Agro-Fertilizers - Thematic Report - 25jun2014

Analyst: Ajoy mukherjee | amukherjee@microsec.
in
Agriculture Productive, Scientific & Prospering

Sector- Agriculture, Agrochemicals & Sugar
Agriculture is the engine of the Indias economic growth and the largest employer. India is
the Worlds second largest producer of food next to china. In the next 10 years the total food
production in India is likely to double. India holds 179.90 million hectares which is also
second largest in the world. Agriculture sector is representing a share of around 14 per cent
of Gross Domestic Product (GDP) & 11% of Indias total export which reached US$ 45
Billion during 2013-14 as compared US$25 Billion in 2012-13. India requires a robust,
modernised agricultural practices to ensure food security. The government has allowed 100
per cent FDI under automatic route in storage and warehousing, including cold storages. 100
per cent FDI is also permitted for development of seeds under the automatic route. Indias
new stable government may give highest priority on agriculture. Govt. may take some of
following initiative for this.
To arrest the inflation which has been a major challenge for the new Government since it took charge.
Finance Minister announced several measures including advising the State Governments to de-list fruits and
vegetables from the Agriculture Produce Market Committees (APMC) Act.
Government may install a Price Stabilisation Fund so that procurement and distribution at State level could be
improved.
Govt. may take steps to enhance the profitability in agriculture, by ensuring a minimum of 50% profits over
the cost of production.
Increase public investment in agriculture & cheaper agriculture inputs and credit. Introducing latest
technologies for farming and high yielding seeds.
Govt. estimated increase in cash flow in sugar sector, following the export incentive scheme for raw sugar
being extended till September 2015.
Cold storage capacity also needs to grow rapidly from the current level of 24 MT.
Set up and endorse low water consuming irrigation techniques and optimum utilization of water resources.
Set up the 'Organic Farming and Fertilizer Corporation of India', to promote organic farming and fertilizers,
and provide incentives and support for marketing organic produce.
Genetically Modified (GM) crops may be allowed with full scientific evaluation on its long-term effects on
soil, production and biological impact on consumers.
Govt. may plan urea price hike to control fertilizer subsidies.
Govt. may increase the import duty on sugar.
New stable govt. may reform a meaningful Minimum Support price (MSP).
-125 June, 2014
Microsec Research
Government may provide a guaranteed assured monthly income for farmers.
Marketing fruits and vegetables like milk. For a country which was able to build up an excellent marketing
network for one of the most perishable commodities -- milk govt. may take similar approach to providing a
viable marketing network for fruits and vegetables.
Govt. may implement a comprehensive and an intensive soil testing programme across India and thereafter,
formulate location specific measures to restore and improve soil health.
New government may implement a farm insurance scheme to take care of crop loss due to unforeseen natural
calamities.
The Government may develop a policy and research framework that is appropriate for the development of
agriculture in hilly and mountainous regions in different parts of India.
New government may increase the subsidy on different fertilizer & sugar.
Above measures are likely to benefit the following segments in Agriculture.

Irrigation companies
Fertilizer companies
Sugar companies
Seed companies
We have identified some of the companies which we believe is likely to outperform
in the medium to long term. A brief of the same is mentioned below. We have also
recommended some of them in Our Post Poll Theme Report dated May17, 2014, some
of which have already appreciated significantly.
-225 June, 2014
Microsec Research
Bayer Cropscience Limited

BUY
Sector- Agrochemicals
MARKET DATA
Current Market Price (INR)
1,840.00
Target Price
2,240.00
Upside (%)
21.7%
52 Week High / Low (INR)
1939.00/1362.00
Market Capitalization (In INR Crs)
6,737.90
Shareholding
We rate Bayer Cropscience Ltd. a BUY based on factors like companys outstanding range of product
& extensive service backup for modern in three business area Crop Protection, Bio-Science and
Environmental Science. The company has plans to reach leadership position in these areas in the
coming years with a substantial survival in 122 countries and 22000 dedicated employees.
Investment Highlights
New Stable Government to bring reforms in Agriculture: New stable Government may
DII
11.58%
implement to introduce the latest technology for farming & may take step to enhance the
profitability in agriculture. Bayer Cropscience Ltd. has 17 branded products in crop protection. The
company offers an integrated portfolio of high quality seeds of Rice, Cotton, Pearl Millet, Corn,
Grain Sorghum, Mustard etc.
FII
7.96%
Its a cash-rich Company: Bayer Cropscience is zero debt company for last three years with
Promoter
and
Promoter
Group
68.96%
huge cash in hand. In current high interest rate system this conservative capital structure is
advantage for the company, thus, helping in improving the bottom line.
Non
Institutions
11.50%
Bayer CropScience has a strong innovation pipeline: A strong innovation pipeline is expected
STOCK SCAN
BSE Code
506285
NSE Code
BAYERCROP
Bloomberg Ticker
BYRCS IN
Reuters Ticker
BAYE.BO
Face Value (INR)
10.00
Equity Share Capital (In INR Crs)
36.62
Average P/E
to bring in new protection 6 to 8 and Hybrid Seeds 13 to 14 products within the next two years.
The companys New integrated crop solutions Bayer Labhsutra significantly benefits farmers
income.
The companys manufacturing capacity is set to increase: The company has capacity to
process and package more than 200 metric tons of high-quality seed per day, It is one of the top
players in the country with four states Andhra Pradesh, Tamilnadu, karnataka, haryana and plans
to develop production centers in others state. The company warehouses are located throughout the
country.
NA
Beta vs Sensex
0.90
Average Daily Volume
15,380
Dividend Yield
0.3%
PEG Ratio
NA
CLOSE(Bayer CropScience Ltd)
CLOSE(SENSEX)
Bayer Environmental Science : It is a non agriculture product division with pioneer in the field
of public health, being a major contributor in this segment. It is covering three major segmentVector control, Professional pest control, Green Industry. The comminment of this division is to
consistently delever high quality research product for the control of insect pests of public health
like malaria vectors, cockroaches, rodents, termites, stored grain pests, house flies,
Bayer Cropscience Limited Financial Performance-Standalone (In crores except per share data & %)
Particulars
141.66
Net Sales
131.66
Price
FY2012A
2,317.80
Growth (%)
121.66
111.66
101.66
17-Apr-2014
17-May-2014
17-Mar-2014
17-Jan-2014
17-Feb-2014
17-Dec-2013
17-Oct-2013
17-Nov-2013
17-Sep-2013
17-Jul-2013
17-Aug-2013
17-Jun-2013
91.66
Period
7.22%
2,725.30
FY2014A
3,245.20
FY2015E
FY2016E
3,657.00
4,206.00
17.58%
19.08%
12.69%
15.01%
EBITDA
298.00
326.96
361.16
477.00
564.00
EBITDA Margins (%)
12.86%
12.00%
11.13%
13.04%
13.41%
Net Profit
139.00
289.50
325.00
392.00
1,161.70
Net Profit Margins (%)
6.00%
42.63%
8.92%
8.89%
9.32%
Net Profit Growth (%)
5.38%
735.76%
-75.08%
12.26%
20.62%
EPS
35.19
294.10
75.14
88.75
107.05
200.68
488.94
476.03
556.85
661.25
22.80
4.10
19.73
20.76
17.37
BVPS
P/E
P/BV
4.00
RoE
18.97%
EV/EBITDA
Analyst: Ajoy Mukherjee

