Top Mid Cap 400 Comapnies in India

Editors desk
Unlocking The Growth Potential

Editorial-in-Charge : Ravishankar Panda Sr AE Copy Desk : Reji John, Sr AE Project Facilitator : Deepak Jhangiani Design and Layout : Vijay Gawale, Pankaj Wankhede , Sandesh Surve, Vipin Bendale, Satish Shinde, Umesh Art Director : Sachin Muley Production : J T Sawant Photographs : Sameer Mangtani SPACE MARKETING TEAM General Manager Special Projects: SS Dhillon Senior Manager: Sumeet Roy (Kolkata) Manager: Chirag M Waghela (Mumbai)
Manager: NK Vishwanatha (Bangalore) Sr. Manager: Rakesh Bhat (Delhi) Asst Manager: Ashish Chopra (Delhi) Asst Manager: Anand Singh (Pune) Asst Manager: Samuel Smiles (Hyderabad) Manager: K Sundara Raman (Chennai) Deputy Manager: L Balaji (Chennai) Ofces: Mumbai : Editorial : 66369459 Marketing : 40629400 Subscription/ Circulation : 66369460. Fax : 22833063. Delhi : Tel: (011) 46032655 Fax: 23357992 Bangalore : (080) 41216803 Fax : 51104244 Hyderabad : (040) 40200338 Fax : 040-27812724 Kolkata : (033) 22102765/22421549 Fax : 033-22103656 While all efforts are made to ensure that the information published is correct and up-todate, The company/publisher/editor holds no responsibility for any errors that might occur. All material contained herein is though reliable, are not infallible. The information given in the Book is of an advisory nature. Readers are advised to consult academicians before taking any decision and Publisher holds no responsibility for any losses that may arise due to career decisions made on the basis of information given within the Book All rights reserved. No reproduction is permitted in whole or part without written consent from the publisher. Printed and published by Tarun Pal on behalf of Ramdeo Media Pvt. Ltd. printed at Indigo Press (I) Pvt. Ltd. off. Dadaji Konde Marg, Byculla (E), Mumbai -27 and Published from Motlibai Wadia Building, 104-A, 1st Floor, 22 D. S. A. Brelvi Road, Fort, Mumbai - 400 001
This is the rst edition of Mid Cap 400 after the thriving success of its previous two editions in the form of Mid Cap 250. After receiving thousands of feedback from our readers this year we are featuring 400 Mid Cap companies in order to illustrate a better picture of Mid Cap segment. A lot has changed in the year gone by. More and more small cap companies are joining mid cap segment while many mid cap companies graduated to large cap companies. It is not easy to track the real growth of these companies as most of the companies are driven by ambitions, meticulous planning and unprecedented hunger to achieve the vision of being a signi cant part of new world order. Mid Cap companies are often known as the next Blue Chip companies. The mid-cap segment of the stock market is, thus, being increasingly perceived as an attractive investment segment with high growth potential. The determination to win, the craving to succeed and the urge to reach to the full potential are the keys that unlock the doors to excellence for Indian companies. Most of the CEOs con rm that success is not measured by the accomplishment but by the risks and challenges encountered to achieve the success. To reach a greater height a company needs to have fundamentally great depth. Responsible management is a powerful way to grow a company. CEOs must learn to how to carve success from failures. It is not what happens to us, it is what we choose to do about what happens that makes the difference in how our lives turn out. Leadership is the challenge to be something more than average. To understand the growth potential of a company, look not only at what the company has already achieved, but also at what it aspires to. Where the willingness is great, the dif culties cannot be great. A true company is motivated by the desire to achieve, not by the desire to beat others. Competition is a by-product of productive work, not its goal. Most of the Mid Cap fund managers and analysts feel that Mid Cap companies could under perform in the short term but eventually the fundamentally strong companies likely to deliver a superior performance in the long-term and grow into a blue chip company. With Indian economy growing consistently around 9 per cent we will see more and more of these companies graduating to Large Cap companies. All they need is a long term protean vision and hunger to perform globally which I have seen in the most of CEOs whom I interviewed. Before signing off I would like to convey my sincere thanks to Deepak Jhangiani, Project Facilitator who provided valuable suggestions to fashion this book in an attractive manner. The contribution of art director Sachin Muley, graphic designer Vijay Gawale, Pankaj Wankhede, Sandesh Surve, Vipin, Satish and Umesh is highly appreciated to make the cover design, illustrations and content presentation eye catching and providing a different ambience. I also extend my gratitude to SS Dhillon who worked relentlessly to make this project a successful endeavour. I also thank the space selling team Chirag Waghela in Mumbai, Anand Singh in Pune, Rakesh Bhat and Ashish Chopra in Delhi, Samuel Smiles in Hyderabad, NK Vishwanatha in Bangalore, Sumeet Roy in Kolkata and L Balaji & K Sundara Raman in Chennai and all others who contributed to carve this magni cent treasure trove called Mid Cap 400 for the investors. Ravishankar Panda
EDITORS DESK
2
Mid-Cap 400 152
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APW PRESIDENT Elijah A Elias MH Ashraff
MD, APW President
M D, Tata Coffee
S M A RT S O L U T I O N S
Expanding Reach Through Quality Products & Services

APW President operates in the four segments: Networking Enclosures; General Electronics; Telecommunications; Special Products (Contract Manufacturing) along with it has marketing rights of Avocents KVM products
PW President Systems is a market leader in the networking enclosure systems. APW President is expanding its capacity and looking forward to grab the major chunk in the telecom segment where it envisages a huge scope. The company is expanding its reach and looking for multifold growth in the near future. Elijah A Elias, Managing Director of the company recounts the journey from the humble start to the present status and share his future plans and strategies with Mid Cap 400. Excerpts: Tell us about the journey called APW President. The pedigree of APOW President goes back to 1976 when two IIT Alumni decided quitting the job and venture into the business. They rst sought such a business which requires less investment and less paperwork like government permission, etc. They chose to set up enclosure manufacturing business. At that time it was a very small operation. Later on when we got success and decided to expand our business we got advices from friends and well 62
wishers that we should always have control on our business. In 1996 we went for the joint venture with APW in order to expand our business infuse more money and get a global recognition of our products. So, we went public in 1996 offering 30 per cent of equity to the investors. Though it was a worst possible to go public as 1996 was really not a time to go public. But, it was a small size issue we got about 700 investors who bought our issues and in that 200 were our own employees. After that we were traded rarely in the stock market. Initially, we didnt qualify for BSE because of our issue size so we were listed with Pune and Bangalore stock exchanges. Later on because of recommendation of Pune exchange we were transferred to BSE though there was no trade made except for one or two, between 1996 to 2005. Firstly our shares were allowed only for trading. The whole idea of going to public was to get some valuation of our company and shares specially for those times when some promoters want to quit then we can do proper valuation of their holdings. But, till date it never happened. In brief we dont enjoy being a public company because
it requires a lot of statuary requirements which have to be fullled. We could have devoted that time, energy and resources to more constructive works. How did you fare over the years? We are working on all the aspects like product innovation, getting new technologies, increasing our sales and distribution network, software development and implementation, etc. Right from the beginning we didnt take prot instead we went on investing to fuel the growth. We went for IPO in 1996 for Pune and Bangalore expansion in order to meet the growing demands in telecom sector. But, telecom boom never happened at that time as we expected. It is happening now. Fortunately our Pune unit which was producing other products subsidized our losses. We neither made prot nor losses. Even during dotcom burst our losses were minimal (Rs 19 lakh). Otherwise we always have made prots since inception and maintained 25 per cent CAGR. Also, over the years we didnt pay dividends to the investors and went on investing all our resources for growing the capacity and getting new technologies. In the process we kept on reinventing ourselves. How do you maintain quality of your products? We are developing such an infrastructure for our company so that any foreign investor cannot say that we are inferior in comparison to the best in the industry. Even now we are among the best and we provide world class quality of products. We cater all the major MNCs and Indian majors in telecom like Vodafone Siemen, Nokia, Airtel, Bharti, Hutch, etc. who set very high standards for their products. We have to compliment them so we cannot compromise with the quality. There are only two companies in the market which can handle such a large volume. Both are Bangalore based. One is APW President and other is German company Rittal. We are preferred because we can deliver products according to customers specication unlike Rittal which does not deviate much from its own specications. This exibility has won many clients for us.
Our philosophy always has been if you have proper framework within which people can work and know what he has to do, how he has to do without facing any difculty. In this an average person can do above average work. Because of this system today one of our sales manager posted in Sri Lanka started his career as a canteen boy and grew to become a sales manager. Through this software called SAM we can regulate our sales proceedings from inception level to invoicing level. We can supervise the whole process and can provide inputs to our sales people as and when required. The employee also can track his own target and the work he has done. One can prepare proposals and invoicing through this software on the spot. This software has created a paperless environment. In the orientation level itself we provide the computer assisted management tools for easy ow of work which they cannot get any other place. This whole software has made our complete sales cycle and production cycle very effective and efcient.
Are you planning to sale this software as a product? We can. Actually we are looking for such a method to diversify our portfolio by creating a new department. This software certainly can help other organizations to create a professionally managed sales system. As it can be operated by even We are preferred because we can deliver a foot soldier who is not procient with computer products according to customers specification. operation it brings a This flexibility has won many clients for us. unique, efcient and easy execution of the whole job. It enables people to work better.
Elijah A Elias
How has the expansion contributed to your tarMD, APW President get business growth? With in two months after moving to the new building which has doubled our space we are completely lled up. Adding one more shift and optimizing the production we can increase our present capacity of Rs 3.5 crore a month Rs 4.5 crore a month. After that it will not be feasible to expand the capacity further as our product size is large. For further expansion we have to look for more space like buying some sick factory, etc. How are you catering to the SME segment to boost further growth? For us SME is emerging market. This segment contributes signicantly to our revenues. Often we do not know the end customers because of involvement of distributors. In future we are planning to make some prototypes for this segment and put into exhibitions during July-August. What initiatives are you taking to enhance your domestic reach? We are expanding the channels under our distributors. We feel this as a key very essential for further growth. We have in excess of 200 partners which encompasses the entire country.
Tell us about your customer base. We have a very broad customer base as we are operating on four different segments. All of them not contribute equally in terms of numbers. These four segments are IT, Telecom, General Electronics and Special Products which includes contract manufacturing. We have about 33,000 customers in our database and about 800 of them at any point of time are active. As we are not dependent on any particular segment we always have been in advantageous position. Most of our distributors are our ex employees. We encourage such initiatives and provide the necessary assistance to such people. Mostly such dealers or distributors remain loyal and as they want to remain in a comfort zone they dont tend to expand their reach and stay dependent on us. This has helped us to grow better. Tell us about your product oriented marketing software SAM. We have developed quite a number of software over the years.
Which have been thrust areas in the four segments in which you operate? Off course it is the telecom segment which contributes the most and has very good growth potential. Contract manufacturing is also growing because of the infrastructure we have. We are also providing our services to the global majors. We are maintaining a balance between our production and contract manufacturing because in the contract manufacturing the constant ow of work is not available. Mid-Cap 400 152 63
ASTRAL POLYTECHNIK MH Ashraff
Sandeep Engineer
MD, Astral Polytechnik
M D, Tata Coffee
I N T E RV I E W
Excellence Is A Journey Not A Destination

