.42) (2.89) (1.04) (0.30)

30.09 5.07 0.75 0.16 0.15

(0.48) 0.00 0.00 0.00 0.00

29.60 5.07 0.75 0.16 0.15

(0.16) (0.02) (0.02) (0.00) (0.01)

29.44 5.04 0.73 0.16 0.14

(7.23) (1.42) (0.23) (0.05) (0.04)

(0.16) 0.00 0.00 0.00 0.00

0.00 0.00 0.00 (0.01) 0.00

22.05 3.62 0.51 0.10 0.10

XI. Interest (Financial) Costs

IX. Depreciation and Amortization Expense

(2) Less: Fringe Benefit Tax

XIII. Profit/(Loss) for the period (XI + XIV)

(2) Less: Deferred Tax

XII. Profit before tax & Extraordinary items (VII ‐ VIII)

XIII. Tax Expense:

(1) Less: Current Tax

X. Profit Before Interest & tax


I. Revenue Income

STATEMENT OF PROFIT AND LOSS ACCOUNT (Rs. in Lakhs)

II. Other Income

III. Total Revenue (I +II)

IV. Expenses:

V. Employee Benefit Expense

VIII. Profit Before depreciation Interest & tax

VI. Other Expenses

VII. Total Expenses



2012 2011 2010 2009 2008

29.44 5.04 0.73 0.16 0.14

0.48 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 (0.14)

0.00 0.00 0.00 0.00 0.05

(1.26) 0.00 0.00 0.00 0.00

28.66 5.04 0.73 0.16 0.05

(22.82) 0.00 0.00 0.00 0.38

771.48 (809.18) 0.00 0.00 0.00

182.77 (72.36) (115.12) 1.13 (0.31)

(265.00) 273.13 0.20 0.07 (0.06)

666.42 608.41 114.92 1.20 0.02

(7.36) (1.13) (0.23) (0.06) (0.01)

687.73 (604.49) (114.41) 1.30 0.05

(3.30) 0.00 0.00 0.00 0.00

(56.49) (338.72) (42.47) (12.00) 0.00

207.83 67.47 70.50 0.00 0.00

148.04 (271.25) 28.03 (12.00) 0.00

31.76 0.00 112.30 10.50 0.00

(860.00) 860.00 0.00 0.00 0.00

(5.37) (2.70) (0.40) 0.00 0.00

(833.60) 857.30 111.90 10.50 0.00

2.17 (18.44) 25.52 (0.20) 0.05

7.44 25.88 0.36 0.56 0.51

9.61 7.44 25.88 0.36 0.56

2.17 (18.44) 25.52 (0.20) 0.05

Share application Money Received/Refunded

Net cash from/(used in) financing activities (C)

Cash and cash equivalents at end of year (E)

Net (Decrease)/Increase in cash and cash equivalent (D‐E)

Net (Decrease)/Increase in Cash and Cash Equivalents (A+B+C)

Cash and cash equivalents at beginnings of year (D)

Miscellaneous Expenses

Purchase of Fixed Assets

Purchase of Investments

Sale of Investments

Net cash from/(used in) Investing activities (B)

Proceeds From Issue of Share Capital + Premium

Cash Generated from Operations

Creditors and Other Liabilities

Other Receivables

Direct Taxes Paid

Net cash from /(used in) Operating Activities (A)

Cash Flow Statement

B) Cash Flow from Investing Activities

C) Cash Flow from Financing Activities

(Profit)/ Loss on Sale of Investments

A) Cash Flow From Operating Activities


Net Profit Before Tax

Adjustment for :