Email Id: mailto:amukherjee@microsec.in
FY2013A
9.33
2.46
85.29%
8.92
3.11
16.61%
8.16
3.30
2.78
22.42%
17.36%
13.18
11.14
Source: Bloomberg, Ace Equity, Microsec Research (EPS adjusted as per PAT)
-325 June, 2014
Microsec Research
Businesses/Products
Valuation
The stock is currently trading at INR1840.00. On FY16E expected EPS of INR107.05. We
assigned a P/E multiple of 20.90x to arrive at a target price of INR2240.00 which shows an
upside potential of 21.70 percent hence making the scrip an attractive buy.
Key Concern
Crop protection sales like pesticides, insecticides etc depend upon various factors like
monsoon and cropping conditions.
Prices of Commodity also impact the usage of crop protection products. Several of
these factors are beyond the control of the Companys long term.
-425 June, 2014
Microsec Research
BASF Limited
BUY
Sector- Specialty Chemicals
MARKET DATA
874.00
Target Price
1,058.00
Upside (%)
21.1%
913.90/490.00
3,783.16
Shareholding
DII
5.65%
FII
0.86%
Promoter
and
Promoter
Group
73.33%
Non
Institutio
ns
20.16%
STOCK SCAN
BSE Code
500042
NSE Code
BASF
Bloomberg Ticker
BASF IN
Reuters Ticker
BASF.BO
Face Value (INR)
10.00
43.29
Average P/E
9.1x
Beta vs Sensex
0.90
32,616
Dividend Yield
0.5%
PEG Ratio
NA
CLOSE(BASF India Ltd)
New Stable Government to bring major reforms in Agriculture: New stable Government
may implement to introduce the latest technology for farming & may take step to
enhance the profitability in agriculture. BASF Ltd. has 11 solutions to solve its customer
specific needs in this segment of business. The company may participate in this growth
by increasing its manufacturing and working capital efficiency, adding capacity &
introducing new innovative product & formulations. Above 25% of total revenue comes
from this segment of business.
#1 chemical company It is uniquely positioned with broad market access, portfolio of
technologies and expertise. Innovations based on chemistry ding play the key role mainly
in three areas, a) resources, environment & climate. B) Food & Nutrition. C) Quality of
life.
The companys diversified and huge product range: Companys businesss is related with
several industries, it has about 5.000 customers around the world to rely on its
comprehensive portfolio of intermediates - more than 600 chemical products that
company develops, produces and markets.
The companys superior growth oportunities: Presently, the company has nine plants 8
sales offices and 2 R&D centers employing over 2,157 employees. It has a plan to
implement expansion project. It has quite a lot of new R&D products and formulation in
its pipeline. The company will keep its feet in few new countries in coming years.
Parent company has strong partnership companies in India as well as Overseas: The
company has established the partnership companies all over the world named Gazprom,
Statoil, Monsanto, Petronas, Shell, Sinopec Total.
BASF India Limited Financial Performance-Standalone(In crores except per share data & %)
Particulars
CLOSE(SENSEX)
FY2012A
3515.94
FY2013A
FY2016E
159.64
Growth (%)
14.75%
12.08%
12.42%
18.74%
EBITDA
209.95
251.95
284.19
377.00
EBITDA Margins (%)
129.64
5.97%
100.86
Net Profit
119.64
6.39%
114.08
4,429.89
FY2015E
Net Sales
139.64
3,940.63
FY2014A
169.64
149.64
Price
We rate BASF Ltd. a BUY based on factors like companys strong experienced management,
high quality & innovative product range. BASF in India today has 9 production sites, 8 sales
offices and 2 R&D centers employing over 2,157 employees. BASF in India manufactures
polymers, tanning agents, leather chemicals and auxiliaries, crop protection chemicals,
textile chemicals, dispersions and specialty chemicals, performance plastics, automotive and
coil coatings, construction chemicals, polystyrene and polyurethane systems.
6.42%
127.87
5,260.00
7.17%
160.00
5,475.00
4.09%
451.00
8.24%
186.00
89.64
EPS
25-Apr-2014
16.25%
25-May-2014
25.13%
25-Mar-2014
12.09%
25-Jan-2014
13.11%
25-Feb-2014
11.76%
25-Dec-2013

25-Oct-2013
3.40%
99.64
25-Nov-2013
3.04%
25-Sep-2013
2.89%
25-Jul-2013
2.89%
25-Aug-2013
2.87%
25-Jun-2013
109.64
Period
BVPS
P/E
P/BV
26.35
29.54
36.96
42.97
249.35
294.92
331.00
373.00
21.53
21.94
28.93
23.62
20.30
2.07
RoE
EV/EBITDA

23.30
242.25
2.32
2.89
2.64
10.00%
10.72%
10.23%
12.40%
10.85
11.17
11.74
10.34
2.34
13.50%
8.64
-525 June, 2014
Microsec Research
Atul Limited
BUY
Sector- Specialty Chemicals
MARKET DATA
895.00
Target Price
1,098.00
Upside (%)
22.7%
941.00/280.20