After setting many milestones in CPVC pipes and tting, Astral Polytechnik is now in the expansion mode and bringing in most of the major global brands into the Indian market
stral Polytechnik, established in 1999, is engaged in commercial production of CPVC pipes and ttings. Astral Polytechnik has an equity venture with Speciality Process LLC of USA and technical collaboration with Lubrizol Inc. (Formerly known as BF Goodrich) a fortune 500 company of USA to manufacture Flowguard and Corzan CPVC plumbing system for hot and cold water distribution as well as industrial applications. The company sales its products under three categories: Astral Flowguard CPVC, Astral Corzan and Astral Aquarious. The company is equipped with state of art production facilities at Ahmedabad and Himachal Pradesh to manufacture plumbing systems from half inch to six inches with all kinds of necessary ttings. Leading from the front Sandeep Engineer, Managing Director, Astral Polytechnik shares his strategic plans and vision with Mid Cap 400. Excerpts: 128
How has been the decade long journey for Astral Polytechnik? The decade long journey has really been a life teaching experience for us. We have steadily reached one milestone after another in this competitive market scenario by adding innovative products that were hitherto not marketed or manufactured in India. Our milestones speak for itself as below: 1999 First to introduce CPVC pipes and ttings in India. 2000 First to introduce world class solvent cement for CPVC and PVC pipes and ttings. 2000 First plumbing product manufacturer to run a systematic national level plumber training programs. 2001 First to set up a full edge CPVC pipes and manufacturing facility in India. 2002 First to introduce CPVC industrial plumbing system for transportation of chemicals, corrosive material/
liquids replacing SS and FRP. 2004 First to introduce lead free/tin-based PVC pipes and ttings. (In conformity with WHO standards). 2005 First company to present to Indian consumers a concept of lifetime plumbing solution protecting valuable investments against joint leaks and corrosion. 2007 First company to avail NSF approval in India (We have already applied). 2007 First to manufacture CPVC based BlazeMaster re sprinkler system in India and fth in the world. 2007 Recipient of National Excellence Award For SME instituted by Corporation Bank The journey of excellence has just begun. Because for us, excellence is a journey not a destination. Which factors helped you to register a consistent performance in the recent times? We have taken the benet of the upward rise in the infrastructure market with innovative and qualitative products by reaching out all possible projects and establishing our brand there. We have a very dedicated team of professionals who have set the target for consistent performance. Off late, which have been the thrust areas for Astral Polytechnik? Our major thrust areas have been expansion of our existing plant capacity, modernizing our plant with the latest state of art machineries and equipments. Also, we are tying up with some major brands in our related elds to introduce their products in the Indian market.
and infrastructure industry. What is your present overall plant capacity? What are your plans to increase this capacity? The present overall plant capacity is 9,074 MT and we have plans to increase it to 18,479 MT. What kind of investment is required for this expansion? How are you going to raise this fund? We will require about Rs 55 crore for this expansion. Of the Rs 55 crore, Rs 34 crore is raised from IPO and the balance from term loan and internal accruals. What initiatives are you taking to enhance your overseas presence? We already have techno-commercial tie-ups with leading players in our eld. They are Lubrizol, Spears, IPS (all of them from the US), Hunter Plastics of UK, IPEX of Canada and Euratech of Malaysia. All these corporations have carved a niche in their respective markets and we are into a tie-up with them to manufacture/trade their products in India and also explore the markets overseas. What was your export revenue in the rst three quarters of this nancial year? How are you hedging yourself against the losses due to stronger Rupee? Our export is minimal (Rs 1 crore), but we are importing the main raw material CPVC resin. Hence, we are taking the benefit of Rupee appreciation. At appropriate time we are doing hedging
We want to grow economically, uplift the standards of living of our employees, better return on investments and to be a responsible entity in the society.
Sandeep Engineer
Managing Director Astral Polytechnik
if required. What is your present order book position? Our present order book position is Rs 10 crore. In our business, we have more distributor network and fewer projects. Therefore, the ow of orders is always on an upward trend. What kind of top line and bottom line growth do you expect in this nancial year? In the current year, we are expecting Rs 135 crore in top line and about Rs 16 crore in the bottom line. What is your turnover target for 2010? About Rs 350 crore by 2010. Tell us about the risks and challenges that lie ahead for Astral Polytechnik? The risks and challenges that lie ahead are those that are with the general business scenario. We do not foresee any major risk lying ahead of us except competition. What is your vision for the company? To grow economically, uplift the standards of living of its employees, better return on investments and a responsible entity in the society. Any message to the investors We wish to take this opportunity to thank the investors in laying faith in our company and we will see that they get the best return on their investment. Mid-Cap 400 152 129
What kind of business growth are you vying for considering the growth we see in real estate and infrastructure? With the present upward rise in the real estate and infrastructure industry we see a parallel rise with them. The kind of business that we are in goes hand in glove with the real estate
TANTIA CONSTRUCTIONS
Leading From The Forefront In North East

