5 Stocks For Accelerated Profit Apr2021

April 12, 2021
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TABLE OF CONTENTS
Page
Introduction 3
Stock # 1
5
Man Industries Ltd
Stock # 2
9
Uflex Ltd
Stock # 3
13
GE Shipping Ltd
Stock # 4
17
Ruchira Papers Ltd
Stock # 5
21
DCM Shriram Industries Ltd
Conclusion 25
Disclosure 26
Disclaimer 28
5 Stocks for Accelerated Profit | 2

Introduction
The BSE Sensex has seen its fair share of ups and downs over the last few years. And
despite the valuations the broader markets are trading at, it’s not a bad idea to park some
money in stocks for the long term.
In fact, how about giving your investments that extra edge by taking an exposure in
Microcaps.
For it is doing precisely this that can mean the difference between good returns and great
returns for your stock investments!
To give you a head start, we’ve created this special report just for our subscribers. This
report is aimed at those subscribers who joined us recently on our long term wealth building
journey through Microcap Millionaires.
We hope the new members have had a chance to go through the Microcap Millionaires
guide which gives a detailed step-by-step explanation of how to go about investing under
this service.
In case you haven’t had a chance to do the same yet, you can do so by clicking here.
The service rests on three simple principles as espoused by the father of value investing,
Benjamin Graham himself.
• The individual investor should act consistently as an investor and not a speculator.
He should be able to justify every stock purchase he makes by impartial, objective
reasoning that gives him the satisfaction that he is buying the stock with a significant
margin of safety
• The investor should have a definite selling policy for all his common stock
investments, corresponding to his buying techniques and lastly,
• Investor should always have a minimum percentage of his total portfolio in common
stocks and a minimum percentage in bond equivalents. He then recommended
at least 25% of the total at all times in each category. In other words, under no
condition should stock holdings go above 75% of the total portfolio and the same
applies for bond equivalents.
3 | 5 Stocks for Accelerated Profit

As can be seen, MCM’s reports will include stock recommendations and will also give
subscribers suggestions on how best to use the flexibility of increasing or reducing exposure
to equities based on the overall market conditions. Based on valuation levels of the stock
market as well as individual stocks, money would be varyingly distributed between stocks
and bonds.
The next question that is likely to come up is what are the stocks that can be bought and
how many of them? We think this is where the report will be extremely useful.
In this report, we have put together a one-page synopsis of the top stocks that we think
every new subscriber should consider making a part of the equity portion of the Microcap
Millionaires group of stocks.
Therefore, if you are starting out, there’s no better stocks to start your wealth building
journey through Microcap Millionaires than the ones we are covering in this report.
Do note that as per the rules, depending on the targeted exposure to stocks and bonds
at a particular time and the resulting total number of stocks to be had in the group, new
subscribers may still be few stocks short. As a result, our recommendation would be to
consider keeping the remainder of the money in fixed deposits and the same can be moved
into stocks as existing companies become available to be bought in case of a fall in prices
and also as we recommend more companies over the coming months.
Also, do note that in order to keep the group of stocks adequately diversified; limit your
exposure to any one stock to not more than 3%-4% of the total exposure to Microcap
Millionaires. In other words, if a subscriber is starting with a corpus of Rs 100 (including
both fixed deposits and stocks), investment in any one stock should not be more than Rs
3-4. This allocation will of course vary from person to person. For something that works best
for you, we recommend you talk to your investment advisor.
We think this is enough background for a subscriber to be able to begin his Microcap
Millionaires journey. Therefore, do go through the synopsis of all the stocks that we’ve put
together below and get off to a great start.
5 Stocks for Accelerated Profit | 4