FII
1.45%
Shareholding
DII
6.25%
2,654.73
Non
Institutio
ns
41.69%
We rate Atul Ltd. a BUY based on factors like companys strong management, healthy business model
which is adequate diversified and vast product range. Atul Ltd. has divided its portfolio of product into
41 groups. The product group are managed through 7 Businesses namely Aromatics, Bulk Chemicals,
Colors, Crop protection, Floras, pharmaceuticals and Polymers.
New Stable Government to bring major reforms in Agriculture: New stable Government
may implement to introduce the latest technology for farming & may take step to enhance the
profitability in agriculture. Atul Ltd. has 14 products and 44 formulations in this segment of
business & above 35% of total revenue comes from this segment of business. The company may
participate in this growth by increasing its manufacturing and working capital efficiency, adding
capacity & introducing new product & formulations.
Strong Management: Lalbhai group is one of the oldest business houses in India. The known
lineage of Lalbhai family goes back 18 generations. Mr. Sunil Lalbhai has been the chairman of the
board since 2007 and MD since 1984.
Promoter
and
Promoter
Group
50.62%
The company is diversified and vast product range: Companys businesss is related with 27
STOCK SCAN
BSE Code
500027
NSE Code
ATULLTD
Bloomberg Ticker
ATLP IN
Reuters Ticker
ATLP.BO
Face Value (INR)
10.00
29.66
Average P/E
9.1x
Beta vs Sensex
The companys manufacturing capacity set to expand: Presently, the company has three
plants. One plant in Ankleshwar (Gujarat), second in Valsad Dist (Gujarat), and third in Thane
(Maharashtra). The company has a plans to implement expansion project. It has quite a lot of new
products and formulation in its pipeline. The company will keep its feet in few new countries in
coming years. Companys operating profit margin & net profit margin both are increasing year on
year.
0.92
142,147
Dividend Yield
0.8%
PEG Ratio
NA
CLOSE(Atul Ltd)
CLOSE(SENSEX)
259.89
Strong Subsidiary & JV companies in India as well as Overseas: The company has established
the subsidiary company in Brazil, China, UK & USA named Atul Brasil Quimicos Limitada, Atul
China Ltd., Atul Europe Ltd., Atul USA Inc. The company has several Indian subsidiary company
as well by the help of these companies it serves about 4000 customer world-wide.
Atul Limited Financial Performance (In crores except per share data & %)
Particulars
239.89
Price
industries,
which
are
Adhesives, Agriculture, Animal
Feed, Automobile,
Chemical,
Composites, Construction, Cosmetic, Defence, Dyestuff, Electrical and Electronics, Flavour and
Fragrance, Food, Glass, Home Care, Horticulture, Hospitality, Paint and Coatings, Paper, Personal
Care, Pharmaceutical, Plastic, Polymer, Rubber, Soap and Detergent, Textile, Tyre.
FY2012A
FY2016E
Growth (%)
15.24%
13.97%
20.31%
12.91%
14.49%
EBITDA
187.99
249.14
363.73
415.00
484.50
EBITDA Margins (%)
10.49%
12.20%
14.80%
14.95%
15.25%
Net Profit
91.10
119.77
219.19
262.00
308.00
5.08%
5.86%
8.92%
9.44%
9.69%
0.94%
31.47%
83.01%
19.53%
17.56%
EPS
30.71
40.38
73.90
88.33
103.84
181.99
216.66
319.83
406.70
510.50
P/E
6.23
7.50
12.18
10.19
8.69
P/BV
1.05
1.40
2.81
2.20
139.89
119.89
99.89
79.89
BVPS
Period
RoE

18.97%
EV/EBITDA
4.33
21.66%
4.69
2,457.75
FY2015E
199.89
159.89
2,042.88
FY2014A
219.89
179.89
1,792.40
FY2013A
Net Sales
25.74%
8.16
2,775.00
24.32%
8.19
3,177.00
1.75
22.64%
7.52
-725 June, 2014
Microsec Research
Businesses/Products
Aromatics Through this division company aims to be a world care business,
offering its customer s in personal care and other chosen industries high quality
products & services. There are 37 products in this portfolio.
Bulk Chemicals The Company has 26 products in this division and serving 205
customers in 19 countries. It is the only & largest manufacturers of resorcinol in
India. It is one of the largest manufacturers of 1, 3 Cyclohexanedione, Anisol,
sulphur trioxide and Sulphur dioxide in India.
Color The Company is the one of the largest manufacturers of Vat dyes in the
world & largest manufacturers of Sulphur Black dyes in India. It is one of the
leading manufacturers of speciality Acid, Direct Disperse, Reactive Dyes. It has a
portfolio of 695 world-class product serving 324 customers in 40 countries.
Crop Protection It has 76 world-class products in this portfolio & it is serving
1469 customers in 29 countries. It is one of the largest manufactures of 2, 4-D Acid,
2,4-D Sodium, 2, 4-D Amine 2,4-D Ester, Indoxacarb in India.
Floras It is the largest producer of tissue cultured date palms in India. The
Company is serving 68 customers in two countries with a portfolio of 22 worldclass products.
Pharmaceuticals Pharmaceuticals business mainly comprises API intermediates
and a few APIs. There are 29 products. Products are used by customers belonging to
pharma industry, under five broad therapeutic categories, namely Cardiovascular,
anti-depressant, anti-diabetic, anti-infected, anti-retroviral.
Polymers: It is one of the largest manufacturers of Epoxy hardeners and resins in
India. These products are used by Aerospace, Automobile, Construction, Defence,
Electronics, Wind Energy industries. The Business comprises about 457 products
and formulations. It is serving 1032 customers in 18 countries.
Valuation
The stock is currently trading at INR895. On FY16E expected EPS of INR103.85. We
assigned a P/E multiple of 10.60x to arrive at a target price of INR1098 which shows an
upside potential of 22.70 percent, hence making the scrip an attractive buy.
Key Concern
More than 50% of the companys revenue derived from export, therefore, its
profitability may get impacted by Rupee- Dollar fluctuations.
The Company is doing business with mainly chemicals, price of some of these
chemicals are cyclical remain low for long term.
-825 June, 2014
Microsec Research
Businesses/Products
Aromatics Through this division company aims to be a world care business,
offering its customer s in personal care and other chosen industries high quality
products & services. There are 37 products in this portfolio.
Bulk Chemicals The Company has 26 products in this division and serving 205
customers in 19 countries. It is the only & largest manufacturers of resorcinol in
India. It is one of the largest manufacturers of 1, 3 Cyclohexanedione, Anisol,
sulphur trioxide and Sulphur dioxide in India.
Color The Company is the one of the largest manufacturers of Vat dyes in the
world & largest manufacturers of Sulphur Black dyes in India. It is one of the
leading manufacturers of speciality Acid, Direct Disperse, Reactive Dyes. It has a
portfolio of 695 world-class product serving 324 customers in 40 countries.
Crop Protection It has 76 world-class products in this portfolio & it is serving
1469 customers in 29 countries. It is one of the largest manufactures of 2, 4-D Acid,
2,4-D Sodium, 2, 4-D Amine 2,4-D Ester, Indoxacarb in India.
Floras It is the largest producer of tissue cultured date palms in India. The
Company is serving 68 customers in two countries with a portfolio of 22 worldclass products.
Pharmaceuticals Pharmaceuticals business mainly comprises API intermediates
and a few APIs. There are 29 products. Products are used by customers belonging to
pharma industry, under five broad therapeutic categories, namely Cardiovascular,
anti-depressant, anti-diabetic, anti-infected, anti-retroviral.
Polymers: It is one of the largest manufacturers of Epoxy hardeners and resins in
India. These products are used by Aerospace, Automobile, Construction, Defence,
Electronics, Wind Energy industries. The Business comprises about 457 products
and formulations. It is serving 1032 customers in 18 countries.
Valuation
The stock is currently trading at INR895. On FY16E expected EPS of INR103.85. We
Key Concern
More than 50% of the companys revenue derived from export, therefore, its
profitability may get impacted by Rupee- Dollar fluctuations.
The Company is doing business with mainly chemicals, price of some of these
chemicals are cyclical remain low for long term.
-825 June, 2014
Microsec Research
UPL Limited
BUY
MARKET DATA
323.00
Target Price
421.00
Upside (%)
30.3%
328.90/121.00
13,843.92
Shareholding
FII
46.77%
Non
Institutions
16.55%
We rate UPL Ltd. a STRONG BUY based on factors like companys strong balance sheet, knowledge
based dynamic business model which is prominent for global as well as Indian market. UPL Ltd. has
50+ products in its portfolio, which are exported to more than 120 countries in the world. UPL Ltd.
acquired 19 companies within last 20 years.
New Stable Government reforms in Agriculture: New stable Government plans to introduce
the latest technology for farming & may take step to enhance the profitability in agriculture. The
company holds 83 product patents in India and the world over. Along with this, company has
variety in its seeds portfolio like Sorghum, Oil Seeds, Rice, Corn, Cotton, vegetables.
Company is specialized in dairy cattle feeding: By the help of 25 years research experience,
GDR
0.09%
Promoter
and
Promoter
Group
29.81%
DII
6.80%
STOCK SCAN
BSE Code
512070
NSE Code
UPL
Bloomberg Ticker
UPLL IN
Reuters Ticker
UNPO.BO
Face Value (INR)
2.00
85.72
Average P/E
9.6x
Beta vs Sensex
0.97
2,891,908
Dividend Yield
1.33%
PEG Ratio
NA
Strong acquisition histroy: UPL Ltd. acquired 20 companies within last 20 years and has build
strong distribution channels. United Posphorus acquired MTM, based in UK in 1994, a company
with rich capabilities, deep presence in Europe and USA but a weak balance sheet. Within 18
months, MTM reported a surplus. The most recent acquisition of DVA Agro in Brazil made it
possible for the company to enter the largest & fastest growing agrochemicals market in the world.
The companys increasing global business: As per companys Annual Report UPLs market
share in indian agrochemicals is above 17%. In USA, UPLs market share is 5% in agrochemicals
products. In Europe it is 3%. Companys exports accounts for 61% of total revenues, which has
been increasing in every year with the help of 88 global subsidiaries. UPL Ltd. is twelfth largest
agrochemical company in the world.
Ample capacity of manufacturing : The company has 23 manufacturing units across the world.
Within that 5 in India (4 in Gujarat & 1 in J&K). The company is extensively invested in various
related initiatives. The Company also extended to the profitable use of its gross block with a view
to eliminate low yielding assets, engaging in judicious capex based on cost and payback tenure.
UPL Limited Financial Performance- (In crores except per share data & %)
Particulars
FY2012A
Net Sales
CLOSE(SENSEX)
7,763.65
Growth (%)
224.38
204.38
184.38
164.38
144.38
124.38
104.38
84.38
31.63%
17-Apr-2014
17-May-2014
17-Mar-2014
17-Jan-2014
17-Feb-2014
17-Dec-2013
17-Oct-2013
17-Nov-2013
17-Sep-2013
17-Jul-2013
17-Aug-2013
EBITDA
17-Jun-2013
Price
CLOSE(UPL Ltd)
Company is present in cattle feeding worldwide with high Nutritional, high Digestible and high
palatable fodder crops. It is having special forage crops hybrid seeds for every fodder segment.
Period
1,454.17
9,185.70
18.32%
1,660.41
FY2014A
10,770.88
17.26%
2,019.58
EBITDA Margins (%)
18.73%
18.08%
18.75%
Net Profit
600.69
774.60
949.79
FY2015E
FY2016E
11,975.00
11.18%
2,252.00
18.81%
1,167.00
13,316.00
11.20%
2,519.00
18.92%
1,348.00
7.74%
8.43%
8.82%
9.75%
10.12%
1.58%
28.95%
22.62%
22.87%
15.51%
EPS
12.03
17.12
21.59
27.23
31.45
BVPS
90.36
104.95
122.43
145.91
171.90
P/E
10.81
6.70
8.52
11.56
10.01
1.44
1.12
1.50
2.07
1.76
15.21%
16.80%
18.10%
19.94%
19.53%
5.98
4.50
4.81
6.64
5.93
P/BV
RoE