I N T E RV I E W
Tantia Constructions, a name to reckon with in creating infrastructure in Eastern India, has developed core competencies in railway infrastructure, roads and urban development. The company strongly believes in achieving results from activities that deliver the largest good to the widest number
1. Railways Division enjoys a reputation of turnkey railway jobs of all kinds ranging from track work, sidings, tunneling and electrification. 2. Bridges Division excels in complicated mega bridges and steel girders. The division is currently executing three bridges, each of them being over two kilometers in length. 3. Roads Division is presently constructing over 400 km of roads all over India. 4. Urban Environment Division caters to city-based projects of water supply, treatment, sewerage and drainage. Besides the above, Power Transmission and Non-metro Airport Infrastructure are the upcoming sectors the company is targeting. What kind of top line and bottom line growth are you expecting in this financial year? We had a Y-o-Y top line and bottom line growth of above 40 per cent for the last two years. Since we have a strong order book, we expect to maintain the same in the coming two financial years. You have a major presence in East India and have an edge over others in terms of understanding the terrain and work experience there. How does it benefit your company? Being headquartered in Eastern India, we have established our relationships and have made deeper understanding of
Siddhartha Tantia
VP (Corporate Planning) Tantia Constructions
antia Constructions is engaged in the diversified infrastructural construction activities since 1964. Apart from the railway infrastructure, the company has developed core competency in roads and urban development. Tantias USP is the Bridges and Flyovers Division. Having been involved in bridges and flyovers for four decades, they have executed number of prestigious bridges in India, Bhutan and Bangladesh. Tantias list of highly satisfied clientele is quite long, and includes - Eastern Railway, Western Railway, North Eastern Railway, South Eastern Railway, North East Frontier Railway, IRCON International Ltd., RITES, Delhi Development Authority, SAIL, Central Public Works Department, National Highways Authority of India, Delhi State Industrial Development Corporation Ltd, Central PWD, State PWDs, NEEPCO, HIDCO, HRBC, KMDA, KMC, HIDCO, Kolkata Metro Railway, Kolkata Circular Railway, etc. It has diversified its portfolio by entering into the marine infrastructure, aviation and power transmission sectors because they hold out significant potential for sustainable growth. Siddharth Tantia, Vice President (Corporate Planning), speaks to Mid Cap 400 about various projects in hands and growth plans of the company. Excerpts: Which have been the focus areas for Tantia Constructions in the recent times? Tantia Constructions focuses on creating core infrastructure through its four divisions: 118
available resources, material, man power, work culture and socio-political structure. In addition to this, people are still quite wary of the North East. Thus we stand to gain in terms of both better knowledge and lesser competition. Tell us about the projects in hand and those in the pipeline. Presently we have around Rs 450 crore ADB funded sewerage and drainage projects in Kolkata, various state highway projects in Bihar, Mizoram, transmission line projects in West Bengal, bridge projects in Bihar, Bengal, Andhra Pradesh, Assam, Mizoram, UP and various other infrastructure projects through out the country. Also we are executing the widening of Patna city roads, and also de-reservation of tram tracks and construction of rigid pavement in Kolkata. What is your current order book position? Presently we have an order book of approximately Rs 1,600 crore. Are you planning for any diversification to real estate, SEZ, etc.? The company intends to focus on creating core infrastructure and enter into BOOT space.
large, complex and expensive projects, achieving significant savings in both time and cost. However, tendering and negotiation and finally maturing into a contract compared to conventional procurement contracts are typically much more complicated in addition to cost thereof because of the need to anticipate all possible contingencies that could arise in longterm contractual relationship. The government constraints, political environment, market conditions, macroeconomic stability, institutional quality, the legal system, large contract negotiation cost, performance enforcement, assurance of good maintenance and past experience with PPPs are some of the factors need to be considered for making this model successful. India is spending heavily on the infrastructure. What kind of growth are you looking for Tantia Constructions in the next five years? We are a major player in the infrastructure development market. With a boom in the construction industry we hope to more than double our turnover in the next five years.
Project execution at fundamental levels has been the tradition of our company. We believe in being conservative, steady growth and creating sustainable valuation for shareholders over the years to come.
Siddhartha Tantia
Vice President (Corporate Planning) Tantia Constructions
What is your view on Public Private Partnership? What is required to make this model successful? Public Private Partnerships (PPP) are the best method available to deliver
What are the growth drivers for Tantia Constructions? Capability, opportunity and growth. Our company has a proven capability in infrastructure and construction through the projects over 200 of them we have executed successfully. The opportunity was provided by the massive investment in infrastructure. Both these factors have led to over 40 per cent year-on-year growth for Tantia Constructions. What is your turnover target for 2010? Our turnover target for 2010 is Rs 800 crore. What kind of risks and challenges do you expect to face to achieve this target? In todays scenario, the main challenge facing construction industry is manpower, the attrition levels and the re-training required. We have taken necessary steps to prevent the same. Fortunately, we have a dedicated team of managers who have been with us since last 10 years, and they are committed to the growth of the company. Machinery and material are available in plenty. Managing and motivating our human resources is the key to achieving targets. What is your vision for the company? To become the leading contractor in Eastern India and to achieve long-term goodwill through: Profit for shareholders Satisfaction to customers Enthusiasm without ego in self Training colleagues and co-workers Clarity with vendors and subcontractors Any message to your investors We believe in being conservative, steady growth and creating sustainable valuation for the shareholders over the years to come. Mid-Cap 400 152 119
Knowledge Partner
001
Quarterly Trends (Rs. Crore)
Dec - 07 Net Income Other Income Operating Prot Interest Gross Prot Depriciation PBT Tax PAT Equity OPM(%) NPM(%) 250.91 0.69 45.18 18.38 27.49 7.48 19.94 7.24 12.70 18.68 18.00 5.04 Sep - 07 80.71 1.25 7.60 2.63 6.22 2.80 3.47 1.15 2.32 18.68 9.41 2.83 Jun - 07 Mar - 07 59.78 1.32 6.73 2.10 5.95 2.65 3.23 1.20 2.04 18.68 11.25 3.33 77.53 0.65 13.43 1.69 12.39 2.06 13.86 3.68 10.18 18.68 17.31 13.01 Dec - 06 64.51 0.13 10.15 4.81 5.47 1.87 3.34 -0.19 3.52 18.68 15.72 5.44
Tata Coffee
Tata Coffee (TCL) is the largest Coffee Plantation Company in Asia with estates located in Coorg, Hassan and Chickmagalur districts of Karnataka. Currently the company is present in all segments of the Coffee product matrix i.e., Pure Filter, Mixed lter, Pure Instant, and Mixed Instant Coffee catering to the needs of all coffee consumers. The area under Coffee is around 8,000 hectares producing over 9,000 MT of Coffee annually. The company also grows Pepper and Cardamom in its Coffee Estates. The companys Timber resources include Rosewood, Silver Oak and other miscellaneous trees. TCL has initiated setting up of a JV Company with its Russian partners for marketing its Instant Coffee in Russia. Tata Coffee is working on expanding a revamped version of its Mr Bean outlets. For the quarter ended Sept07 the company has posted a growth of 19.98 per cent in net sales to Rs 80.71 crore from Rs 67.27 crore in the corresponding quarter previous year. The net prot stood at Rs 2.32 crore from Rs 2.6 crore, registering a decrease of 10.77 per cent.
Annual Trends (Rs. Crore)

FY07
Net Sales Other Income Operating Prot Interest Cost Gross Prot Depreciation PBT Tax Charges Reported Net Prot Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Earning Book Value 263.65 5.82 39.23 12.25 32.80 7.44 23.07 7.52 20.23 46.03 18.68 10.83 14.82 24.65 65.00 14.87 5.97 7.07 0.57 51.78 71.30 181.43
Product Mix (Top 3) (Year = Mar 2007)

Product Name Instant Coffee Cured Coffee Tea (Made) Sales Qty 4684.00 8785.00 7235.00 UoM MT MT MT Sales Product Value Mix 109.91 41.53 62.21 39.86 23.50 15.06
FY06
186.03 5.74 32.54 5.44 32.83 6.38 25.30 5.16 22.32 11.94 12.47 17.90 23.02 9.57 65.00 17.49 12.10 11.19 0.53 49.96 36.06 147.92
FY05
197.47 4.64 29.91 3.94 30.61 5.69 24.21 2.42 28.70 38.26 12.47 23.02 27.58 30.68 65.00 15.14 16.83 14.63 0.14 60.42 109.47 136.73
Raw Material Mix (Top 3) (Year = Mar 2007)

Raw Material Name Coffee Others Tea (Green Leaf) UoM Lakhs MT N.A. Lakhs Kgs Qty Cost of Raw Material Goods Mix 8594 28963642 46.11 0.16 99.64 0.35 -
Investor Returns
FY07 Rights Issue Splits Dividend (%) Bonus ratio N.A. N.A. 65 N.A. FY06 1:2 N.A. 65 N.A. FY05 N.A. N.A. 65 N.A. FY04 N.A. N.A. 50 N.A. FY03 N.A. N.A. 50 N.A.
High / Low Trends

2007 BSE NSE 154/120 331/228 2006 418/250 418/250 2005 385/250 385/250 2004 305/115 305/115 2003 170/60 170/60
BSE Code: 532301 NSE Code: TATACOFFEEEQ CMP: Rs. 233 F.V: Rs. 10 52 Week H/L : Rs. 347/210 PE (x) : 21.48 Dividend Yield (%) : 2.58
Balance Sheet Trends (Rs. Crore)

Liabilities Equity Reserves Loans Others Assets Net block Investments Working Cap Others 2007 18.68 320.69 192.13 0.00 239.45 187.05 104.48 0.50 2006 12.47 173.51 138.91 0.00 189.03 10.77 123.54 1.54 2005 12.47 160.74 56.03 0.00 93.50 22.94 110.09 2.73 2004 12.47 141.30 78.42 0.00 95.28 49.82 83.93 3.16
Registered Ofce: Pollibetta, Kodagu, Karnataka - 571215 Tel: 5588437, 5594102, 5594103 Fax: 91-80-5598817 E-mail: plpbt@tatacoffee.com CEO: MH Ashraff Business Group: Tata Group Industry: Plantations - Tea & Coffee Mid-Cap 400 155 152
002
COMPANY ANALYSIS
RSWM
RSWM is a progressive and growth oriented company with business interests in Yarn, Fabrics, Garments and Denim. The company operates around 3,60,000 spindles and produces 1,00,000 MT of yarn per year and has state-of-the-art garment unit for global customers with a capacity to deliver 13,000 units daily. RSWM exports to over 60 countries across Europe, South Africa, Australia, Korea, Belgium, Singapore, Italy, Egypt and the Gulf countries. Recently, the company approved the de-merger of its strategic investment division into Bhilwara Technical Textiles. Further the company raised its stake in Cheslind Textiles to 66.46 per cent, through an open offer made to the shareholders of Cheslind. For the quarter Sep07, companys gross sales surged 22 per cent to Rs 296.73 crore, whereas operating expenses grew by 21.34 per cent to Rs 266.64 crore. Further the operating prot grew by 28.3 per cent to Rs 30.09 crore from Rs 23.45 crore of the quarter Sep06. The net prot stood at Rs 2.89 crore, with a drop of 59.6 per cent from Rs 7.16 crore of quarter Sep06.

