mind reader

AVT Natural Products Ltd

2022-04-12T14:55:00.002-07:00

AVT Natural Products Ltd

Part of the A.V. Thomas Group of Companies (Ajit Thomas - Promoter)

AVTNPL’s product portfolio includes

Marigold extracts,(reducing to 35-40%) - for Eye care, Food colouring & Poultry pigmentation
Spice oils and oleoresins (paprika, capsicum, pepper, etc) ( 30-40% ) - food coloring and flavoring
beverages (instant tea and decaffeinated tea) among others. ( 25-30% )
Rosemary extract started from 2021

Sale Contribution	2018	2019	2020	Mar 2021
Marigold (Food Grade) Oleoresin	83	111	153	163
Spice Oleoresins	119	121	112	179
Decaffeinated teas & Instant Tea	111	82	97	127
Animal Nutrition	0	0	4.2	0.68

Mar 2022 - Marigold sale increased to 240 Cr. Others things were flatish.

Manufacturing facilities in

Vazhakulam - Cochin (Kerala) and
Tiptur (Karnataka).
Sathyamangalam (Tamil Nadu)

Subsidiary

AVT Natural Europe Ltd. (100%)
AVT Natural S.A. De C.v., Mexico (100%)

Reason for Good top and bottom line

Significant improvement in bottom line in 2020-21 was achieved through a combination of improved operational performance over the year, higher price realizations for marigold & growth in new product segments (high-margin marigold extracts.)
Despite severe weather challenges, the company achieved a 40% increase in marigold flower collection compared to previous year, brought about by an aggressive expansion in the growing areas and close coordination between all the stake holders particularly the AVT team & the growers
AVTNPL’s operating income grew due to volume growth in the spice oleoresins and beverages segments and introduction of new product lines
Has entered into long-term strategic agreements with key customers, including Kemin Industries (5-year agreement ), for exclusive supply of rosemary extract. Started from 2020-21
https://www.myrecipes.com/extracrispy/rosemary-extract-does-the-most

+Ve

Major portion of the company’s working capital requirements has been funded through accruals, reducing dependence on borrowing.
Continue to generate cash flow from operations worth ~Rs. 55-60 crore per annum over the medium term
R&D spend per year has increased from 2.2 Cr in 2013 to 10 Cr in 2021 for development of Hybrid seeds of Marigold with higher Xanthophyll yield. It is a continuous process.
Promoter's salary in form of commision is upto 1.5 Cr
Very insignificant related party transaction

-Ve

High working capital intensity of the business owing to seasonality in availability of raw materials which translates into high inventory holding requirements.
The company’s raw materials comprise agricultural commodities, which are exposed to agro-climatic risks, lending uncertainty to the business both with respect to availability and market prices. (Long experience of Promoter)
Earnings remain sensitive to fluctuation in foreign exchange rates due to the company’s export (98%) oriented business model (forex hedging practices)
Company’s top-3 customers accounted for ~60% of its revenues (long and established relationships with major customers coupled with exclusive supply agreements with some key customers )
Prior to COVID marigold product faced stiff competition from China players leading to subdued margin.

2022: Hybrid seed cultivated on approximately 1000 acres during the Summer/ Monsoon season in 2021-22 The expansion planned for year 2022-23.

2020: After thorough testing and screening a new hybrid has been selected for commercial seed and flower production. This Hybrid will be cultivated on approximately 500 Ac during the Summer / Monsoon season in 2020.

2018: Invested in a new state of the art facility for marigold production. Will become more efficient and cost effective producer.

2016-17: It was a breakthrough year for the Company in the Instant Tea business. Years of development work to produce quality products at competitive prices, coupled with a focused marketing strategy, have resulted in the Company acquiring key customers during the last quarter of 2016-17.

The Decaff business will continue to do well and the Company will reaffirm its status as the largest Tea Decaff Company in the world.

2013: Very high prices of Marigold Oleoresin Feed grade meant for Poultry Pigmentation lead to very high profit

Neelamalai Agro has holding in below companies which is leading to other income of 34 Cr.

Gujarat Ambuja Exports

2022-04-08T19:18:00.000-07:00

Gujarat Ambuja Exports is engaged in manufacturing of

Feb 2022

The ethanol capacity of around 180 klpd each to be added at Hubli and Chalisgaon by end of fiscal 2022

17 Jan 2022

Setting up of 1000 TPD Corn Wet Milling Plant to manufacture Starch, Starch Derivatives and Polyols viz., Sorbitol, Maltitol and Mannitol at Sitarganj, UttaranchaL Will increase revenue by 15%.

Capex of 400-500 cr via internal accrual

31 Aug 2021

- Upcoming 1000 TPD State-of-the-art Maize Crushing Plant at Malda, West Bengal. Coming live by Jun 2022. Will increase revenue by 15% 800 cr

- 1MW Solar Plant at Akola, Maharashtra

Business Divisions

Maize Processing (52% of FY21 revenue)[1]

- GAEL is the largest maize processing company in India with installed capacity of 3,000 tonnes per day (TPD). The company's products include liquid glucose, sorbitol, dextrose anhydrous, dextrose monohydrate, maltodextrin and high fructose corn syrup.