Stock # 1
Man Industries Ltd
Maximum Buy Price: Rs 105
Man Industries (India) Ltd (MIIL) is engaged in the manufacturing and coating of large
diameter carbon steel pipes, infrastructure, and realty and trading.
The company is one of the largest SAW pipe players in India with a combined capacity of
10 lakh tonne per annum, distributed equally between helically submerged arc welded
(HSAW) and longitudinal submerged arc welded (LSAW) pipes. It has been manufacturing
SAW pipes, branch pipes, and coatings since 1995.
Incorporated in 1988, the company commenced operations with the production of aluminum
extrusion products and in 1995, it diversified into manufacturing SAW pipes.
In March 2008, MIIL bought 55% stake in Man Infraprojects Pvt Ltd, which undertook real
estate development, and increased stake to 100% after acquiring the promoter shareholding
in September 2011.
In September 2013, MIIL announced a restructuring of its businesses. As a part of the

arrangement, with effect from April 1, 2013, Man Infraprojects was hived off from MIIL.
The company's LSAW Line Pipes are manufactured in diameter ranging from 16 to 56 inches.
Its HSAW products are used in oil transportation, water supply, sewerage, agriculture,
construction and other applications.
Apart from this, the company is a manufacturer and exporter of large diameter carbon
steel line pipes for various high-pressure transmission applications for gas, crude oil,
petrochemical products, and potable water. It caters to international clients in the oil & gas
industry, petrochemicals, water, dredging & fertilisers.
The company has its manufacturing facilities for LSAW and HSAW line pipes and also for
various types of anti-corrosion coating systems.
5 | Man Industries Ltd

Financials at a glance
(Rs m, Consolidated) FY16 FY17 FY18 FY19 FY20
Net sales 13,907 10,605 16,075 22,217 17,593
Sales growth (%) 2% -24% 52% 38% -20.8%
Operating profit 1,869 1,207 1,813 1,989 1,845
Operating profit margin (%) 13.4% 11.4% 11.3% 9.0% 10.5%
Net profit 865 336 637 588 555
Net profit margin (%) 6.2% 3.2% 4.0% 2.6% 3.2%
Balance Sheet
Fixed assets 3,909 3,818 4,987 5,376 5,322
Investments 1,036 1,038 1,029 1,023 1,023
Other fixed assets 122 14 46 52 143
Current assets 7,359 8,694 10,914 9,491 11,784
Total Assets 12,426 13,564 16,976 15,942 18,272
Net worth 5,663 5,983 6,522 7,020 7,464

Minority Interest 0 0 0 0 0
Non Current Liabilities 2,369 1,769 1,301 943 586
Current liabilities 4,393 5,812 9,153 7,979 10,222
Total liabilities 12,426 13,564 16,976 15,942 18,272
Man Industries Ltd | 6

Valuations*
(Rs m) FY16 FY17 FY18 FY19 FY20
Net sales (Rs m) 13,907 10,605 16,075 22,217 17,593
PAT (Rs m) 865 336 637 588 555
Adj. EPS (Rs) 15.1 5.9 11.2 10.3 9.7
Price to earnings (x) 5.3 13.7 7.2 7.8 8.3
Price to sales (x) 0.3 0.4 0.3 0.2 0.3
Price to book value (x) 0.8 0.8 0.7 0.7 0.6
*Adjusted basis
Market Data
Price on reco. date (Rs) 80.5
52 week H/L 92 / 30
BSE code 513269
NSE Symbol MANINDS
No. of shares (m) 57
Face value (Rs) 5.0
FY20 dividend/share (Rs) (Adjusted) 1.0
Free float (%) 57.4
Market cap (Rs m) 4,597
Average 52-week liquidity (Rs m) 22.0
Price to sales* (times) 0.3
Price to earnings* (times) 6.1
Price to book^ (times) 0.6
Debt to Equity^ (times) 0.37
Dividend yield (FY20 at current prices) 1.2%
Promoter pledging (% of Total Equity) 4.6%
*Based on trailing 12-month consolidated numbers
^Based on Audited Consolidated Balance Sheet as at March 31, 2020
7 | Man Industries Ltd

Man Industries Ltd
Rs 100 invested 5 years back is now
250
Man Industries Ltd Rs 114
Sensex Rs 198
200
150
100
50
-
Apr-16 Jul-17 Oct-18 Jan-20 Apr-21
Source: Company, Equitymaster
Annexure for Man Industries Ltd:

Shareholding (%, Dec 2020)
Category (%)
Promoters 42.6
Institutions 4.5
Others 53.0
Total 100.0
Man Industries Ltd | 8

Stock # 2
Uflex Ltd
Promoted and founded in 1985 by Mr Ashok Chaturvedi, Uflex Ltd offers end-to-end flexible
packaging solutions including films, flexible laminates, holographic films, aseptic liquid
packaging, packaging and printing machines, and inks and adhesives, catering mainly to
the FMCG industry.
The company's products include printed, laminated, metalized, co-extruded, coated,

embossed, plain plastic films and hologrammed sticker sheets. Its plastic film products
include oriented polypropylene (OPP) films, polyester films, metalised and specialty films,
and polyester chips of different grades.
Its flexible packaging products include laminates, made of various combinations of

polyester, bi-axially oriented polypropylene (BOPP), poly, metalised and hologram films
and others in roll form and in various preformed pouches and bags of many sizes, and
rotogravure cylinders for various types of rotogravure printing.
The Uflex group is one of the largest players in the flexible packaging industry with a strong
market presence in both the domestic and overseas markets through subsidiaries in Egypt,
Dubai, Mexico, the US, and Poland.
The company has a presence throughout the value chain in flexible packaging. It provides
complete end-to-end packaging solutions ranging from flexible packaging intermediate
products (packaging machines, holograms, inks & adhesives, cylinders) to end or final
products (packaging films, multilayer laminates and liquid packs).
Over the years, it has developed a reputed and diversified customer base, catering to
leading players in the packaging films, flexible packaging, and FMCG industries.
The group’s long-term strategy continues to be focussed on integration and diversification

and towards this purpose, it has set up a new liquid packaging facility in Gujarat.
The company is headquartered at Noida, Uttar Pradesh, and has manufacturing facilities in
India, Dubai, Mexico, Egypt, Poland and the US.
9 | Uflex Ltd
Net sales 60,348 61,567 67,085 79,572 74,048
Sales growth (%) -2% 2% 9% 19% -6.9%
Net profit 3,138 3,485 3,105 3,138 3,698
Balance Sheet
Fixed assets 37,365 40,165 41,001 43,486 61,296
Investments 1,108 1,101 1,012 563 2,023
Other fixed assets 397.1 191.9 0.5 2.9 8.3
Current assets 29,171 30,027 34,868 35,545 36,738
Total Assets 68,041 71,484 76,882 79,596 100,065
Net worth 34,478 36,288 39,747 42,981 46,898

Non Current Liabilities 12,190 11,836 12,129 10,913 27,115
Uflex Ltd | 10
Valuations*
Net sales (Rs m) 60,348 61,567 67,085 79,572 74,048
PAT (Rs m) 3,138 3,485 3,105 3,138 3,698
Adj. EPS (Rs) 43.5 48.3 43.0 43.5 51.2
Price to earnings (x) 8.5 7.6 8.5 8.5 7.2
Price to sales (x) 0.4 0.4 0.4 0.3 0.4
*Adjusted basis
Market Data
52 week H/L 448 / 158
BSE code 500148
NSE Symbol UFLEX
Face value (Rs) 10.0
Free float (%) 56.0
Price to earnings* (times) 3.6
Promoter pledging (% of Total Equity) NIL
11 | Uflex Ltd
Uflex Ltd
300
Uflex Ltd Rs 211
Sensex Rs 201
250
200
150
100
50
Annexure for Uflex Ltd:

Category (%)
Promoters 44.0
Institutions 6.6
Others 49.4
Total 100.0
Uflex Ltd | 12
Stock # 3
GE Shipping Ltd
Over the last 6 decades in the Indian shipping industry, one company has consistently
dominated - GE Shipping. India's largest private sector shipping service provider enjoys a
formidable presence in the global maritime industry.
The company has two main businesses, shipping and offshore. The shipping business is
involved in transportation of crude oil, petroleum products, gas and dry bulk commodities.
The offshore business services oil companies in carrying out offshore exploration and
production activities, through its subsidiary Greatship (India) Limited.
GE Shipping operates in an industry which is not only cyclical but also capital intensive.
Despite several headwinds, the key to the company's stable performance has been the
capital allocation skills of the management. This involves buying and selling vessels at the
right time and price. Diversified fleet profile with the presence in the shipping segment
(crude, product and dry bulk) and the offshore segment has enabled GE Shipping to
gainfully deploy its assets amid a challenging operating environment rife with oversupply
in the shipping markets.
13 | GE Shipping Ltd
Net sales 38,078 31,169 30,384 35,471 36,867
Sales growth (%) 11% -18% -3% 17% 4%
Net profit 10,970 7,550 -2,105 -215 2,071
Net profit margin (%) 28.8% 24.2% -6.9% -0.6% 5.6%
Balance Sheet
Fixed assets 92,588.10 99,565.00 98,395.20 94,314.30
Investments 9,118 8,751 8,561 6,011 9,631
Other non-current assets 1,074 355 1,682 1,038 649
Current assets 36,426 40,403 36,830 38,258 33,734
Total Assets 139,207 153,911 146,639 143,702 138,328
Net worth 65,635 72,233 69,277 68,097 67,956

Non Current Liabilities 49,604 58,257 61,430 54,488 57,941
GE Shipping Ltd | 14
Valuations*
Net sales 38,078 31,169 30,384 35,471 36,867
PAT 10,970 7,550 (2,105) (215) 2,071
Adj. EPS (Rs) 74.6 51.4 -14.3 -1.5 14.1
Price to earnings (x) 4.0 5.8 NA NA 21.2
Price to sales (x) 1.2 1.4 1.4 1.2 1.2
*Adjusted basis
Market Data
Price on Reco. Date (Rs) 298
52 Week H/L 340 / 185
BSE Code 500620
NSE Symbol GESHIP
No. of Shares (m) 147.0
FY20 Dividend per Share (Rs, adjusted) 8.1
Free float (%) 70.8
Market Cap (Rs m) 43,825
Average 52-Week Liquidity (Rs m) 36.7
Price to Sales* (times) 1.2
Price to Earnings* (times) 5.2
Price to Book* (times) 0.6
Debt to Equity* (times) 0.8
Dividend yield (on FY20 dividend) 2.7%
15 | GE Shipping Ltd
GE Shipping Ltd
205
GE Shipping Rs 92
Sensex Rs 201
175
145
115
85
55
Annexure for GE Shipping Ltd:

Category (%)
Promoters 29.2
Institutions 43.7
Others 27.1
Total 100.0
GE Shipping Ltd | 16
Stock # 4
Ruchira Papers Ltd
Ruchira Papers Limited started the business of paper manufacturing in 1980. The company
commenced operations with production capacity of seven tons per day (TPD) of kraft paper
in 1983. In 2006, it diversified into the manufacture of writing & printing paper through a
new plant at Kala-Amb (H.P.) adjacent to its kraft paper unit, starting commercial production
in 2008 with capacity of 100 TPD.
Today, Ruchira Papers is engaged in the manufacturing of Kraft Paper and Writing & Printing
Paper. Writing and Printing Paper is used for multiple purposes like printing and stationery
etc. The company's white writing & printing paper is used in the fabrication of note books
and writing material; the coloured paper is used in the fabrication of spiral notebooks,
wedding cards, shade cards, children's colouring books, coloured copier paper and bill
books. Kraft Paper finds its application in the packaging Industry especially for making
Corrugated Boxes / Cartons and for other packaging requirements. The special feature of
its Kraft Paper is load bearing Capacity & tensile Strength which makes its most suitable for
Corrugated packing application.
Digitisation has had an adverse effect on the demand for writing and printing paper. However,
digitisation also accelerated economic growth, which in turn has led to enhanced paper and
kraft paper consumption. Ruchira has been the fore-runner of writing and printing paper
and kraft paper manufacturing in north India, benefiting from demand growth. The ever-
increasing demand from downstream sectors like FMCG and services sector are driving
the use of writing and printing paper across the country. The adverse effects of initiatives
targeted towards going paperless leveraging modern technology has been partly offset by
increasing demand from the services sector.
On the back of this substantial growth in the e-commerce sector, the demand for packaging
paper is expected to increase.
17 | Ruchira Papers Ltd