Dec - 07 Net Income Other Income Operating Prot Interest Gross Prot Depriciation PBT Tax PAT Equity OPM(%) NPM(%) 299.69 1.31 27.89 10.66 18.54 17.56 0.98 0.58 0.40 23.15 9.30 0.13 Sep - 07 296.73 1.97 30.09 10.51 21.55 16.45 5.10 2.21 2.89 23.15 10.14 0.96 Jun - 07 Mar - 07 256.25 3.74 25.33 8.28 20.79 14.03 6.76 1.71 5.05 23.15 9.88 1.94 298.19 4.47 31.00 6.43 29.04 12.70 26.97 4.53 22.44 23.15 10.39 7.41 Dec - 06 275.25 2.07 28.57 4.95 25.69 11.82 13.87 4.77 9.10 23.15 10.37 3.28

FY07
Net Sales Other Income Operating Prot Interest Cost Gross Prot Depreciation PBT Tax Charges Reported Net Prot Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Earning Book Value 1042.00 13.25 107.53 25.35 95.43 47.37 45.66 20.65 44.07 75.26 23.15 19.04 39.84 32.51 30.00 10.31 16.77 7.34 2.74 47.57 278.08 113.49

Product Name Blended Yarn Cotton Yarn Yarn (Viscose) Sales Qty 448.03 249.10 72.18 UoM Lakhs Kgs Lakhs Kgs Lakhs Kgs Sales Product Value Mix 559.56 51.27 316.46 28.99 95.43 8.74
FY06
959.60 11.06 95.33 21.71 84.67 43.08 39.08 11.93 27.08 39.59 23.15 11.70 30.66 17.10 30.00 9.93 11.92 11.15 1.45 43.51 354.50 98.06
FY05
733.93 7.95 66.72 14.37 60.30 35.14 22.87 2.58 18.41 15.97 21.92 8.39 24.93 7.28 22.00 9.09 9.28 8.19 1.35 41.16 223.84 90.30

Raw Material Name Fibres Poly. & Other Synth. Viscose Cotton UoM MT MT MT Qty Cost of Raw Material Goods Mix 34993.00 19554.00 22171.00 224.00 165.20 116.25 38.18 28.16 19.81
Investor Returns
FY07 Rights Issue Splits Dividend (%) Bonus ratio N.A. N.A. 30 N.A. FY06 N.A. N.A. 30 N.A. FY05 N.A. N.A. 22 N.A. FY04 N.A. N.A. 12 N.A. FY03 N.A. N.A. N.A.
High / Low Trends

2007 BSE NSE 240/71 232/74 2006 151/81 151/80 2005 160/76 157/75 2004 101/27 101/27 2003 58/13 59/14
BSE Code: 500350 NSE Code: RSWMEQ CMP: Rs. 141 F.V: Rs. 10 52 Week H/L : Rs. 245/74 PE (x) : 7.43 Dividend Yield (%) : 2.12

Registered Ofce: Kharigram, P.O. Gulabpura, Bhilwara District, Rajasthan - 311021 Tel: 223144 223145 223146 223147/48, Fax: 223361, Email: narendermudgal@lnjbhilwara.com CEO: Shekhar Agarwal Business Group: Bhilwara Group Industry: Textiles - Spinning - Synthetic Blended 156
Knowledge Partner
003
Dec - 07 Net Income Other Income Operating Prot Interest Gross Prot Depriciation PBT Tax PAT Equity OPM(%) NPM(%) 388.04 35.38 7.34 28.04 3.90 24.14 8.16 15.98 17.50 9.11 4.11 Sep - 07 331.96 35.61 9.19 26.41 3.88 22.53 7.81 14.72 17.50 10.72 4.43 Jun - 07 Mar - 07 354.73 30.95 7.89 23.06 3.59 19.47 6.94 12.54 17.50 8.72 3.53 419.63 0.04 26.91 7.10 19.85 3.07 16.78 5.46 11.32 17.50 6.41 2.69 Dec - 06 302.06 28.45 5.83 22.63 2.88 19.74 5.88 13.87 17.50 9.41 4.59
Ramsarup Industries
Ramsarup Industries is engaged in the manufacturing of various grades of steel wires and thermo-mechanically-treated (TMT) bars. The Company is also engaged in the laying of power transmission lines, infrastructure contracts and power generation. Recently, the company has increased prices of steel wires in range of Rs 1000 per metric tonne to Rs 2500 per metric tonne with effect from Jan 01, 2008. Further, it has decided to explore possibility of merging Ramsarup Lohh Udyog Ltd with the company. The company secured order amounting to Rs 44 crore from North East Frontier Railways for wire. Adding to this, it secured order from Essar steel (Hazira SEZ) Rs 7.4 crore, Reliance Petroleum (SEZ) Rs 6.24 crore and Reliance Energy (Rosa Power Project) Rs 22 crore. For the quarter-ended Sept07, the top line of the company grew by 21.99 per cent to Rs 331.96 crore as against Rs 272.12 crore in the corresponding quarter last year whereas, bottom line reported robust growth by 80.17 per cent to Rs 14.72 crore from Rs 8.17 crore.

FY07
Net Sales Other Income Operating Prot Interest Cost Gross Prot Depreciation PBT Tax Charges Reported Net Prot Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Earning Book Value 1306.03 1.22 98.28 22.30 77.20 11.34 61.56 18.00 43.56 -0.88 17.50 24.78 31.41 -0.50 20.00 7.52 23.98 42.35 0.15 5.47 42.53 103.31

Product Name G I Wires, Iron Wires, TMT Bars, Rods & Other Iron & Steel Products Contracts By Products Sales Qty UoM Sales Product Value Mix 319019.00 MT 1280.41 - 17.83 4507.00 MT 5.06 98.03 1.36 0.38
FY06
1018.00 0.73 63.01 16.46 47.28 8.34 38.94 10.10 27.80 7.18 17.50 15.77 20.54 4.10 20.00 6.18 19.54 29.94 0.30 1.44 -35.96 80.69
FY05
877.55 0.56 43.21 13.76 30.01 6.64 20.44 7.42 13.68 -43.97 5.65 23.88 36.08 -77.86 5.00 4.92 24.15 34.50 0.89 2.18 18.60 98.87

Raw Material Name Wire Rods/HB Wires/Billets/ Ingots/Slab/Square Bars Lead/Zinc UoM Qty Cost of Raw Material Goods Mix 226244.00 908.77 1768.00 30.65 96.73 3.26
MT MT
Investor Returns
FY07 Rights Issue Splits Dividend (%) Bonus ratio N.A. N.A. 20 N.A. FY06 N.A. N.A. 20 N.A. FY05 N.A. N.A. 5 N.A. FY04 N.A. N.A. 2.5 N.A. FY03 N.A. N.A. 2.5 N.A.
High / Low Trends

2007 BSE NSE 280/126 284/115 2006 160/63 2005 2004 2003
BSE Code: 532690 NSE Code: RAMSARUPEQ CMP: Rs. 188 F.V: Rs. 10 52 Week H/L : Rs. 300/115 PE (x) : 7.57 Dividend Yield (%) : 1.06

Liabilities Equity Reserves Loans Others Assets Net block Investments Working Cap Others 2007 17.50 163.69 239.23 4.46 104.49 320.03 0.36 2006 17.50 124.37 151.45 4.46 62.04 235.11 0.63 2005 5.65 50.93 155.66 45.61 55.94 201.16 0.75 2004 5.65 26.62 108.12 10.95 34.60 115.86 0.87
Registered & Corporate Ofce: Hastings Chambers, 1st Floor, 7C, Kiran Shanhar Roy Road, Kolkata, West Bengal - 700001 Tel: 22421200, Fax: 22421888, E-mail: info@ramsarup.com/company@ramsarup.com CEO: Ashish Jhunjhunwala Business Group: N.A. Industry: Steel - Wires Mid-Cap 400 157 152
004
COMPANY ANALYSIS
Avaya GlobalConnect
Avaya GlobalConnect provides a comprehensive suite of solutions for contact center, BPO and end-to-end converged communications. It also shares strategic alliances with IBM, HP, Netsol, HCL Infosystems and Servion. Avaya diversied into manufacturing multiple access radios and point-to-point digital radios for supplies to Railways, DoT, etc. It has a distribution network of 58 business partners comprising systems integrators, value-added resellers and channel partners. Recently, it has entered into a partnership with the Japanese company OKI Electric Industry to provide IP enabled voice solutions to SMEs. During Sept07, the company reported sales of Rs 133.41 crore as compared to Rs 154.91 crore, a decline of 13.88 per cent. The increase in stock adjustment to Rs 8.05 crore and increase in employee expenses by 18.08 per cent pushed the operating prot downwards by 49.44 per cent to Rs 8.97 crore. The net prot stood at Rs 6.57 crore with a decline of 49.46 per cent from Rs 13 crore reported in the corresponding period last year.