Depreciation

Preliminary Expenses written off

Prior Period Expenses

Operating Profit before Working Capital

Adjustment for :‐

Sundry Debtors

Stock



2012 2011 2010 2009 2008

70.43 13.49 3.64 1.20 0.45

30.09 5.07 0.75 0.16 0.15

29.60 5.07 0.75 0.16 0.15

29.44 5.04 0.73 0.16 0.14

22.05 3.62 0.51 0.10 0.10

42.72 37.56 20.57 13.56 34.04

42.03 37.56 20.57 13.56 34.04

31.31 26.86 13.92 8.45 21.24

10/‐ 10/‐ 10/‐ 10/‐ 10/‐

0.58 0.10 0.12 0.03 0.03

0.58 0.10 0.12 0.03 0.03

0.36 0.06 0.01 0.00 0.00

0.36 0.06 0.01 0.00 0.00

37.90 226.86 179.02 650.76 641.98

60.88 370.64 2649.81 13238.34 14042.80

11.45 10.35 47.92 28.39 26.72

1.92 2.13 0.46 0.78 0.82

1342.63 ‐ ‐ ‐ ‐

44.63 ‐ ‐ ‐ ‐

19.06 ‐ ‐ ‐ ‐

0.84 1.33 0.28 0.97 0.95

0.09 2.09 0.00 0.00 0.00

373.47 703.66 172.05 84.96 74.09

5.07 0.94 0.26 0.12 0.13


Face Value per Equity share

Price to Book Value (P/BV)

Price to Earnings Ratio (P/E)‐ Pre Issue

Statement of Accounting Ratios

Basic earnings /(loss) per share (Basic EPS)

ROCE (Net profit to average net worth (%)

EV/Sales‐Post issue

Investments/Shareholder funds

Inventory/Shareholder funds

Total Income

EBITDA

EBIT

Net Profit

PBT

EBITDA Margin(%)

EBIT Margin (%)

Net Profit Margin (%)

Total Assets

Diluted earnings /(loss) per share (Dil . EPS)

Price to Earnings Ratio (P/E)‐ Post Issue

Book Value per Share (Rs.)

Enterprise Value (EV)‐Post Issue

EV/EBITDA ‐ Post issue

Basic earnings /(loss) per share (Basic EPS)‐Post Issue

Diluted earnings /(loss) per share (Dil . EPS)‐Post Issue



Contact Details

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Analyst Email ID Contact No.

Head of Research

Tarun Chaturvedi [email protected] + 91 33 4017 0170

Consultant

Lahar Bhasin [email protected] + 91 22 6781 6100

Senior Analysts & Team Leads

Abhijit Shirke [email protected] + 91 22 6781 6159

Amol Wakekar [email protected] + 91 22 6781 6163

Niraj Agarwal [email protected] + 91 33 4017 0145

Sumit Somani [email protected] + 91 33 4017 0144

Analysts

Moumita Pal [email protected] + 91 33 4017 0104

Priyanka Banerjee [email protected] + 91 33 4017 0180

Rachna Gurnani [email protected] + 91 22 6781 6106

Rahul Jain [email protected] + 91 22 6781 6159

Rinki Jumrani [email protected] + 91 33 4017 0149

Sonali Rani Rustagi [email protected] + 91 33 4017 0180

Tanusree Mukherjee [email protected] + 91 33 4017 0145

Published on behalf of The Stock Exchange Investors' Protection Fund

Bombay Stock Exchange Ltd.

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Mumbai

Atul Sharma

107, Raheja Arcade, 1st Floor

Plot No. 61, Sector XI, CBD Belapur

Navi Mumbai—400614, India

Tel: +91-22-6781 6100

Fax: +91-22-2756 3057

Kolkata

Sayon Dasgupta

2nd, 3rd, 5th & 6th Floor,

Convergence Contact Centre

Plot D2/2, Block EP & GP

Sector V, Salt Lake City

Kolkata—700091, India

Tel: +91-33-4017 0100, 4017 0400

Fax: +91-33-4017 0101

New Delhi

Pramod Kumar

1105, Kailash Building, 11th Floor

26, Kasturba Gandhi Marg

New Delhi—110001, India

Tel: +91-11-2335 7940-50

Fax: +91-11-2335 7014

Chennai

Jayakannan Singamuthu

5th Floor, JVL Plaza 626

Anna Salai, Teynampet

Chennai—600018, India

Tel: +91-44-2432 1856

Fax: +91-44-2434 3663

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Sales Team Details

Region Name Email Id Contact No.

Sayon Dasgupta

Pramod Kumar

Jayakannan Singamuthu

East

North

[email protected]

[email protected]

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+91 98300 50445

+91 99993 95783

+91 95000 40495

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