- Operating margins in excess of 20% for fiscal 2022

- Corn Starch Derivatives,

GAEL has four plants located at

Himmatnagar (500 tpd) in Gujarat,
Sitarganj (750 tpd) in Uttarakhand, - adding 1000 tpd
Hubli (750 tpd) in Karnataka and
Chalisgaon (1,000 tpd) in Maharashtra.

Agro Processing (30% of FY21 revenue)[1]

- GAEL has India's second largest soybean crushing capacity with six plants located across Gujarat, Madhya Pradesh and Maharashtra with combined capacity of 4,600 tpd. GAEL also has capacity for edible oil (1200 tpd) and wheat milling.

- Edible oil margins have remained stable in the range of 6-7%

Soya Derivatives,

Feed Ingredients,

Edible Oils.

Cotton Yarn (4% of FY 21 revenue)[1]

- GAEL has one plant located at Himmatnagar, Gujarat for its cotton yarn segment, with a capacity of 65,520 spindles. GAEL has recently entered into an agreement with a large textile company to provide this plant on a dedicated basis for contract manufacturing.[2]

- The cotton yarn segment has been incurring losses over past few years, however has turned profitable in fiscal 2021.

Marquee Clientele

GAEL's clients include Dabur, Mondelez, Asian Paints, Patanjali, Nestle, Colgate, Heinz [1], ITC, HUL, Biocon, Parle[3], Cargill India, Agro Tech Foods, BL Agro Oils[4]

The company has its own warehouses as well as fleet and not on rent, unlike its competitors supporting the margins. Also most of company’s processing plants are near to the raw material sources which reduces the freight costs and improves the operating efficiency.

All these states are major maize growing areas.

Planned raising of funds

GAEL has proposed an equity issuance for fund raising up to Rs 1000 Cr. [5]

Economies of scale

GAEL has a market share of 25%. GAEL buys raw materials in bulk once a year around the harvesting season (typically in March), giving them a 4-5% procurement cost advantage compared to peers.[2][6]

NGL Fine Chem

2018-10-22T12:35:00.000-07:00

NGL Fine Chem

ValueResearch

30 Mar 2018
Topline	Expected To increase to 170 from 100 in 2 years
Operating margin%	@ 21% To increase
PE	@ 22 Expected to be flat
EPS	Expected To increase to 30 from 19 in 2 years

http://forum.valuepickr.com/t/ngl-fine-chem-re-rating-possible/2276/37

http://www.valuepickr.com/resources/2044/

Human APIs / Veterinary APIs Kindly educate us on NGL's addressable domain. Any plans for addressing adjacent domains?

We are into Veterinary and Human APIs. If we look at the industry, 80% of veterinary products are also used for human beings. Exclusively veterinary products would be about 20% of the market.

Anthelmintics - De-wormers - is a major category of products we operate in. Animals have to take de-worming once a month due to raw food and conditions ingest in. There is a huge number of worms that need to be routinely expelled from their bodies. Similarly Blood Parasites is another big category. Animals get a lot by different types of ticks and fleas.

New product introductions is a continual process. We added one new analgesic product. We are adding one product to the muscle growth category. Till now we have only been addressing API requirements for mammals. Now we are looking to introduce five new Poultry products.

In 1997 we had 1 product and 2007 we could offer 6-7 such products. By 2017 we are now offering 22 products.

Most are 7-8 stage synthesis complex chemistry products (higher scope for value-addition). Some are 3-4 step products. We have developed the process chemistry for all products in-house.

Competition
Peer comparison: (Hester is not a relevant peer)

Particulars (in%)	2017
Particulars (in%)	Sequent	Hester	NGL	Lasa
RM Cost	48.7%	23.03%	37.7%	65.5%
Employee Cost	03.14%	15.0%	09.13%	09.04%
Other Exp	26.01%	28.02%	22.06%	06.09%
OPM	11%	33%	26%	23%
Dep.	08.06%	05.07%	3.0%	04.03%
Finance Cost	4.0%	08.02%	0.7%	04.07%
PBT	0.1%	25.0%	22.0%	08.13%

Aug 2017: NGL AGM notes:

Product and Strategy:

Company is more focused into veterinary APIs. Though they are veterinary formulations and human API in small proportions, the focus areas is veterinary API. Company is NOT focused on US and Europe markets. US and Europe require huge investments and long gestation periods. There is sufficient scope in unregulated markets of Latin American and African markets. The company supplies to manufacturing factories as well as MNCs. This wants to be going forward as well. The company previously needed agents to supply to these markets. Now due to better relationships developed over past 5 years This has reduced the commission costs of the company.

Expansions:

Current 30cr expansion in Tarapur is almost 90% complete. First phase will be completed by October and by Jan second phase will be ready. Plant wants to be fully operational for FY19. Total sales can be 60-70cr from this capex in next 2-3 years. There are customers waiting for this capex to complete. The plant has zero liquid discharge and is fully automated.