Dec - 07 Net Income Other Income Operating Prot Interest Gross Prot Depriciation PBT Tax PAT Equity OPM(%) NPM(%) 138.48 0.32 12.39 -1.02 13.73 2.72 11.01 4.15 6.86 14.23 8.94 4.93 Sep - 07 133.41 2.77 8.97 -1.27 13.01 2.59 10.42 3.86 6.57 14.23 6.72 4.82 Jun - 07 Mar - 07 139.15 0.68 16.50 -1.19 18.37 2.49 15.87 6.58 9.29 14.23 11.85 6.64 162.43 0.34 15.63 -0.29 16.26 2.58 13.68 4.20 9.48 14.23 9.62 5.82 Dec - 06 140.39 0.44 15.60 -1.07 17.11 2.70 14.40 4.49 9.91 14.23 11.10 7.03

FY07
Net Sales Other Income Operating Prot Interest Cost Gross Prot Depreciation PBT Tax Charges Reported Net Prot Cash Flow from operating Activity Equity EPS (Rs.) Cash EPS (Rs.) Cash Flow from Operations per share Eq. Dividend (%) OPM (%) RONW (%) ROCE (%) Debt/Equity Exports as percent of Total Sales Net forex Earning Book Value 836.63 9.15 76.42 0.21 85.36 15.48 68.02 25.88 47.62 7.37 14.23 33.46 44.33 5.18 67.50 9.13 22.33 32.81 0.00 25.54 -238.42 149.79

Product Name Other Services Telephone Instruments EPABX Lines Sales Qty 136223.00 231496.00 Sales Product Value Mix 399.51 47.12 Numbers 145.98 17.21 Numbers 99.79 11.77 UoM
FY06
435.24 2.73 47.94 0.11 50.56 10.51 39.24 21.45 33.87 13.29 14.23 23.80 31.18 9.34 45.00 11.01 19.10 22.52 0.01 3.77 -225.05 124.56
FY05
323.79 1.60 44.09 0.47 45.22 10.63 33.97 14.45 24.92 59.65 14.23 17.51 24.97 41.91 45.00 13.61 16.53 22.95 0.01 2.05 -207.53 105.91

Raw Mat erial Name UoM Qty Cost of Raw Material Goods Mix 11438.00 1261.00 28.06 24.72 8.51 43.44 38.27 13.17 Other Materials Not Reported Printed Circuit Boards Numbers Cabinets Numbers
Investor Returns
FY07 Rights Issue Splits Dividend (%) Bonus ratio N.A. N.A. 67.5 N.A. FY06 N.A. N.A. 45 N.A. FY05 N.A. N.A. 45 N.A. FY04 N.A. N.A. 45 N.A. FY03 N.A. N.A. 25 N.A.
High / Low Trends

2007 BSE NSE 414/210 414/210 2006 520/204 545/200 2005 531/283 530/275 2004 383/180 395/187 2003 281/85 312/86
BSE Code: 500463 NSE Code: AVAYAGCLEQ CMP: Rs. 203 F.V: Rs. 10 52 Week H/L : Rs. 414/195 PE (x) : 6.05 Dividend Yield (%) : 3.46

Registered Ofce: 72, Kalpataru Synergy, Opp. Grand Hyatt, Vakola, Mumbai, Maharashtra - 400055 Tel: 56617272/30630000 Fax: 55045888, Email: CEO: Niru Mehta Business Group: MNC Associate Industry: Telecommunications - Equipment 158
203
COMPANY ANALYSIS
Allsec Technologies
Allsec Technologies is a third party BPO Company offering both voice and non-voice services on a blended delivery platform. It has expertise in BFSI, Tech Support, Quality Assurance and HR Processing domains. It has three wholly owned subsidiaries: Allsectech Inc, USA, B2K Corp Pvt. Ltd. The principal market of the company is concentrated in the USA, and export constitutes around 95 per cent of the revenue. Further, it proposes to expand its 150 seats operation to 750 seats by Jan08. For the quarter ended Dec07, the net sales declined by 15.50 per cent to Rs 23.01 crore from Rs 27.23 crore in the corresponding quarter last year. In line with this, net loss reported at Rs 6.76 crore.
Investor Returns
FY07 Rights Issue Splits Dividend (%) Bonus ratio N.A. N.A. 50 N.A. FY06 N.A. N.A. 50 N.A. FY05 N.A. N.A. N.A. N.A. FY04 N.A. N.A. N.A. N.A. FY03 N.A. N.A. N.A. N.A.
Last Five Quarters

Dec07 Sales Oper. Prot Net Prot Equity EPS 23.01 -3.17 -6.76 15.24 -4.44 Sep07 28.15 -0.75 -1.77 15.24 -1.16 Jun07 25.90 5.24 4.57 15.24 3.00 Mar07 27.56 8.02 6.99 15.24 4.59 Dec06 27.23 7.99 6.96 15.23 4.57
High / Low Trends

BSE NSE 2007 377/116 374/115 2006 299/142 298/160 2005 305/111 307/118 2004 2003
Product Mix (Year = Mar 2007)

Product Name I T Enabled Services Sales Qty UoM Sales Product Value Mix 113.28 100.00 Sales Oper. Prot PAT Equity EPS B.V
Financial Highlights
FY07 113.28 32.62 28.13 15.24 18.46 109.60 FY06 92.26 26.72 21.64 12.09 17.90 58.59 FY05 57.55 16.35 11.86 8.82 13.44 20.36 FY04 41.45 11.55 7.38 17.68 4.18 6.24 FY04 24.94 -10.21 -16.50 4.36 -37.88 -23.88
Registered Ofce: 7H Century Plaza, 560-562 Anna Salai, Teynampet, Chennai (Madras), Tamil Nadu - 600018 Tel: 22447070, Fax: 22447077, E-mail: investorcontact@allsectech.com CEO: R Jagadish Business Group: Not Applicable Industry: IT Enabled Services
Everest Industries
Everest Industries was incorporated in the year 1934 as Asbestos Cement Ltd with its rst manufacturing facility at kymore in Madhya Pradesh. Today the company is well known for providing a range of solutions for all building construction needs. Its daily turnover is of Rs 303 crore with 5 major production facilities. The company has also captured growth export market in Europe, Africa, Australia & Asia. For the quarter ended Sept07, the net sales of the company dropped by 7.55 per cent to Rs 57.42 crore as against Rs 62.11 crore reported a year ago. However, the net prot surged by 33.33 per cent to Rs 1.72 crore as compared to Rs 1.29 crore a year ago.
204
Investor Returns
FY07 Rights Issue Splits Dividend (%) Bonus ratio N.A. N.A. 40 N.A. FY06 N.A. N.A. 30 N.A. FY05 N.A. N.A. 50 N.A. FY04 N.A. N.A. 325 N.A. FY03 N.A. N.A. 30 N.A.
Last Five Quarters

Dec07 Sales Oper. Prot Net Prot Equity EPS 69.04 3.27 6.94 14.80 4.69 Sep07 57.42 1.96 1.72 14.80 1.16 Jun07 80.16 9.59 5.32 14.80 3.59 Mar07 82.64 5.25 2.66 14.80 1.80 Dec06 78.71 3.60 0.38 14.80 0.26
High / Low Trends