FY2013A
EV/EBITDA
-925 June, 2014
Microsec Research
Businesses/Products
Valuation
Key Concern
More than 60% of the companys revenue derived from export, therefore its
profitability may get impacted by foreign currency fluctuation.
The Agrochemicals industry is a highly regulated world, requiring registration with
respective governments. Changes in regulatory policy may impact companys
business.
- 10 25 June, 2014
Microsec Research
P I Industries Limited
BUY
MARKET DATA
335.00
Target Price
459.00
Upside (%)
37.0%
344.00/120.00
4,559.65
Shareholding
DII
5.30%
FII
19.81%
Non
Institutions
16.31%
New Stable Government reforms in Agriculture: New stable Government may implement to
introduce the latest technology for farming & may take steps to enhance the profitability in
agriculture. P I Industries Ltd. has 32 branded products in this segment of business. Companys
high growth potential of the existing and pipeline products of custom synthesis exports gives clear
visibility of companys performance. This will be complemented by robust delivery from the new
operations, where capacities will get sufficiently increased in the coming years.
Strengthening sustainability through Knowledge: Companys business is going through

investment knowledge, research & competence. The company leverages its knowledge what
farmers needs to capitalize on opportunities faster and lead to strong product recall. Companys
knowledge helps moderate operating cost.
Promoter
and
Promoter
Group
58.57%
Vast product portfolio & strong pipeline : PI Industries leverages its strong research and
STOCK SCAN
BSE Code
523642
NSE Code
PIIND
Bloomberg Ticker
PI IN
Reuters Ticker
PIIL.BO
Face Value (INR)
1.00
13.61
Average P/E
24.2x
Beta vs Sensex
manufacturing capability by providing Custom Synthesis and CRAMS to MNC clients. Currently,
the company has enough order book position which provides revenue visibility in short-term &
long-term. Some of high selling patent product are BIOVITA GR, CRINA, CLUTCH,
COLFOS, COLR, FLUTON etc.
Expansion Plans: Presently, the company has four plants. Two plant in Gujarat, one in
Rajashthan & one in J&K. The Company successfully commissioned a new manufacturing site in
Jambusar, Gujarat for manufacturing agrochemicals, fine chemicals, pharma intermediates and
other specialty chemicals.
0.61
151,986
Dividend Yield
0.30%
PEG Ratio
0.69
CLOSE(PI Industries Ltd)
Price
We rate PI Industries Ltd. a STRONG BUY. The company is one of the leader of manufacturing &
marketing of agrochemicals, plant nutrients, specialty fertilizers & hybrid seeds. We are positive about
the company based on trigger like companys strong marketing & distribution network in India
covering more than 40,000 retail points and over 9,000 distributors/ direct dealers. PIs strong rural
brand equity across millions of Indian farmers is backed by a robust pipeline of product.
CLOSE(SENSEX)
Healthy financials: Companys bottomline has been improving by reducing the debt which was
187 crores in 2013 now it is 86 crores. There are significant increament in Fixed Asset, Investment,
cash & cash equivalents. The Companys revenue grew by 27% CAGR in last five years and PAT
grew by 45% CAGR the same time.
252.03
P I Industries Limited Financial Performance- (In crores except per share data & %)
232.03
Particulars
212.03
Net Sales
962.02
192.03
Growth (%)
19.95%
20.54%
37.59%
22.80%
22.31%
EBITDA
150.05
189.15
304.76
343.60
434.50
EBITDA Margins (%)
15.60%
16.31%
19.10%
17.54%
18.13%
Net Profit
103.59
97.34
188.00
237.00
298.40
10.77%
8.39%
11.78%
12.10%
12.45%
59.12%
-6.03%
93.14%
26.06%
25.91%
172.03
152.03
132.03
112.03
92.03
FY2012A
EPS
Period
1,159.63
FY2014A
1,595.54
FY2015E
FY2016E
1,959.30
2,396.40
8.30
7.65
13.84
17.41
21.92
BVPS
25.75
39.05
51.02
65.22
83.87
P/E
12.87
17.98
20.08
18.86
14.84
4.13
3.31
5.44
4.97
P/BV
RoE