Only this capacity reached 50% of the new capacity, company has already procured the country. This capex can be around 50cr. The company is already seeding the market with these new products / molecules.
R & D folks wants to be from 18 to 30 in next 3 years. Mostly MSc and PhDs

Margins expanded due to the following reasons
1 Energy conservation due to better heat recovery systems. Water usage was halved. Recovery of water heat.
2. Minimize wastage lead to almost 2% improvement
3. Strong r & d - improved yield efficiency and strong processes. Processes were improved for older molecules.

Other points:
90 days credit and there are 30 days for shipment. Receivables always wants to be high for the company.
Company works only with USD. Forward cover with continuous hedge.
Capital wants to be deployed back in business rather than dividend at least for next one year.
Competitors include sequent and Lasa in listed space. There are 30-40 companies in unlisted space who are competitors.
30% of sales are long term contract. Remaining are spot contracts.

I would advise the management highly for
a) for clear strategy and focus of attacking unregulated markets first
b) seeding market for new molecules and planning next set of capacities ahead of time (giving good future visibility for next few years)
c) cost optimization measures leading to higher margins
d) Less customer concentration risks. Top customer is 12% of sales

Big risk is raw material price increase.

AGM on 31st Aug'16 and what is addressed by Mr. Rahul Nachane MD

Key highlights

The company has completed the capex program of Rs 25 crore in Tarapur with which additional 35% of capacity has been added.

With this new capacity, now the company can generate a double digit sales growth in future for next 3 years. Management expects cash flow at the time of the financial crisis, or otherwise due to additional depreciation due to the capex and incidental expenses.

Veterinary segment is poised for a strong growth in the next 3-5 years. Lot of outsourcing opportunities has emerged in this sector.

The company has 2 long term contracts and needed to achieve the long term contracts. With the added capacity, management is trying to find 3-5 contracts which it expects to receive by the year FY'17.

The margins for Q1 FY'17 were helped by higher offtake of high margin products by an international customer in export business along with rupee depreciation. It's difficult to determine the margin exactly as different products have different margins. On average, given the fall in raw material prices and a depreciated rupee, average Ebidta margin will be around 19-20%.

More than 90% of company's business is API's. More than 80% of the total business is exports.

For FY'17, management expects net sales of around Rs 110 crore

The company does process tests on patented and matured products in its lab and has about 16-18 API products . 3 more are in the pipeline for FY'17.

Post the completion of capex program, management expects dividend to be declared from FY'17 onwards.

Source - Capital Line

Fiberweb India

2018-03-25T10:40:00.000-07:00

Fiberweb India

Value Research

Screener

18 Mar 2018
Topline	Expected To increase as capacity expansion in progress
Operating margin%	@ 14% To increase
PE	@ 10 Expected to be flat or increase to 15

https://www.moneycontrol.com/news/business/moneycontrol-research/fiberweb-india-q3-does-business-model-uniqueness-lead-to-better-earnings-2504319.html?utm_source=IW_DATA_stockpage

capex

Starting FY19, Fiberweb's MBNF projects can add nearly Rs 60 crore annually to the company's turnover (at full utilization rate of 90 percent). Furthermore, Rs 125 crore wants to be expended on setting up a PFN factory in FY19,

	margin	Mar-18	Mar-19	Mar-20
Trading	12%	85.0	100.0	100.0
PSNF	15%	150.0	150.0	150.0
MBNF	22%	20.0	60.0	60.0
PFNF	30%	0.0	0.0	220.0
Profit before tax		37.1	47.7	113.7
share capital		1.4	1.7	1.7
No of shares		2.9	3.4	3.4
EPS without tax		12.9	14.0	33.4
EPS after tax		9.0	9.8	23.4
Share Price on 18th March		125.0
Projected PE before tax		9.7	8.9	3.7
Projected PE after tax		13.9	12.7	5.3

Positive of the company

· Timely delivery
· Good quality
· Good customer relationship
· Being a technical fiber

· Its competitor in India is Golden Nonwovens (Jindal Company)
· MBNF & PFNF machines come in small capacity of 3k so big players are not interested in get into this. PSNF comes in big capacity of 18k, 25k etc ..
· In process to do listing in NSE.
New Horizon has taken the equity @ 180 in Jan 2018

Indian Toners & Developers Ltd.

2018-03-18T12:38:00.000-07:00

Indian Toners & Developers Ltd.

Value Research

Screener

18 Mar 2018
Topline	Expected To increase the capacity has expanded
Operating margin%	@ 22% To remain flat or increase by few basis points if its US operations perform.
PE	@ 15 Expected to be flat or increase to 20

Oct 2017: http://www.indiantoners.com/pdf/Issue91EN1710-Indian%20Toner%20Story.pdf

Sep 2017: https://www.youtube.com/watch?v=6pKBdAzzsOE

Apr 2015: http://www.drvijaymalik.com/2015/04/q-indian-toners-and-developers-limited.html

Feb 2014: http://www.indiantoners.com/pdf/recycle-times-cover-story-on-itdl.pdf

FUTURE OUTLOOK AND PLANS as per 2017 Annual report

Your Company foresees a good scope for the export of its products. It is mainly cater to the needs of North and South America. In Florida, it has become operational since June 2016 as these have been the untapped markets so far. However, there is still a great deal of uncertainty in the foreign currency market. However, the results are not as expected.