BSE NSE 2007 153/83 152/81 2006 228/96 248/90 2005 228/120 225/122 2004 152/55 153/55 2003 127/23 128/23

Product Name Fibre Cement Products Other Materials (Traded) Prefab Sales Product Value Mix 396483.00 Metric Tonnes 306.73 94.14 10.64 3.26 8.42 2.58 Sales Qty UoM Sales Oper. Prot PAT Equity EPS B.V
FY07 303.38 28.48 11.66 14.80 7.88 90.89 FY06 252.58 43.03 31.13 14.80 21.03 87.06 FY05 227.75 35.87 19.17 14.80 12.95 72.95 FY04 199.48 27.15 59.57 14.80 40.25 64.38 FY03 209.92 25.84 9.51 14.80 6.42 59.21
Registered Ofce: Gate No.152, Lakhmapur,, Taluka Dindori, Nasik, Maharashtra - 422202 Tel: , , , Fax: , E-mail: info@everestind.com/compofcer@everestind.com CEO: ML Gupta Business Group: ACC Group Industry: Cement - Products/Building Materials 306
205
Sathavahana Ispat
Sathavahana Ispat was incorporated in the year 1989. The company is engaged in manufacturing and selling of pig iron, which is used in the manufacture of steel and foundry grade pig iron used in making castings. The company has pig iron and metallurgical coke manufacturing capacity of 210,000 MT and 150,000 MT respectively. As a part of forward integration, the company has planed to invest Rs 86 crore for expanding metallurgical coke facility by 150,000 TPA and co-generation power facility by 10 MW at Kudithini plant. For the quarter ended Sept07 net sales decreased by 22.42 per cent y-o-y to Rs 61.5 crore while the company reported a 5.94 per cent y-o-y decline in net prot to Rs 6.33 crore.
Investor Returns
Last Five Quarters

Dec07 Sales Oper. Prot Net Prot Equity EPS 82.08 14.83 9.68 26.30 3.68 Sep07 61.50 12.28 6.33 26.30 2.41 Jun07 74.60 6.37 5.30 26.30 2.02 Mar07 59.96 8.80 -1.22 26.30 -0.46 Dec06 60.12 4.86 3.32 26.30 1.26
High / Low Trends

BSE NSE 2007 86/27 86/27 2006 39/15 33/31 2005 54/21 2004 54/17 2003 36/5

Product Name Pig iron Metallurgical Coke Slag Sales Qty UoM 157363.00 272.00 8218.00 Sales Product Value Mix MT 284.59 99.86 MT 0.22 0.07 MT 0.16 0.05 Sales Oper. Prot PAT Equity EPS B.V
FY07 243.20 31.21 14.04 26.30 5.34 34.80 FY06 181.63 9.85 0.29 26.30 0.11 30.63 FY05 176.95 44.07 26.40 26.30 10.04 31.09 FY04 129.42 29.52 21.96 26.30 8.35 22.42 FY03 72.00 10.17 4.21 26.30 1.60 15.37
Registered Ofce: 314, Sri Rama Krishna Towers, Nagarjuna Nagar, Ameerpet, Hyderabad, Andhra Pradesh - 500073 Tel: 23730812 - 23730814, Fax: 23730566, E-mail: sathavahana@eth.net CEO: A Naresh Kumar Business Group: Not Applicable Industry: Steel - Pig Iron
BLB
BLB was incorporated in 1981. It is a part of BLB group, a nancial investment company. The company is engaged in the business of stock trading and holds corporate membership of BSE, NSE and other exchanges. The main activity is jobbing and arbitrage and its other services include research reports, IPO analysis, nancial market education and real estate. The company is also a depository participant with NSDL and CDSL. It has three subsidiaries namely BLB Realty Ventures, BLB Institute of Financial Markets and BLB Global Business. For the quarter ended Dec07, the net sales and the net prot of the company jumped by 27.87 per cent and 760.34 per cent to Rs 428.69 crore and Rs 30.37 crore respectively.
206
Investor Returns
Last Five Quarters

High / Low Trends

BSE NSE 2007 69/9 70/10 2006 27/7 24/8 2005 21/6 21/5 2004 10/5 10/5 2003 11/2 11/3

Product Name Sales Qty UoM Income From Sale Of Share & Securities Sales Product Value Mix 111.94 100.00 Sales Oper. Prot PAT Equity EPS B.V
FY07 111.94 10.31 7.49 5.29 1.42 16.07 FY06 84.62 16.67 13.75 5.29 2.60 14.78 FY05 33.19 -5.16 -8.73 5.29 -1.65 12.30 FY04 46.14 20.00 9.87 5.29 1.87 13.98 FY03 15.55 4.54 1.11 5.04 0.22 12.66
Registered Ofce: 4764/23-A, Ansari Road, Daryaganj, New Delhi, Delhi - 110002 Tel: 23258513 23278907 32968110 329, Fax: 23283159, E-mail: investorscomplaints@gmail.com CEO: Brij Rattan Bagri Business Group: Not Applicable Industry: Finance - Investments Mid-Cap 400 Dalal Street Investment Journal 307 152
201
Wanbury
Wanbury undertakes the manufacture and sale of pharmaceuticals, medicines, drugs and organic chemicals. A substantial portion of the production is intended for exports. Wander Ltd. founded in 1865 has now become the Formulations Division of Wanbury catering the domestic market. Pearl Organics was incorporated in 1994 as a public limited company. Today, bulk drug division is the largest producer of Metformin hydrochloride in the world. The gross sales of the company for Sept07 quarter increased by 66.51 per cent yoy to Rs 57.28 crore while net prot increased by 58.12 per cent to Rs 6.04 crore.
Investor Returns
FY07 Rights Issue Splits Dividend (%) Bonus ratio N.A. N.A. 20 N.A. FY06 N.A. N.A. 20 N.A. FY05 N.A. N.A. 10 N.A. FY04 N.A. N.A. N.A. N.A. FY03 N.A. N.A. N.A. N.A.
Last Five Quarters

High / Low Trends

BSE NSE 2007 164/99 168/100 2006 174/55 2005 267/112 2004 77/21 2003 53/5

Product Name Bulk Drugs Tablets Capsules Liquids (Formulations) Other Operating Income Sales Qty UoM 4499.03 MT 61.19 Lakhs Num. 18.14 Lakhs Num. 256.10 Kilolitres Sales Product Value Mix 92.76 61.29 20.06 13.25 12.41 8.20 11.98 7.91 7.49 4.94 Sales Oper. Prot PAT Equity EPS B.V
FY07 151.28 21.29 20.83 12.75 16.34 80.37 FY06 112.76 16.90 10.73 12.75 8.42 55.71 FY05 74.39 11.76 7.01 9.49 7.39 22.08 FY04 53.62 5.57 2.63 1.93 13.66 39.16 FY03 23.71 4.30 0.97 3.85 2.52 15.93
Registered & Head Ofce: BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opp. Vashi Railway Station, New Mumbai, Maharashtra - 400705 Tel: 67942222, Fax: 67942111/333, E-mail: shares@wanbury.com CEO: CM Bhatankar Business Group: Not Applicable Industry: Pharmaceuticals
Can Fin Homes

CFHL was promoted in 1987 by Canara Bank along with HDFC, UTI and now NHB also. It provides long-term housing loans to individuals or corporate bodies. In the open offer by CFHL, Indbank Merchant Banking Services Ltd for and on behalf of Canara Bank (Acquirer) is going to acquire 43,14,246 fully paid up equity shares in CFHL at a revised offer price of Rs 78 per share from the earlier price of Rs 58 per share. For the quarter Dec07, companys interest income increased by 12.73 per cent to Rs 55.79 crore, whereas expenses dropped by 27.85 per cent to Rs 3.29 crore. The net prot stood at Rs 6.67 crore, with a decline of 30.08 per cent from Rs 9.54 crore of quarter Dec06.
202
Investor Returns
Last Five Quarters

High / Low Trends

BSE NSE 2007 88/48 88/48 2006 68/40 68/40 2005 60/38 57/41 2004 57/33 57/33 2003 56/25 59/26

Product Name Sales Qty UoM Income From Housing Finance Interest Fees & Other Charges Income From Sale Of Share & Securities Sales Product Value Mix 176.44 94.37 5.35 2.86 5.09 2.72 0.07 0.03 Sales Oper. Prot PAT Equity EPS B.V
FY07 190.01 172.60 30.10 20.49 14.69 96.55 FY06 148.04 132.45 26.95 20.49 13.16 84.78 FY05 126.95 111.59 21.12 20.49 10.31 74.47 FY04 128.78 112.17 20.70 20.49 10.10 67.08 FY03 139.75 127.53 21.58 20.49 10.54 62.66
Registered Ofce: No 29/1,1st Floor, Sri M N Krishna Rao Road, Basavanagudi, Bangalore, Karnataka - 560004 Tel: 26564259, 26565747, 26568687, Fax: 26565746, E-mail: cann@bgl.vsnl.net.in CEO: Venkataramaiah Business Group: Joint Sector Holding Industry: Finance - Housing Mid-Cap 400 Dalal Street Investment Journal 305 152
203
COMPANY ANALYSIS
Allsec Technologies
Allsec Technologies is a third party BPO Company offering both voice and non-voice services on a blended delivery platform. It has expertise in BFSI, Tech Support, Quality Assurance and HR Processing domains. It has three wholly owned subsidiaries: Allsectech Inc, USA, B2K Corp Pvt. Ltd. The principal market of the company is concentrated in the USA, and export constitutes around 95 per cent of the revenue. Further, it proposes to expand its 150 seats operation to 750 seats by Jan08. For the quarter ended Dec07, the net sales declined by 15.50 per cent to Rs 23.01 crore from Rs 27.23 crore in the corresponding quarter last year. In line with this, net loss reported at Rs 6.76 crore.
Investor Returns
Last Five Quarters