FY2013A
EV/EBITDA
39.38%
22.86%
27.06%
29.39%
10.54
10.15
12.55
12.23
3.86
28.68%
9.90
- 11 25 June, 2014
Microsec Research
Businesses/Products/Brands
Valuation
upside potential of 37 percent, hence making the scrip an attractive buy.
Key Concern
Any significant changes in normal climatic conditions may affect the performance
of its business. The weather can also affect pest infestations and the demand and
product mix for crop protection products.
Significant variations in the cost as well as availability of raw materials and energy
may impact companys financial bottom line.
- 12 25 June, 2014
Microsec Research
Monsanto India Limited

BUY
Sector- Agro-Chemicals
MARKET DATA
2,222.00
Target Price
2,672.00
Upside (%)
20.3%
2297.70/560.00
Shareholding
3,835.78
FII
0.25%
Promoter
and
Promoter
Group
72.14%
Non
Institutio
ns
25.12%
STOCK SCAN
BSE Code
524084
NSE Code
MONSANTO
Bloomberg Ticker
MCHM IN
Reuters Ticker
MNSN.BO
Face Value (INR)
10.00
17.26
Average P/E
16.2x
Beta vs Sensex
0.55
55,191
Dividend Yield
2.0%
PEG Ratio
NA
CLOSE(SENSEX)
345.01
295.01
Price
New Stable Government reforms in Agriculture: New stable Government may implement to
DII
2.48%
CLOSE(Monsanto India Ltd)
We rate Monsanto India Ltd. a BUY based on factors like companys research based biotechnology,
strong parent & healthy business model with selective products. MIL mainly divided into two
divisions one agro chemicals & another is hybrid seeds. It ranks number 10 on Forbess list of the
world most innovative company.
introduce the latest technology for farming & may take steps to enhance the profitability in
agriculture. Monsanto Ltd. helps farmer by both side Seeds & traits and its productivity. The
company may participate in this growth by working capital efficiency, introducing new product &
formulations.
Zero Debt Company: MIL is zero debt company for last eight years. In current high interest rate
system, its conservative capital structure is advantage for the company; and is also expected to
improve the bottom line. MIL is also a regular dividend paying company.
MIL - Sustainable yield intiative company: Companys businesss model is a commitment to
help farmers produce more and conserve more to improve farmers lives. It has project named
SHARE thats mean Sustainable Harvest Agriculture, Resources, Envirnment. The Main moto of
the project is Increase yield, Increase awareness, Field level demonstrtion, Capacity building,
Query reddresal service & inprove socio-iconomic level.
Strong parent Company: MIL is a subsidiary of Monsanto, a USA based company, with 404
facialities, fortune 500 MNC having existence in 66 countries. Monsanto Company is research
based corporation which spent Rs.7500.00 crores on R&D activities in FY 2012-13 roughly 9-12%
of sales and one of the leading players in Genetically Modified Seed market. MIL benefits from
parent companys global expertise in agrochemical and seeds segment as well new product
development initiatives.
Selected key products: Companys key products are one Dekalb Maize Hybrid Seeds and
second is Roundup - Glyphosate Herbicide for Weed Management. Farmers choosing maize
hybrid seeds have contributed in increasing maize production by approximately 93 per cent in the
last 11 years (22.50 million tons in 2012-13 from 11.15 million tons in 2002-03). Roundup is
potential to save crop-yield loss by approxymately 30-35%. It saves farmer money & time. It can be
used easily with minimal impact on soil fertility.
Monsanto India Limited Financial Performance-Standalone (In crores except per share data & %)
Particulars
FY2012A
Net Sales
389.06
145.01
25-Apr-2014
25-May-2014
25-Mar-2014
25-Jan-2014
25-Feb-2014
25-Dec-2013
25-Oct-2013
25-Nov-2013
25-Sep-2013
25-Jul-2013
25-Aug-2013
25-Jun-2013
Period
717.00
843.90
13.72%
31.51%
23.23%
17.70%
70.16
69.65
145.12
185.90
234.00
18.03%
15.74%
24.94%
25.93%
27.73%
50.19
67.34
122.89
171.00
216.00
12.90%
15.22%
21.12%
23.85%
25.60%
17.18%
34.17%
82.49%
39.15%
26.32%
29.08
39.01
71.19
99.06
125.12
222.71
236.05
199.57
299.70
425.90
23.19
14.67
12.18
22.43
17.75
BVPS
P/E
P/BV
3.03
RoE
EV/EBITDA

FY2016E
4.60%
EPS
95.01
581.84
FY2015E
EBITDA
Net Profit
195.01
442.42
FY2014A
Growth (%)
EBITDA Margins (%)
245.01
FY2013A
2.43
13.23%
17.01%
16.32
11.18
2.81
25.74%
8.16
7.41
5.22
33.90%
32.50%
18.60
14.70
- 13 25 June, 2014
Microsec Research
Valuation
assigned a P/E multiple of 21.35x to arrive at a target price of INR2672.00which shows an
Key Concern
MIL is leading player in hybrid seeds in India and booking to take lead in
Genetically Modified (GM) seeds segment. Unfavorable Regulatory instruction on GM
seeds may hamper the companys future growth.
Sale of seeds and agrochemicals, both of the company products depends upon various
factors like Irrigation, Monsoon Pattern, Demand and Pricing of Agricultural
commodities which are beyond control of the company.
- 14 25 June, 2014
Microsec Research
Rallis India Limited