Efforts are on the way to developing more products of toner and your company is hopeful to achieve the desired results with the help of the research team. Some other products have been added and upgraded during the year. The Management of your Company is actively exploring opportunities to invest in some new projects and other activities as part of a diversification plan.

· Promoter shareholding increased by 20% to 70% in Dec 2017 because of amalgamation of the subsidiary company.

· GST should be beneficial to the company

· This industry is very price sensitive.

Mar 2018

Bhageria Industries & Kiri Industries

2018-03-11T09:06:00.002-07:00

Bhageria Industries

screener

Value Research

11 Mar 2018
Topline	Expected To be ready for new capacity is added.
Operating margin%	@ 22% To remain flat or decrease
PE	@ 11 Expected to be flat or decrease

Year	event
Jan 2018	--Company has fully commissioned 30MW solar power plant at Ahmednagar, Maharashtra. Bhageria was awarded the contract by the Solar Energy Corporation of India (SECI) for 25 years at a fixed tariff of ₹ 4.41 / unit. --Revenue from Solar business at ₹ 7.4 cr @ full commissioning of the solar power plant --95 cr loan from EXIM bank for this. On dec 2016 - Risk : If the market price of solar power tariff Continues to fall Further or even if it stays at current levels of ₹ 2:44 per unit and does not increase, then there is a probability did Bhageria Industries Limited might have to face similar situation of tariff renegotiation or lower purchase of power by utility companies.
	Solar rooftop solution - 25 year PPA with Asahi India Glass Ltd, TRIL Ltd & Lucas Ltd Capacity - 3 MW tariff - Rs 6.61 / unit
Dec 2017	Approval to borrow up to 500 cr
	Amalgamation of Nupur Chemical Limited wef from 1 Oct 2016 (appointed date) Topline of 60 cr as against bhageria of 240 cr in 2016. https://www.moneycontrol.com/news/business/earnings/merger-with-nupur-will-lead-to-better-performance-for-bhageria-says-chairman-2275321.html Production capacity will not increase post-merger. For H-acid and Gamma acid depends on job. Bhagreia gets its work done by Nupur Chemical Limited. Valuation of Nupur. · Price to Sales Ratio (P / S ratio) of about 3.85 based on FY2016 sales (229.11 / 59.59) and 3.55 based on annualized sales for FY2017 (229.11 / 64.54) · Price to Earnings Ratio (P / E ratio) of about 29.56 based on FY2016 profit (229.11 / 7.75) and 18.30 based on annualized profit for FY2017 (229.11 / 12.52) · Price to Book Value Ratio (P / B ratio) of about 5.11 based on March 31, 2016, net worth (229.11 / 44.84) and 4.48 based on net worth at September 30, 2016, FY2017 (229.11 / 51.10)
	Once china implements pollution norms their cost of production so wants to go and take care of that.
	Company is engaged in trading of agrochemicals, pigments and various pharmaceutical ingredients.
Aug 2017	Fluctuating pattern of OPM indicates that Bhageria Industries Limited does not price its products and does not tolerate the raw material price. As a result, when the raw material prices increase, Bhageria Industries Limited has to take a hit on its profitability margins. Search cyclical pattern of operating profit margins is prevalently prevalent in companies that deal with products, which are commoditized and have the option to buy from a number of suppliers.
Aug 2017	Company seems to have put in the effort to improve its collection practices and has taken the receivables days significantly to 38 days in FY2014. FY2016 and about 50 days ago in FY2017. An investor would notice that the receivable days have started again. keep a close watch on the receivables days
Aug 2017	Wide variations in the ITR (Inventory Turnover Ratio) indicate that the company is not ready for its inventory levels, which further seems to indicate that the company might not be able to do so.
Aug 2017	Over FY2007-16, Bhageria Industries Limited has witnessed its sales increase from ₹ 43 cr to FY2007 to ₹ 238 cr in FY2016. For Achieving this sales growth the company has done to additional capital expenditure (capex) of ₹ 32 cr. HOWEVER, Bhageria Industries Limited has generated a cash flow from operations (CFO) of ₹ 73 cr. Over FY2007-16 leading to a surplus of ₹ 41 cr. As free cash flow (FCF) to its shareholders. Bhageria Industries Limited Seems to have Utilized the Resulting free cash flow (FCF) of ₹ 41 cr. To reduce its debt from ₹ 21 cr. In FY2007 to ₹ 13 cr. In FY2016, pay interest expense of₹ 15 cr over FY2007-16 and to pay dividends of about ₹ 14 cr to equity shareholders.