Dec07 Sales Oper. Prot Net Prot Equity EPS 23.01 -3.17 -6.76 15.24 -4.44 Sep07 28.15 -0.75 -1.77 15.24 -1.16 Jun07 25.90 5.24 4.57 15.24 3.00 Mar07 27.56 8.02 6.99 15.24 4.59 Dec06 27.23 7.99 6.96 15.23 4.57
High / Low Trends

BSE NSE 2007 377/116 374/115 2006 299/142 298/160 2005 305/111 307/118 2004 2003

Product Name I T Enabled Services Sales Qty UoM Sales Product Value Mix 113.28 100.00 Sales Oper. Prot PAT Equity EPS B.V
FY07 113.28 32.62 28.13 15.24 18.46 109.60 FY06 92.26 26.72 21.64 12.09 17.90 58.59 FY05 57.55 16.35 11.86 8.82 13.44 20.36 FY04 41.45 11.55 7.38 17.68 4.18 6.24 FY04 24.94 -10.21 -16.50 4.36 -37.88 -23.88
Registered Ofce: 7H Century Plaza, 560-562 Anna Salai, Teynampet, Chennai (Madras), Tamil Nadu - 600018 Tel: 22447070, Fax: 22447077, E-mail: investorcontact@allsectech.com CEO: R Jagadish Business Group: Not Applicable Industry: IT Enabled Services
Everest Industries
Everest Industries was incorporated in the year 1934 as Asbestos Cement Ltd with its rst manufacturing facility at kymore in Madhya Pradesh. Today the company is well known for providing a range of solutions for all building construction needs. Its daily turnover is of Rs 303 crore with 5 major production facilities. The company has also captured growth export market in Europe, Africa, Australia & Asia. For the quarter ended Sept07, the net sales of the company dropped by 7.55 per cent to Rs 57.42 crore as against Rs 62.11 crore reported a year ago. However, the net prot surged by 33.33 per cent to Rs 1.72 crore as compared to Rs 1.29 crore a year ago.
204
Investor Returns
Last Five Quarters

High / Low Trends

BSE NSE 2007 153/83 152/81 2006 228/96 248/90 2005 228/120 225/122 2004 152/55 153/55 2003 127/23 128/23

Product Name Fibre Cement Products Other Materials (Traded) Prefab Sales Product Value Mix 396483.00 Metric Tonnes 306.73 94.14 10.64 3.26 8.42 2.58 Sales Qty UoM Sales Oper. Prot PAT Equity EPS B.V
FY07 303.38 28.48 11.66 14.80 7.88 90.89 FY06 252.58 43.03 31.13 14.80 21.03 87.06 FY05 227.75 35.87 19.17 14.80 12.95 72.95 FY04 199.48 27.15 59.57 14.80 40.25 64.38 FY03 209.92 25.84 9.51 14.80 6.42 59.21
Registered Ofce: Gate No.152, Lakhmapur,, Taluka Dindori, Nasik, Maharashtra - 422202 Tel: , , , Fax: , E-mail: info@everestind.com/compofcer@everestind.com CEO: ML Gupta Business Group: ACC Group Industry: Cement - Products/Building Materials 306
205
Sathavahana Ispat
Sathavahana Ispat was incorporated in the year 1989. The company is engaged in manufacturing and selling of pig iron, which is used in the manufacture of steel and foundry grade pig iron used in making castings. The company has pig iron and metallurgical coke manufacturing capacity of 210,000 MT and 150,000 MT respectively. As a part of forward integration, the company has planed to invest Rs 86 crore for expanding metallurgical coke facility by 150,000 TPA and co-generation power facility by 10 MW at Kudithini plant. For the quarter ended Sept07 net sales decreased by 22.42 per cent y-o-y to Rs 61.5 crore while the company reported a 5.94 per cent y-o-y decline in net prot to Rs 6.33 crore.
Investor Returns
Last Five Quarters

Dec07 Sales Oper. Prot Net Prot Equity EPS 82.08 14.83 9.68 26.30 3.68 Sep07 61.50 12.28 6.33 26.30 2.41 Jun07 74.60 6.37 5.30 26.30 2.02 Mar07 59.96 8.80 -1.22 26.30 -0.46 Dec06 60.12 4.86 3.32 26.30 1.26
High / Low Trends

BSE NSE 2007 86/27 86/27 2006 39/15 33/31 2005 54/21 2004 54/17 2003 36/5

Product Name Pig iron Metallurgical Coke Slag Sales Qty UoM 157363.00 272.00 8218.00 Sales Product Value Mix MT 284.59 99.86 MT 0.22 0.07 MT 0.16 0.05 Sales Oper. Prot PAT Equity EPS B.V
FY07 243.20 31.21 14.04 26.30 5.34 34.80 FY06 181.63 9.85 0.29 26.30 0.11 30.63 FY05 176.95 44.07 26.40 26.30 10.04 31.09 FY04 129.42 29.52 21.96 26.30 8.35 22.42 FY03 72.00 10.17 4.21 26.30 1.60 15.37
Registered Ofce: 314, Sri Rama Krishna Towers, Nagarjuna Nagar, Ameerpet, Hyderabad, Andhra Pradesh - 500073 Tel: 23730812 - 23730814, Fax: 23730566, E-mail: sathavahana@eth.net CEO: A Naresh Kumar Business Group: Not Applicable Industry: Steel - Pig Iron
BLB
BLB was incorporated in 1981. It is a part of BLB group, a nancial investment company. The company is engaged in the business of stock trading and holds corporate membership of BSE, NSE and other exchanges. The main activity is jobbing and arbitrage and its other services include research reports, IPO analysis, nancial market education and real estate. The company is also a depository participant with NSDL and CDSL. It has three subsidiaries namely BLB Realty Ventures, BLB Institute of Financial Markets and BLB Global Business. For the quarter ended Dec07, the net sales and the net prot of the company jumped by 27.87 per cent and 760.34 per cent to Rs 428.69 crore and Rs 30.37 crore respectively.
206
Investor Returns
Last Five Quarters

High / Low Trends

BSE NSE 2007 69/9 70/10 2006 27/7 24/8 2005 21/6 21/5 2004 10/5 10/5 2003 11/2 11/3

Product Name Sales Qty UoM Income From Sale Of Share & Securities Sales Product Value Mix 111.94 100.00 Sales Oper. Prot PAT Equity EPS B.V
FY07 111.94 10.31 7.49 5.29 1.42 16.07 FY06 84.62 16.67 13.75 5.29 2.60 14.78 FY05 33.19 -5.16 -8.73 5.29 -1.65 12.30 FY04 46.14 20.00 9.87 5.29 1.87 13.98 FY03 15.55 4.54 1.11 5.04 0.22 12.66
Registered Ofce: 4764/23-A, Ansari Road, Daryaganj, New Delhi, Delhi - 110002 Tel: 23258513 23278907 32968110 329, Fax: 23283159, E-mail: investorscomplaints@gmail.com CEO: Brij Rattan Bagri Business Group: Not Applicable Industry: Finance - Investments Mid-Cap 400 Dalal Street Investment Journal 307 152
201
Wanbury
Wanbury undertakes the manufacture and sale of pharmaceuticals, medicines, drugs and organic chemicals. A substantial portion of the production is intended for exports. Wander Ltd. founded in 1865 has now become the Formulations Division of Wanbury catering the domestic market. Pearl Organics was incorporated in 1994 as a public limited company. Today, bulk drug division is the largest producer of Metformin hydrochloride in the world. The gross sales of the company for Sept07 quarter increased by 66.51 per cent yoy to Rs 57.28 crore while net prot increased by 58.12 per cent to Rs 6.04 crore.
Investor Returns
FY07 Rights Issue Splits Dividend (%) Bonus ratio N.A. N.A. 20 N.A. FY06 N.A. N.A. 20 N.A. FY05 N.A. N.A. 10 N.A. FY04 N.A. N.A. N.A. N.A. FY03 N.A. N.A. N.A. N.A.
Last Five Quarters

High / Low Trends

BSE NSE 2007 164/99 168/100 2006 174/55 2005 267/112 2004 77/21 2003 53/5

Product Name Bulk Drugs Tablets Capsules Liquids (Formulations) Other Operating Income Sales Qty UoM 4499.03 MT 61.19 Lakhs Num. 18.14 Lakhs Num. 256.10 Kilolitres Sales Product Value Mix 92.76 61.29 20.06 13.25 12.41 8.20 11.98 7.91 7.49 4.94 Sales Oper. Prot PAT Equity EPS B.V
FY07 151.28 21.29 20.83 12.75 16.34 80.37 FY06 112.76 16.90 10.73 12.75 8.42 55.71 FY05 74.39 11.76 7.01 9.49 7.39 22.08 FY04 53.62 5.57 2.63 1.93 13.66 39.16 FY03 23.71 4.30 0.97 3.85 2.52 15.93
Registered & Head Ofce: BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opp. Vashi Railway Station, New Mumbai, Maharashtra - 400705 Tel: 67942222, Fax: 67942111/333, E-mail: shares@wanbury.com CEO: CM Bhatankar Business Group: Not Applicable Industry: Pharmaceuticals
Can Fin Homes