(Rs m, Standalone) FY16 FY17 FY18 FY19 FY20
Net sales 3,626 4,171 4,476 4,940 4,826
Sales growth (%) 5% 15% 7% 10% -2.3%
Operating profit 486 650 779 840 389
Net profit 195 325 380 402 274
Balance Sheet
Fixed assets 1,732 1,822 2,305 2,336 2,340
Investments 0.0 0.0 0.0 0.0 0.0
Other fixed assets 0 0 3.47 3.47 50
Current assets 941 1224 1382 1772 1,620
Total Assets 2,673 3,046 3,691 4,112 4,010
Net worth 1,207 1,528 1,913 2,443 2,640

Minority Interest 0.0 0.0 0.0 0.0 0.0
Non Current Liabilities 622 634 718 562 680
Current liabilities 843 885 1059 1106 690
Ruchira Papers Ltd | 18

Valuations*
Net sales (Rs m) 3,626 4,171 4,476 4,940 4,826
PAT (Rs m) 195 325 380 402 274
Adj. EPS (Rs) 8.0 13.4 15.7 16.6 11.3
Price to earnings (x) N.A. 4.6 3.9 3.7 5.5
Price to sales (x) 0.4 0.4 0.3 0.3 0.3
*Adjusted basis
Market Data
52 week H/L 75 / 34
BSE code 532785
NSE Symbol RUCHIRA
Free float (%) 35.9
Price to sales (times) 0.4
Price to earnings (times) N.A.
*Based on trailing 12-month standalone numbers
^Based on Audited Standalone Balance Sheet as at March 31, 2020
19 | Ruchira Papers Ltd

Ruchira Papers Ltd
400
Ruchira Papers Ltd Rs 94
Sensex Rs 201
300
200
100
-
Annexure for Ruchira Papers Ltd:

Category (%)
Promoters 64.1
Institutions 1.1
Others 34.9
Total 100.0
Ruchira Papers Ltd | 20

Stock # 5
DCM Shriram Industries Ltd (DSIL) is a part of the Dr Bansi Dhar group, formed after the
restructuring of the DCM group in 1990. DSIL is currently engaged in the manufacturing of
sugar, alcohol, fine/organic chemicals and industrial rayon.
It has two integrated manufacturing plants viz. Daurala Sugar Complex and Daurala
Organics in Daurala, Meerut (U.P.) with a daily throughput of 12,500 tonnes crushed per
day (TCD), a distillery with a capacity of 45,000 KL per annum, co-generation power plant
with the capacity of 70 MW and organic/ fine chemicals plant with total installed capacity of
18,118 tonnes per annum.
The company has another manufacturing unit, 'Shriram Rayons' at Kota for the manufacturing
and export of rayon tyre cord, yarn and fabric to tyre manufacturers. It has a total installed
capacity for industrial fibres of 17,055 tonnes per year which includes yarn production
capacity, grey fabric and dipped fabric capacity.
The Rayon Unit of DSIL is implementing a project to increase the Rayon production capacity
and also install a new dipping unit.
Daurala Organics, a unit of the company, manufactures drug intermediates.
DSIL has also ventured into defence equipment manufacturing to explore the opportunities
following the Government of India's 'Make in India' initiative and opening up of defence
production to private sector.
The company has been gradually de-risking its business model over the years through
increased contribution from pharmaceutical intermediaries, chemicals and rayon segments.
Its sugar division is fully integrated with forward integration into cogeneration and distillery
operations that de-risk the core sugar business of the company to a large extent.
21 | DCM Shriram Industries Ltd