http://www.drvijaymalik.com/2017/08/analysis-bhageria-industries-limited-equity-research-report.html

10% Rev from solar + 90% from chemical

Kiri Industries

ValueResearch

Screener

11 Mar 2018
Topline	Expected To increase
Operating margin%	@ 15% To remain flat
PE	@ 8 Expected to be flat or increase to 10

Company	Profit over 9 mon of 2017-18	Manf Capacity
Parent company KIL	80 cr	-1 Plant with 3 manufacturing unit for Dyes at Vatva in Ahmedabad, 15,000 MTPA as of 2008 -1 Plant with 1 manufacturing unit for dye intermediaries at Padra in Baroda, Gujarat, 7,200 MTPA of H-Acid and 18,000 MTPA of Vinyl Sulphone
Lonsen Kiri Chemical Industries Limited (LKCIL) JV -40% stake	141 cr	50,000 tons of reactive dyes per annum
DyStar 37.5% stake	18 cr
Overall Diluted EPS	52 (9 months)

Date	Events
13 Feb 2018	Further debt amounting to Rs.8.80 Crore of KIL should be repaid in the coming twelve months which should further strengthen the earnings.
13 Feb 2018	Topline for 9months of 2017-18 is less because of annual maintenance shutdown and Diwali and Christmas holidays.
27 Nov 2017	24.00,000 equity shares allotted upon conversion of warrants @ 363 / share . Warrants were issued on 4 ^th Oct 2016.
Feb 2018	Collection period is around 60 days for Dec 2017.

Strategic initiative Nov 2017

· There has been a continued decline in the product-markets targeted by KIL. Within India, the increase in effluent handling costs, and the cost of the intermediation of intermediary goods and services (GST) are not guaranteed.

· This product, combined with KIL itself, is better and more stable. The company has made efforts to improve operational efficiency. As a result of all these factors, EBIDTA margins have expanded from single digits even to a couple of years ago to the 17% range, on a stand-alone basis . In spite of some inherent volatility in product prices, KIL is confident of Maintaining EBIDTA margins in the mid-teens .

· Besides operational improvements, there has been a complete clean-up of the balance sheet. KIL has been able to achieve reduction in its outstanding debt from a peak of Rs.853 Crores to Rs.159 Crores. Though the outstanding debt of Rs. 159 Crest shall be retired by the FY2022, KIL shall not be required to pay any interest in the said debt.

· KIL is focused on organic growth in the color business. Strengthening its product mix and adding dyes in its portfolio. Capex has started working on the Disperse Dyes facility and wants to come on stream in a phase-wise manner over the next year and a half. With these in place, the turnover is targeted to double from FY18 to FY20 . Most importantly, this expansion is completely capital non-dilutive : it wants to be funded by KIL's internal accruals, without resorting to additional external debt or new equity.

· KIL is looking to enter specialty tech-intensive chemical space in coming three to four years.

o 1 . Disperse Dyes & related Intermediates : Disperse Dyes is the range of synthetic organic dyes that are used for dyeing or dyeing polyester fiber. It is one of the highest quantity consuming product rages among all types of dyes used for various coloring applications. China has been a major source of this product range globally, which is expected to change in future. After successful implementation of plant it wants to add better margin and revenue.

o 2. Zero Liquid Discharge : As a statutory requirement, the company has made this project. The company wants reuse water requirement in manufacturing process and reduce dependence on groundwater. It wants help to strengthen the reputation of the company internationally.

o 42 cr out of 72cr has been spent till feb 2018

· The Company targets a sustainable ROE of 22-25% for the next few years. Free Cash Flows for its Shareholders. The ultimate goal of the company is to focus on asset light products with good margins, which can help to sustain higher returns on capital employed and return on investments.

Industry

· The textile dye market remains attractive due to its large market size and around eight percent CAGR.

· Asia is the most attractive market due to its large demand and high growth rate.

· Specifically, India, the second largest global producer of dyes, is ramping up its capacity to meet demand growth in India and Global Markets.

· Secondly India is gaining a strong foothold in Global Markets because of deteriorating supply from China on account of environmental constraints in China.

China Effect

· It is expected dass die environmental issues in China shall hover over the industry for the Entire 2018 All which is expected to continue for three to five years.

· Since past three years around 40% of China's total manufacturing capacity has been temporarily shuttered impacting around 80,000 factories, which were fined with breaching emission levels.

· In some of the provinces of China, Local Government has been ordered to relocate manufacturing facility which must be completed in year 2019 to 2025.