BUY
MARKET DATA
225.00
Target Price
274.00
Upside (%)
21.8%
232.35/124.90

FII
13.75%
4,375.55
Shareholding
DII
6.35%
Non
Institutions
29.80%
We rate Rallis India Ltd. a BUY based on factors like companys parent management, huge customer
based & compact agriculture business. Rallis India Ltd. has divided its 5 portfolio of product, Seeds,
pesticides, fertilizers, Seed treatment Chemicals & household product. The Company exports to
around 50 countries in the world.
Huge client base: The Company provides Technical & Bulk of various molecules to leading India
based MNCs & Indian Companies named Bayer Crop Science, P I Industries, Nagarjuna Agrichem
Ltd., SDS Ramcides Crop Science Ltd. Hyderabad Chemicals Ltd., Excel Crop care Ltd. Cheminova
India Ltd. Dhanuka Agritech Ltd., Coromandel International Ltd. & many more.
Building & sustaining relationship: Key strength of the company is building sustaining
relationship with farmer through initiatives such as Expansion and Aggressive Growth through
Leadership and Excellence (EAGLE), Rallis Kisan Kutumb (RKK). The Company has added a
number of value added services such as SMS alerts on crop prices, weather and possible disease
outbreak through Samrudh Krishi programme.
Promoter
and
Promoter
Group
50.09%
Big positive support from its parent Tata groups companies: Rallis is not only institution in
tata group that is focussing on agriculture. Tata chemicals and the Tata Trusts also have actively
involved in improving the agriculture business.
STOCK SCAN
BSE Code
500355
NSE Code
RALLIS
Bloomberg Ticker
RALI IN
Reuters Ticker
RALI.BO
Face Value (INR)
1.00

Average P/E
19.45
22.1x
Beta vs Sensex
0.81
372,325
Dividend Yield
1.19%
PEG Ratio
12.89
CLOSE(Rallis India Ltd)
CLOSE(SENSEX)
Accelarating Plant Growth: Other than crop protection, the Company has been proactively
working towards improving the quality of farm inputs. It has introduced a range of Specialty
Nutrient products addressing the deficiencies of secondary and micronutrients in the soil with
emphasis on sustainable agriculture and greener and cleaner products such as GEOGREEN, TATA
BAHAAR, UPHAAR-RDS, GLUCO BATA which are the top selling brands.
Ample manufacturing capacity & strong pipeline: Presently, the company has eight factories,
three in Gujarat, three in Maharashtra, one in Andhra pradesh and one in Namil Nadu. The
company continues to focus on building a strong pipeline of every business segment.
Rallis India Limited Financial Performance- (In crores except per share data & %)
151.92
Particulars
141.92
Price
Acquisition of Metahelix Life Sciences: In Dec, 2010 the company has acquired Metahelix Life
Sciences, it has facilitated the company to increase the capability to develop high yeilding hybrid
seed varieties. After acquisition the seed company has started yeiding results. In 3 years the
revenue of Metahelix has grown significantly and reached INR180 crores during 2013-14.
FY2012A
Net Sales
131.92
121.92
111.92
101.92
91.92
1,284.95
FY2014A
1,746.56
FY2015E
FY2016E
2,009.60
2,320.60
15.92%
13.48%
19.78%
15.06%
15.48%
EBITDA
212.46
210.57
261.28
269.90
335.90
EBITDA Margins (%)
16.53%
14.44%
14.96%
13.43%
14.47%
Net Profit
100.69
119.02
151.87
189.90
227.50

EPS
7.84%
8.16%
8.70%
9.45%
9.80%
-20.36%
18.20%
27.60%
25.04%
19.80%
5.10
6.12
7.81
9.77
11.70
BVPS
28.47
31.92
36.67
43.67
51.69
P/E
23.81
18.85
22.13
23.02
19.23
4.27
3.61
4.68
5.15
P/BV
RoE
EV/EBITDA

1,458.18
Growth (%)
Period
FY2013A
4.35
19.04%
20.24%
22.81%
23.94%
24.58%
11.79
10.46
12.70
12.61
10.64
- 15 25 June, 2014
Microsec Research
Businesses/Products
Valuation
Key Concern
Around 30% of the companys revenue is derived from exports; therefore, its
profitability may get impacted by exchange rate fluctuations between Dollar &
Rupee.
The performance of the crop protection industry is dependent on monsoons, pest

and disease incidences on crops. Major fluctuations in total rainfall and its
distribution affect the crop acreages and overall productivity and have a direct
correlation with sales.
- 16 25 June, 2014
Microsec Research
Coromandel International Limited

BUY
Sector- Fertilizer
MARKET DATA
259.00
Target Price
313.00
Upside (%)
20.8%
280.00/162.40

DII
5.63%
We rate Coromandel International Ltd. a BUY. With the up-coming government policies on
Agriculture sector likely to be implemented/ to be considered, we believe the company to be
benefitted. It is part of the INR243 Billion Murugappa Group. It is a second largest phosphate fertilizer
company in India. The Companys business segments are Fertilizers, Specialty Nutrients, Crop
Protection and Retail.
7,334.41
Shareholding
FII
6.80%
New Stable Government reforms in Agriculture: New stable Government plans to introduce
Non
Institutions
23.78%
the latest technology for farming & may take step to enhance the profitability in agriculture. The
Company has vast products in this segment of business and strong pipeline of product.
Strong performing subsidiaries and joint ventures companies: The Company has strong
performing subsidiaries and joint ventures for its various business initiatives. Some of those are
Sabero Organics Gujarat Ltd. (India & overseas), Liberty Phosphate Ltd.(India & Overseas), Parry
Chemicals Ltd. (India & Overseas) and many more.
Promoter
and
Promoter
Group
63.79%
Sufficient manufacturing capacity: Presently, the Company has seven manufacturing locations
STOCK SCAN
BSE Code
506395
NSE Code
COROMANDEL
Bloomberg Ticker
Reuters Ticker
CRIN IN
Support of Retail business: The Company has over 600 retail outlet in rural retail business in the
CORF.BO
states of Andhra Pradesh and Karnataka through a chain set up in various parts of these States.
Each retail center has an average area of 2500 square feet with a catchment area of 30-40 villages
and about 5,000 farmer families.
Face Value (INR)
1.00
28.32
Average P/E
16.4x
Beta vs Sensex
0.87
141,543
Dividend Yield
1.74%
PEG Ratio
0.52
CLOSE(Coromandel International Ltd)
in India. It has been expanding the capacities and the plants are capable of producing different
grades of complex fertilisers including urea based grades. The Companys adequate infrastructure
and storage facilities commensurate to the production capacities which help in managing volatility
in raw material prices and ensuring uninterrupted production
CLOSE(SENSEX)
159.00
Coromandel International Limited Financial Performance- (In crores except per share data & %)
Particulars
FY2012A
Net Sales
FY2013A
FY2014A
FY2015E
FY2016E
9,901.57
9,033.72
10,053.21
11,879.20
13,048.00
Growth (%)
28.25%
-8.76%
11.29%
18.16%
9.84%
EBITDA
928.32
767.94
805.24
918.40
1,041.20
9.38%
8.50%
8.01%
7.73%
7.98%
638.79
431.99
356.54
558.40
684.80
EBITDA Margins (%)
149.00
Net Profit
Price
139.00
129.00
6.45%
4.78%
3.55%
4.70%
5.25%
119.00
-7.91%
-32.37%
-17.47%
56.62%
22.64%
EPS
22.60
15.25
12.46
19.72
24.18
BVPS
84.82
77.73
80.55
94.70
111.15
P/E
12.61
12.14
17.81
13.21
10.79
P/BV
3.36
2.38
2.75
2.73
2.33
RoE
29.13%
18.87%
15.63%
21.81%
22.67%
8.84
9.13
9.30
8.27
7.10
109.00
99.00
19-Apr-2014
19-May-2014
19-Mar-2014
19-Jan-2014
19-Feb-2014
19-Dec-2013
19-Nov-2013
19-Oct-2013
19-Sep-2013
19-Jul-2013
19-Aug-2013
19-Jun-2013
89.00
Period
EV/EBITDA
Source: Bloomberg, Ace Equity, Microsec Research (EPS adjusted as per PAR)
- 17 25 June, 2014
Microsec Research
Businesses/Products
Valuation
The stock is currently trading at INR259.00 On FY16E expected EPS of INR24.20. We
Key Concern
Volatility in the price of key raw materials & restriction on sale of some products
may impact the companys financials.
Currency, Interest rate fluctuation may impact the profitability.
- 18 25 June, 2014
Microsec Research
Bajaj Hindusthan Limited