CFHL was promoted in 1987 by Canara Bank along with HDFC, UTI and now NHB also. It provides long-term housing loans to individuals or corporate bodies. In the open offer by CFHL, Indbank Merchant Banking Services Ltd for and on behalf of Canara Bank (Acquirer) is going to acquire 43,14,246 fully paid up equity shares in CFHL at a revised offer price of Rs 78 per share from the earlier price of Rs 58 per share. For the quarter Dec07, companys interest income increased by 12.73 per cent to Rs 55.79 crore, whereas expenses dropped by 27.85 per cent to Rs 3.29 crore. The net prot stood at Rs 6.67 crore, with a decline of 30.08 per cent from Rs 9.54 crore of quarter Dec06.
202
Investor Returns
Last Five Quarters

High / Low Trends

BSE NSE 2007 88/48 88/48 2006 68/40 68/40 2005 60/38 57/41 2004 57/33 57/33 2003 56/25 59/26

Product Name Sales Qty UoM Income From Housing Finance Interest Fees & Other Charges Income From Sale Of Share & Securities Sales Product Value Mix 176.44 94.37 5.35 2.86 5.09 2.72 0.07 0.03 Sales Oper. Prot PAT Equity EPS B.V
FY07 190.01 172.60 30.10 20.49 14.69 96.55 FY06 148.04 132.45 26.95 20.49 13.16 84.78 FY05 126.95 111.59 21.12 20.49 10.31 74.47 FY04 128.78 112.17 20.70 20.49 10.10 67.08 FY03 139.75 127.53 21.58 20.49 10.54 62.66
Registered Ofce: No 29/1,1st Floor, Sri M N Krishna Rao Road, Basavanagudi, Bangalore, Karnataka - 560004 Tel: 26564259, 26565747, 26568687, Fax: 26565746, E-mail: cann@bgl.vsnl.net.in CEO: Venkataramaiah Business Group: Joint Sector Holding Industry: Finance - Housing Mid-Cap 400 Dalal Street Investment Journal 305 152
EDITORIAL INDEX
Company Name Page Company Name Page Company Name Page Raj Television Network . ............................. 358 Rajapalayam Mills . .................................... 247 Rajshree Sugars & Chemicals . ................. 297 Rama Newsprint and Papers . ................... 254 Ramco Systems . ....................................... 372 Ramkrishna Forgings ................................ 268 Ramsarup Industries . ................................ 157 Rane Engine Valves . ................................. 337 Rane Holdings . .......................................... 380 RayBan Sun Optics India . ......................... 321 RDB Industries . ......................................... 345 Refex Refrigerants . ................................... 366 Remi Metals Gujarat .................................. 344 Renaissance Jewellery .............................. 240 Repro India . ............................................... 381 Revathi Equipment . ................................... 278 Ricoh India . ............................................... 294 Riddhi-Siddhi Gluco Biols . ......................... 241 Rohit Ferro-Tech ........................................ 246 Roman Tarmat . .......................................... 341 Royal Orchid Hotels . ................................. 242 RPG Cables . ............................................. 385 RPG Life Sciences . ................................... 387 RSWM . ...................................................... 156 Shreyas Shipping & Logistics . ................... 267 Shri Lakshmi Cotsyn ................................. 203 Shringar Cinemas ...................................... 314 SI Group - India . ........................................ 326 SIEL . .......................................................... 391 Siemens Medical Sol. Diagnostics . ........... 382 SIL Investments . ........................................ 378 Silverline Technologies . ............................. 329 Sirpur Paper Mills . ..................................... 344 SMS Pharmaceuticals . .............................. 274 Solvay Pharma India . ................................ 275 South Asian Petrochem .............................. 263 Southern Petrochemicals Ind. Corp. ......... 376 Sparsh BPO Services ................................ 276 Spice Mobiles . ........................................... 365 SQL Star International . .............................. 403 Sree Rayalseema Alkalies & Allied Chem. 280 Srinivasa Shipping & Property Deve. . ....... 362 Steel Strips & Wheels ................................ 308 Stone India . ............................................... 396 Sujana Metal Products . ............................. 227 Sujana Universal Industries ....................... 202 Sulzer India . .............................................. 360 Sunil Hitech Engineers . ............................. 301 Sunteck Realty & Infrastructure ................. 369 Super Spinning Mills .................................. 328 Suprajit Engineering . ................................. 383 Supreme Infrastructure India . .................... 376 Supreme Petrochem . ................................ 164 Su-Raj Diamonds & Jewellery . .................. 260 Suraj Stainless .......................................... 165 Surana Corporation Limited ....................... 264 Surana Industries . ..................................... 163 Surya Pharmaceuticals . ............................ 281 Surya Roshni . ............................................ 259 Suryachakra Power Corporation . .............. 337 Sutlej Textiles & Industries ......................... 256 Swaraj Engines . ........................................ 258 Swaraj Mazda ............................................ 217 Thiru Arooran Sugars . ............................... 400 Thirumalai Chemicals . ............................... 212 Timex Group India . .................................... 313 Tinplate Company of India ......................... 260 Torrent Cables . .......................................... 261 Tourism Finance Corporation of India . .......311 Tricom India . .............................................. 388 Triton Corp ................................................. 309 TTK Prestige . ............................................ 299 Tudor India . ............................................... 381 Twilight Litaka Pharma . ............................. 322
U
U P Hotels . ................................................ 370 UB Engineering . ........................................ 341 Ucal Fuel Systems . ................................... 315 Ultramarine & Pigments . ........................... 369 Universal Cables . ...................................... 235 Ushdev International . ................................ 324 Usher Agro . ............................................... 375 Uttam Sugar Mills . ..................................... 335
EDITORIAL INDEX
V
Vakrangee Softwares . ............................... 243 Valecha Engineering .................................. 224 Varun Industries ......................................... 225 Venkys (India) . .......................................... 285 Venus Remedies . ...................................... 221 Viceroy Hotel . ............................................ 320 Videocon Appliances . ................................ 271 Vikash Metal & Power . .............................. 386 Vimta Labs ................................................. 317 Vindhya Telelinks . ...................................... 390 VIP Industries . ........................................... 220 Visaka Industries . ...................................... 295 Vishal Exports Overseas . .......................... 354 Vishesh Infotechnics................................... 394 Vishnu Chemicals . ..................................... 354 VLS Finance . ............................................. 395
S
Saint-Gobain Sekurit India . ....................... 356 Sakthi Sugars . ........................................... 201 Salora International . .................................. 250 Sandesh . .................................................. 357 Sandur Manganese & Iron Ores ................ 340 Sangam (India) . ......................................... 230 Sanghvi Movers.......................................... 160 Sat Industries . ........................................... 397 Sathavahana Ispat . ................................... 307 Satra Properties (India) .............................. 314 Saurashtra Cements . ................................ 206 SEL Manufacturing Company .................... 303 Selan Exploration Technology . .................. 342 Seshasayee Paper & Boards . ................... 215 Setco Automotive . ..................................... 368 Shalimar Paints . ........................................ 368 Shanthi Gears ............................................ 188 Sharon Pharma Chem ............................... 291 Shasun Chemicals & Drugs . ..................... 178 Shilpa Medicare Limited ............................. 396 Shiva Cement . ........................................... 382 Shree Ashtavinayak Cine Vision ................ 269 Shrenuj & Company . ................................. 161
W
W S Industries (India) . ............................... 334 Wanbury . ................................................... 305 Wendt India . .............................................. 404 West Coast Paper Mills . ............................ 162 Wheels India .............................................. 185
T
Tamilnadu Petroproducts ........................... 310 Tantia Constructions . ................................. 292 Tata Coffee . ............................................... 155 Tata Sponge Iron . ...................................... 193 Tayo Rolls Limited ...................................... 317 Technocraft Industries (India) . ................... 234 Temptation Foods . ..................................... 347 Themis Medicare . ...................................... 331
Z
Z F Steering Gear (India) . ......................... 287 Zenith Birla (India) . .................................... 248 Zensar Technologies ................................. 182 Zicom Electronic Security Systems ........... 320
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Editors desk

Unlocking The Growth Potential

Mid-Cap 400 152

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APW PRESIDENT Elijah A Elias MH Ashraff

MD, APW President

Expanding Reach Through Quality Products & Services

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ASTRAL POLYTECHNIK MH Ashraff

Excellence Is A Journey Not A Destination

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Leading From The Forefront In North East

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Last Five Quarters

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Can Fin Homes

Last Five Quarters

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Product Mix (Year = Mar 2007)