· China which was a global exporter of chemical products is now required to import many of its requirements globally

https://www.bseindia.com/xml-data/corpfiling/AttachHis/cef172e4-59c4-40b9-87dc-f9c3734c2c3e.pdf

https://www.bseindia.com/xml-data/corpfiling/AttachHis/c44b141e-c9ce-439b-9bf8-615d615e2d64.pdf

https://stockscrutinizer.wordpress.com/2016/05/22/kiri-industries-limited-is-it-a-bargain/

https://stockscrutinizer.wordpress.com/2017/03/13/kiri-industries-limited-review-on-13th-march-2017/

Other players are

· Akshar Chemical

· Bodal Chemical

· Shree Pushkar Chemical

· Atul Limited

· Aarti Industries Limited

The Byke Hospitality

2018-03-03T10:36:00.000-08:00

The Byke Hospitality

BSE
Value Research
Screener
Value Picker

Date	Events
Feb 2018	--Promoter shareholding increased in Dec 2017. FII increased too. --20% room to be made within a year.
Sep 2017	As per one investor Average rating on TripAdvisor website between 3-3.5.
Sep 2017	Con call: --A lot of people asked about their goal of having 25 properties by 2020. Is it realistic? Anil was emphatic in saying that they want to meet that goal ahead of time. Bye brand either through leasing model or through franchise model. Now they are planning to take bigger / larger hotels. - online hotel booking platform, he said they will resume work on it soon after the GST related disruption settles down --Thane's property has received booking for even 2019. --Delotel, Borivili, said the property is ready but OC is not there yet.
Aug 2017	Byke Vijoya (54 rooms), Byke Hidden Paradise (40 rooms), --Leased out Byke Sunflower (owned property of 22 rooms) in FY18
Jun 2017	- The Company has changed its accounting method to revenue from large to net basis for room chartering segment from April 1, 2017, hence current year number is not comparable to last year
Jun 2017	Con call: - The company has projected to add 300 rooms in FY18 . They are looking at 4-6 properties with size of 60+ rooms. The company usually spends 6-7L per room for renovation . - The company aspires to do 500 rooms in this model by FY19 . Since the Byke wants to be used, the hotels would like to provide training to the franchise employees.
May 2017	Byitus Vijoya (54 rooms) Puri, Byke Hidden Paradise (40 rooms) Goa, --Leased out Byke Sunflower (owned property of 22 rooms) Goa in FY17
Mar 2017	Con Call: The company is focusing on F & B business as it can provide more revenue with same asset. Aimed towards destination weddings, conferences, corporate events . The hotel bought the Thane & Borivali hotel with this in mind.

Topline	Expected to increase
Operating margin%	@ 33% To remain flat or increase
PE	@ 20 Expected to be flat or increase
3 Mar 2018

Cupid

2018-03-03T05:43:00.000-08:00

Cupid
BSE
Value Research
Screener
ValuePicker

Main strategic themes that will drive us to the next ladder of growth as per FY 2017 annual report:

1. Strengthen our institutional business in new territories

a. 44.7 billion pieces by 2021 from 26.5 billion pieces in 2015 and we expect the growth to come from select markets

b. Brazil, Nigeria, Tanzania and Indonesia where there is significant demand for the products and we have started with the process of getting our products registered.

Got its product registered in Tanzania (Feb 2018). Efforts on for Brazil.

c. United Nations population fund (UNFPA), WHO, USAID, CIS countries, India. Client concentration - 50% order from Gov of SA.

2. Foray into the United States for Female Condoms

a. Already done for male condoms

b. USFDA approval wants to qualify Cupid for bidding for USAID tendering for distribution of condoms across the world.

c. In this issue, it will be released in January 2019. There is only one manuf in US. Current sale of FC in US market is 6 to 10 million pc in retail.

3. India Based B2C business

a. launched our Cupid range of male and female condoms along with jellies through a well-thought-out promotional activities and a robust distribution network

b. aiming to establish a strong retail presence by appointing its super stockists

c. India foray starts in Mumbai with Pune, Ahmedabad, Jaipur, Calcutta and few other states

d. intend to bolster sales through online channel and target to distribute products at 1,000+ towns and cities in India. For B2C online sales there is 15% repeat order. Orders are from 50 to 350 towns. 1200 orders mostly 1 pc. SP Rs 50. (Nov 2017)

e. Competition of Reckitt Benckiser (durex), Alkem (playgard), JK helen (KamSutra), Mankind. All of them have very strong distribution channels and brand power. Mankind boast of 3 current brand ambassadors from Bollywood and so getting big B.

f. Two new players have come in India with more ad spend. (Feb 2018)

4. New product initiatives

a. Launch of our unique patented male condom giving extra pleasure to the user during safe sex

b. Second generation hi-tech version of Cupid Female Condom

c. Foray into hand sanitizers (Mar 2018), vaginal creams and wipes used in the slowdown of premature ejaculation

Important notes

--Promotives sold in bulk deal in March 2017. It is one sale and one sale in NY .

--Basant Maheshwari sold off his entire stake (including Pooja Maheshwari) in mar 2017

--The promoter is in his 70s and his children are not keen to run the business. Cupid is looking for a professional CEO.

--From a business nature perspective, the contract manufacturing business contributed close to 20% in overall sales

--Margin wants to get impacted if more MC sells compared to FC.

--There will be 5% reduction in FY 2019.