BUY
Sector- Sugar
MARKET DATA
30.65
Target Price
53.00
Upside (%)
72.9%
32.60/11.70

FII
3.19%
1,959.76
Shareholding
Non
Institutio
ns
36.39%
DII
14.30%
We rate Bajaj Hindusthan Ltd. a STRONG BUY based on triggers like up-coming government policies
on sugar sector, healthy growth in power export business. BHL is Indias largest sugar and Ethanol
manufacturing company. Bajaj Hindusthan Ltd. has identified its Business Segments as Sugar,
Distillery, and Power.
New Stable Government expected to come out with new favorable policies for sugar
sector: New stable Government may implement to an estimated increase in cash flow, following
the export incentive scheme for raw sugar in coming years which may be very positive moves for
the sugar companies as well as sugarcane farmers.
Power generation is going substantially high : Presently company generating power

throughout all 14 sugar mills recording a growth of 48% on YOY. While most of the power
generated by BHL continued to be used captively, the surplus power was sold to the Uttar Pradesh
State grid. The Company exported of power 97% more during the year as compare to previous year.
Promoter
and
Promoter
Group
46.13%
New government may increase the cap of ethanol blending in petrol: New government
might increase cap of the quantum of ethanol blending in petrol. This move, if this happens, then is
expected to be constructive for the company as well as the sugar industry.
STOCK SCAN
BSE Code
500032
NSE Code
BAJAJHIND
Bloomberg Ticker
BJH IN
Reuters Ticker
& 4 Distillery in Uttar Pradesh. It is Asias No 1 & Worlds No. 4 integrated sugar company. It has
an aggregated sugarcane capacity of 136,000 tonnes crushed per day and alcohol distillation
capacity of 800 kilo liters per day.
BJHN.BO
Face Value (INR)
1.00
Average P/E
63.94
Bajaj Hindusthan Limited Financial Performance (In crores except per share data & %)(Previous Year End September)
Particulars
FY2011A
FY2012A
FY2014A*
FY2015E
FY2016E
33.3x
6,645.36
5,319.68
-16.39%
NA
NA
1,016.14
457.05
(100.07)
1,063.94
1,175.68
19.56%
10.52%
-1.51%
20.00%
20.50%
Net Profit
21.45
(276.67)
(1,710.68)
135.12
149.11
0.41%
-6.37%
-25.74%
2.54%
2.60%
153.59
-47.91%
-1389.84%
133.59
EPS
0.94
(5.01)
(23.98)
2.11
2.33
125.94
62.17
37.04
38.60
40.93
P/E
41.05
NA
NA
13.98
12.66
P/BV
0.31
0.51
0.44
0.76
0.72
RoE
0.75%
-8.08%
-72.22%
5.70%
6.29%
8.76
15.86
NA
6.11
5.53
Beta vs Sensex
1.38
3,497,878
Dividend Yield
NA
PEG Ratio
NA
CLOSE(Bajaj Hindusthan Ltd)
CLOSE(SENSEX)
193.59
173.59
Price
Sufficient manufacturing capacity across all business segment: Company has 14 Sugar mills
113.59
Net Sales
Growth (%)
EBITDA
EBITDA Margins (%)
BVPS
93.59
73.59
5,195.35
4,344.06
51.88%
NA
5,735.00
7.81%
NA
10.35%
Period
EV/EBITDA
Source: Bloomberg, Ace Equity, Microsec Research * (18 Months) (EPS adjustes as per PAT)
- 19 25 June, 2014
Microsec Research
Board of directors
Businesses/Products
Valuation
The stock is currently trading at INR30.65 on FY16E expected EPS of INR2.35. We assigned
a P/E multiple of 22.55x to arrive at a target price of INR53.00 which shows an upside
potential of 73.00 percent, hence making the scrip an attractive buy.
Key Concern
Business depends on the availability of sugarcane and any shortage of sugarcane

may adversely affect operations. A variety of factors beyond the companys control
may result in shortage of sugarcane in any period of time.
The wholesale price of sugar has a significant impact on companys bottom line.
Like other agricultural commodities, sugar is subject to price fluctuations resulting
from weather, natural disasters, domestic and foreign trade policies, shifts in
supply and demand and other factors beyond control.
- 20 25 June, 2014
Microsec Research
Balrampur Chini Mills Limited

BUY
Sector- Sugar
MARKET DATA
82.00
Target Price
123.00
Upside (%)
50.0%
88.00/34.60

FII
17.47%
We rate Balrampur Chini Mills Ltd. a STRONG BUY based on triggers like up-coming government
policy on sugar sector, healthy growth in power generation and selling. Its allied business consists of
manufacturing and marketing of Ethyl Alcohol, Ethanol & Organic manure. Company has 11 factories
located in Uttar Pradesh having an aggregate crushing capacity of 79,000 MT per day.
2,007.69
Shareholding
Non
Institutions
27.21%
DII
14.48%
New Stable Government may outcome some of favorable new policy for sugar sector:
New stable Government may implement to an estimated increase in cash flow, following the
export incentive scheme for raw sugar in coming years. It will be very positive moves for the sugar
companies as well as sugarcane farmers.
Low Debt Company compared to peers : Companys total debt is reducing year on year.
Compared with its competitors, it has lowest Debt/Equity ratio, which presently stands at 0.55.
This is expected to post better bottom-line in coming years.
Promoter
and
Promoter
Group
40.84%
Technology driven company: The Company is using latest technology, machinery and
STOCK SCAN
BSE Code
500038
NSE Code
BALRAMCHIN
Bloomberg Ticker
BRCM IN
Reuters Ticker
BACH.BO
Face Value (INR)
1.00
24.48
Average P/E
1.2x
Beta vs Sensex
1.09
879,217
Dividend Yield
2.4%
Handy Business Unit
for manufacturing & marketing in all its business segment:

Company is fully integrated and has 11 Sugar mills & 3 Distillery in Uttar Pradesh. It does full
utilization of fixed assets. It has good mix of diversified customer. Company does maintain
excellent relationship with farmers.
Balrampur Chini Mills Limited Financial Performance (In crores except per share data & %)
Particulars
FY2013A
FY2014A
FY2015E
FY2016E
2,336.07
3,317.12
2,690.77
3,001.10
3,346.11
CLOSE(Balrampur Chini Mills Ltd)
-22.30%
42.00%
-18.88%
11.53%
11.50%
CLOSE(SENSEX)
EBITDA
264.47
462.06
243.88
230.50
292.50
EBITDA Margins (%)
11.32%
13.93%
9.06%
7.68%
8.74%
0.41
161.27
8.46
79.77
92.02
NA
201.65
181.65
Net Sales
FY2012A
Growth (%)
PEG Ratio
Price
infrastructure. It has second largest sugarcane crushing capacity. It has dual-fuel power generation
facility & has ability to refine sugar during off season.
Net Profit
161.65
141.65
121.65
101.65
19-Apr-2014
19-May-2014
19-Jan-2014
19-Feb-2014
19-Mar-2014
19-Nov-2013
19-Dec-2013
19-Sep-2013
19-Oct-2013
19-Aug-2013
19-Jun-2013
19-Jul-2013
81.65
Period

0.02%
4.86%
0.31%
2.66%
2.75%
-99.75%
39234.15%
-94.75%
842.91%
15.35%
EPS
0.02
6.60
0.35
3.26
3.76
BVPS
49.56
53.82
49.68
54.78
56.79
P/E
NA
6.62
159.30
31.00
36.12
P/BV
0.31
0.51
0.44
1.50
1.44
RoE
0.30%
12.77%
0.70%
4.98%
4.22%
EV/EBITDA
12.74
5.71
10.63
10.50
11.46
- 21 25 June, 2014
Microsec Research
Businesses/Products
Valuation
The stock is currently trading at INR82.00 On FY16E expected EPS of INR3.75. We
upside potential of 50.00 percent hence making the scrip an attractive buy.
Key Concern
Business depends on the availability of sugarcane and any shortage of sugarcane

may adversely affect operations. A variety of factors beyond the companys control
may lead to a shortage of sugarcane in any period of time.
The wholesale price of sugar has a significant impact on companys bottom line.
Like other agricultural commodities, sugar is subject to price fluctuations resulting
from weather, natural disasters, domestic and foreign trade policies, shifts in
supply and demand and other factors beyond control.
- 22 25 June, 2014
Microsec Research
Microsec Research: Phone No.: 91 33 66512121 Email: microsec_research@microsec.in

Ajay Jaiswal: President, Investment Strategies, Head of Research: ajaiswal@microsec.in
Fundamental Research
Name
Sectors
Designation
Email ID
Nitin Prakash Daga
IT, Telecom & Entertainment
VP-Research
npdaga@microsec.in
Sutapa Roy
Economy
Research Analyst
s-roy@microsec.in
Sanjeev Jain
BFSI
Research Analyst
sjain@microsec.in
Soumyadip Raha
Oil & Gas
Executive Research
sraha@microsec.in
Anik Das
Capital Goods, Power
Research Analyst
adas4@microsec.in
Neha Majithia
Metal, Mineral, mining
Research Analyst
nmajithia@microsec.in
Ajoy Mukherjee
Pharma & Agri Inputs
Research Analyst
amukherjee@microsec.in
Saroj Singh
Auto , Cement
Executive Research
ssingh2@microsec.in
Khusboo Jaiswal
Mid Cap
Research Executive
kjaiswal1@microsec.in
Technical & Derivative Research

Vinit Pagaria
Derivatives & Technical
Sr.VP
vpagaria@microsec.in
Ranajit Saha
Technical Research
Sr. Manager
rksaha@microsec.in
Institutional Desk
Dealer
dmittal@microsec.in
PMS Research
VP
ssedani@microsec.in
Research Support
Asst. Manager Technology
sboral@microsec.in
Institutional Desk
Abhishek Sharma
PMS Division
Siddharth Sedani
Research-Support
Subhabrata Boral
Microsec Benchmark its Research

Benchmarking Fundamental Research
50.00%
As on 31st May 2014
45.00%
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
Microsec Research
Nifty
CNX Midcap
An amount of ` 1,00,000 invested individually in all 276 stocks ie, ` 2,76,00,000 investment as and
when recommended has appreciated to ` 3,72,44,233 giving a return of 34.9 percent. On the same
basis Nifty has given a return of 12 percent and CNXMID CAP has given a return of 14.3 percent.
Microsec benchmark its Research and the same is updated on our website at www.microsec.in.
Come, strike the right balance through Benchmarking Research.

Agro-Fertilizers - Thematic Report - 25jun2014

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Agro-Fertilizers - Thematic Report - 25jun2014

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Analyst: Ajoy mukherjee | amukherjee@microsec.

Agriculture Productive, Scientific & Prospering

Govt. may plan urea price hike to control fertilizer subsidies.

Govt. may increase the import duty on sugar.

-125 June, 2014

Government may provide a guaranteed assured monthly income for farmers.

Above measures are likely to benefit the following segments in Agriculture.

-225 June, 2014

Bayer Cropscience Limited

52 Week High / Low (INR)

Market Capitalization (In INR Crs)

Face Value (INR)

Equity Share Capital (In INR Crs)

Average Daily Volume

CLOSE(Bayer CropScience Ltd)

EBITDA Margins (%)

Net Profit Margins (%)

Net Profit Growth (%)

Analyst: Ajoy Mukherjee

-325 June, 2014

-425 June, 2014

Sector- Specialty Chemicals

52 Week High / Low (INR)

Market Capitalization (In INR Crs)

Face Value (INR)

Equity Share Capital (In INR Crs)

Average Daily Volume

EBITDA Margins (%)

Net Profit Growth (%)

Net Profit Margins (%)

Analyst: Ajoy Mukherjee

-525 June, 2014

Sector- Specialty Chemicals

52 Week High / Low (INR)

Market Capitalization (In INR Crs)

Face Value (INR)

Equity Share Capital (In INR Crs)

Average Daily Volume

EBITDA Margins (%)

Net Profit Margins (%)

Net Profit Growth (%)

Analyst: Ajoy Mukherjee

-725 June, 2014

-825 June, 2014

-825 June, 2014

52 Week High / Low (INR)

Market Capitalization (In INR Crs)

Face Value (INR)

Equity Share Capital (In INR Crs)

Average Daily Volume

EBITDA Margins (%)

Net Profit Margins (%)

Net Profit Growth (%)

Analyst: Ajoy Mukherjee

-925 June, 2014

52 Week High / Low (INR)

Market Capitalization (In INR Crs)

Strengthening sustainability through Knowledge: Companys business is going through

Face Value (INR)

Equity Share Capital (In INR Crs)

Average Daily Volume

EBITDA Margins (%)

Net Profit Margins (%)