Net sales 12,161 14,944 17,044 16,890 17,949
Sales growth (%) -6% 23% 14% -1% 6.3%
Operating profit 935 2,093 1,169 1,360 1,692
Net profit 341 1,216 587 749 959
Balance Sheet
Fixed assets 3,670 3,524 3,759 4,410 5,133
Investments 181 350 234 400 269
Other fixed assets 43.7 33.8 16.7 11.6 44.8
Current assets 6,833 7,667 7,199 8,621 10,644
Total Assets 10,728 11,574 11,208 13,442 16,090
Net worth 2,674 4,000 4,339 4,983 5,595

Non Current Liabilities 1,405 721 766 1,267 2,303
DCM Shriram Industries Ltd | 22

Valuations*
Net sales (Rs m) 12,161 14,944 17,044 16,890 17,949
PAT (Rs m) 341 1,216 587 749 959
Adj. EPS (Rs) 19.6 69.9 33.7 43.0 55.1
Price to earnings (x) N.A. 2.7 5.6 4.4 3.4
Price to sales (x) 0.3 0.2 0.2 0.2 0.2
*Adjusted basis
Market Data
52 week H/L 210 / 99
BSE code 523369
NSE Symbol DCMSRMIND
Free float (%) 49.9
Price to earnings (times) 3.4
23 | DCM Shriram Industries Ltd

320
DCM Shriram Industries Ltd Rs 145
Sensex Rs 201
240
160
80
-
Annexure for DCM Shriram Industries Ltd:

Category (%)
Promoters 50.1
Institutions 6.7
Others 43.2
Total 100.0
DCM Shriram Industries Ltd | 24

Conclusion
We hope you’ve had a good look at all the stocks.
We would like to add that the investment opportunity outlined in the report may not be a
one-time thing after all. It is a process where if the track record is anything to go by, could
lead to great returns over the long term period. However, the process is a marathon and not
a sprint. There will be downs and there will be ups.
The idea is to stick to the rules that we have highlighted in the guide and there’s no reason
why you won’t add considerably to your wealth over the long run.
With this, we come to the end of the report. In case you have any queries, please feel free
to write into us.
Warm Regards
Team Equitymaster
25 | Conclusion
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DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
a 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this
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e Equitymaster's technical team/other research services have given a ‘Hold' view on GE Shipping Limited
DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 | 26

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27 | DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014

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5 Stocks For Accelerated Profit Apr2021

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5 Stocks for Accelerated Profit | 2

3 | 5 Stocks for Accelerated Profit

5 Stocks for Accelerated Profit | 4

In September 2013, MIIL announced a restructuring of its businesses. As a part of the

5 | Man Industries Ltd

Net worth 5,663 5,983 6,522 7,020 7,464

Man Industries Ltd | 6

7 | Man Industries Ltd

Annexure for Man Industries Ltd:

Man Industries Ltd | 8

The company's products include printed, laminated, metalized, co-extruded, coated,

Its flexible packaging products include laminates, made of various combinations of

The group’s long-term strategy continues to be focussed on integration and diversification

Net worth 34,478 36,288 39,747 42,981 46,898

Annexure for Uflex Ltd:

Net worth 65,635 72,233 69,277 68,097 67,956

Annexure for GE Shipping Ltd:

17 | Ruchira Papers Ltd

Net worth 1,207 1,528 1,913 2,443 2,640

Ruchira Papers Ltd | 18

19 | Ruchira Papers Ltd

Annexure for Ruchira Papers Ltd:

Ruchira Papers Ltd | 20

Daurala Organics, a unit of the company, manufactures drug intermediates.

21 | DCM Shriram Industries Ltd

Net worth 2,674 4,000 4,339 4,983 5,595

DCM Shriram Industries Ltd | 22

23 | DCM Shriram Industries Ltd

Annexure for DCM Shriram Industries Ltd:

DCM Shriram Industries Ltd | 24

We hope you’ve had a good look at all the stocks.

GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT:

DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:

DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014 | 26

DEFINITIONS OF TERMS USED:

27 | DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014

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SEBI (Research Analysts) Regulations 2014, Registration No. INH000000537.

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