--ISU has offered their 3 patented FC for manufacturing. Cupid is silently considering the same. (Nov 2017)

timeline	Events
Feb 2018	Installed capacity till now to produce 325 million male condoms, 20 million female condoms and 210 million sachets of Lubricant Jelly Machine can be converted to MC or FC. 80 million MC = 22 million FC from same machine per year
Feb 2018	20% capacity increase - cost 7 cr - 2 machines - can produce 12 cr worth of MC. If used for FC it can produce 40 cr worth. To go live in Jun 2019
Feb 2018	- New tender from south africa - there would be 4 qualified bidders. - End date of bidding is March 2018, Result in April 2018, supply from July 2018 - Female Order from 54 million to 120 million (80 import + 40 local manf) over 3 years, worth 240 Cr --1 billion times C each year for 3 years --Lubricant 20 million sachet each year --Expected order is 25 million for exports - 20 million as part of joint venture in South Africa probable in Mar 2019 --Old order of Female C from South Africa was 103 cr (43 million pc, 80% of order size) for 3 years. But it seems to be over 70 years --71 cr order book for next three quarters (india order + pharmaceutical company + old south africa order + WHO) (52 MC + 19 FC)
Dec 2017	Of Domestic sale 10% sales from B2C 90% on B2B
	Expecting FC sale of 50 Cr = 25 million unit in 2019

Topline	Expected to increase by 20%
Operating margin%	@ 40% To remain flat or decrease
PE	@ 16 Expected to be flat or increase
Mar 3 2018

Nitin Spinners

2018-02-24T08:19:00.000-08:00

Nitin Spinners
Screener
BSE
Value Research

Content mentioned is just for my reference. Do your own analysis before investing.

positive

- Feb 2018 - Revenue CAGR FY13-17 = 20%

PAT CAGR = 19%

EPS from 3.1 to 12.5

PE from 3 to 10

- Feb 2018 - Issue of 6,68,290 preferred shares @ Rs.120.5 per share aggregating to Rs 8,05,28,945.

- Dec2017 - Issue of 10,00,290 preferred shares @ Rs.120.5 per share aggregating to Rs 12,05,34,945

- Nov 2017 - Issue of 93,85,765 shares (QIP) @ Rs.115 per share aggregating to Rs108 Cr for loan repayment & general business use.

negative

ebidta - Reducing from 19% to 14.35%

Business Information

Products: 100% Cotton Yarn and Knitted Fabrics
Plants located at Hamirgarh, District Bhilwara (Rajasthan)
Milestones

Year	Rotters	spindles	Knitting machine	Finished fabric	Dying	Power plans / Comments
1993	384	0	0	0	0
1999	1,464	0	0	0	0
2002	0	14112	7	0	0
2005	0	13,104	8th	0	0
2007	0	50,400	12	0	0	7.66 MW fuel oil based power plant
2008	2,000	0	0	0	0	10.5 MW captive thermal power plant
2015	0	72480	18	0	0
Feb 2017	0	72960	14	0	0	Capex 300 cr.Debt 250 cr.
Total	2,936	2,23,056	63	0	0	Topline to be 1100 cr
Total	50K ton of yarn / year		9k ton of fabric / year	0	0
Proposed in Dec 2017	18K ton of yarn / year			36 mn meters	50 mn meters	Capex of 650 Cr 50 acre of land
Next phase				knit fabric processing and printing		Capex of 350 Cr

price range

Assuming a net margin of 6-6.5% on sales of 1500 Cr, PAT for 2018-19 works out to be 90-100 cr. At PE of 10, company should sell for 1000 Cr by Mar 2019 compared to 600 Cr now giving an upside potential of 60%.

MP on 24 Feb 2018 @ 108
Lower resistance @ 105
Upper resistance @ 130 & 140

Pay BBMP Property tax Online

2014-04-25T11:21:00.001-07:00

Pay BBMP property tax online

It is quite easy. Please follow below Steps

1) Click on the link BBMP Property Tax Online

2) Click on the link Year 2014-15 as shown below.

3) Enter the Application no in the designated field as shown below and click on Find button. You can get this no from the older BBMP tax paid receipt of last financial year as shown below. Government has not allocated the PID no to all the properties in Bangalore. So instead put the application no and go ahead.

4) After you click find button owner name will appear in the next box. Please select the owner name and click on continue.

5) You would get the complete detail of the tax to be paid.

6) Enter your credit card info and pay the tax.

7) Click on Print Receipt button and save the recipt as PDF. If possible take a printout.
8) Avail tax benefit on the tax paid by submitting the receipt in the company you work.

Process for BESCOM electricity meter transfer.

2014-04-20T14:11:00.003-07:00

By Following below process Electricity meter can be transferred on your own without paying any bribe and it does not even require running around. So no need to pay someone 1500 or more when the same work can be done by yourself in 500.

List of document required for electricity meter transfer.

1) Form I: Electrical Connection Transfer Form
It is like a cover letter with all the info on meter transfer.

2) Form II: Power Supply Agreement (PSA)This is a legal agreement between BESCOM and you for the supply of electricity to you.

3) Form III: Indemnity Bond
It protects the BESCOM from any legal disputes arising out of connection transfer to your name.

4) Form IV: No Objection Certificate (NOC) from builder/previous owner
Get it from the previous owner or the builder in whose name the current meter bill comes.

5) Application Letter to the Assistant Executive Engineer
An application stating that you want to transfer the connection.

6) Copy of sales deed
For property owners whose documents relating to property is with their bank, they can enclose attested copy of sales deed. Attestation can be done from notary or bank. Notary or Bank mentions that original copy is with them and photocopy of sale deed is as per original.

7) PAN Card
Enclose a copy of your PAN card

8) Copy of latest electricity bill
Enclose a copy of the bill along with the payment receipt.
9) Snap of the electricity Meter
Take a photo of the meter from your mobile and attach a printout of the same with the forms

10) FILE
To enclose all these forms

How to get the forms?

1) Go to your nearest BESCOM office. They will provide you with the complete set of forms for Rs 370. It will have the stamping done. I got it from BESCOM office at 1st Phase, 14th B Cross, JP Nagar, Bangalore.

2) Second option is download the forms from the below link and get the form II and III stamped.

http://bescom.org/en/transfer-of-electrical-connections/

3) Forms can also be delivered at home by ordering online at ebay by using the below link. It is priced at Rs 600 because of the cost of selling online and the courier charges.

http://www.ebay.in/itm/BESCOM-Meter-transfer-form-/261457933862? pt=LH_DefaultDomain_203&hash=item3ce01b7626#ht_836wt_1141

Process for meter transfer

1) Fill the above forms

2) Visit your BESCOM office. http://bescom.org/en/know-your-local-bescom-office/

3) Get the documents verified by a Junior Engineer (JE) of BESCOM

4) JE will mention his observation in the Form II attached in your file after checking the photograph of the electricity meter.

5) Pay a fee of Rs 100 to BESCOM and collect the receipt.

6) File the receipt along with other documents mentioned above.
7) Take a copy of the main form and ask them to give you the receiving on the same before you submit the forms to AE.

8) Go to AEE / AE and submit the file with all the documents.

9) This completes the process and in a week or two it will be transferred.

BESCOM BILL

MicroStrategy Reporting Suite (@ VGSOM)

2012-04-07T23:29:00.000-07:00

PREMIUM REPORTING SOFTWARE AT NO COST

MicroStrategy Reporting Suite includes everything organizations need to develop, deploy, and leverage a departmental BI reporting application for up to 100 named users for free. This reporting package lets you present your data in wide variety of attractive and useful outputs, from operational reports with tabular grids to professional graphs and data visualizations – all with a range of great interactivity and world-class analytics.

MicroStrategy Reporting Suite is ideal for:

■ Daily Web-based reports

■ Boardroom reporting

■ Graphing data

■ Drilling into data to analyze areas of concern or opportunities

■ Monitoring performance with scorecard visual indicators

■ Adding predictive analytics to reports to gain future insights

■ Annotating reports, saving PDFs, exporting to Excel, and more

MicroStrategy Reporting Suite solves current departmental reporting needs and builds a foundation for the evolving needs of the department and organization. Organizations looking to implement a reporting solution at no or low cost – but who are restricted from incorporating open source code – can take advantage of MicroStrategy Reporting Suite.

■ MicroStrategy’s code is 100% safe and secure, solely focused on Business Intelligence.

■ MicroStrategy Reporting Suite is comprised of mature, commercial products, requiring less IT resources.

■ MicroStrategy runs on Windows, UNIX, and Linux® operating systems and is optimized for all major database, platforms, and Web servers.

■ MicroStrategy supports the open source movement. MicroStrategy products are optimized for open source op-erating systems (Linux), databases (mySQL and PostgreSQL), Web servers, and application servers.

MicroStrategy Reporting Suite is ideal for departments in any size organization, from large global firms to small to midsize organizations. As organizations look to grow their depart-mental application or go beyond departmental reporting, they can easily turn to MicroStrategy to augment with more support, more users, and more capabilities. MicroStrategy provides a seamless migration path from departmental reporting applications with MicroStrategy into a cohesive enterprise-wide solution.

DATA USED:

The data which we would be using for our final demo/tutorial is the financial data of Indian banking system available in RBI website. We would also be using the data from national data bank, government of India for giving demo on some of the applications of the tool.

BUSINESS VALUE OF THE TOOL:

Faster reports.

Reports can be accessed online from anywhere in the world. New views can be Created intuitively, using templates, answering prompts, applying filters,… speeding up the ability to report on key areas, without assistance from IT.

More interactivity.

Dynamic reports helps to investigate performance of the company at every level, graph data instantly, drill into areas of concern, export information into useful formats like spreadsheets....

Powerful Analytics.

This tool provides statistics and other advanced analyses such as financial functions, clustering, regression, neural network etc, all from the same Web interface for more basic analysis… yielding more insights to manage business.

source: http://www.microstrategy.com/