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Incorporated in 1965, Merino Industries has turned into the largest manufacturer of exporters of laminates in India. With experience spanning over half a century, the company has expanded its forte into multiple segments over the years. Kolkata based company has manufacturing units in Hapur (Uttar Pradesh), Rohad (Haryana), Hosur (Tamil Nadu), and Dahej (Gujarat), through which it marks its presence in more than 60 nations of the world, thanks to a strong network of more than 4,000 dealers. <strong>Financial updates in FY20-21</strong> Merino Industries reported a profit after tax (PAT) of Rs 131.86 crore in the fiscal year 2020-21, which is about 6.5% higher than than the profit of Rs 129.43 crore reported in the previous fiscal year. The company reported a 12% fall in the revenue from operations to Rs 1,296.88 crore in the financial year ended on March 31, 2021, as against an income of Rs 1,473.72 crore in the year-ago period. However, the EBITDA for the company rose marginally, 5.3% to be precise, to Rs 251.78 crore in the FY2021 as compared to Rs 238.95 crore in the FY2020. Earnings per share (EPS) of the company marginally improved to Rs 117.95 from Rs 115.78 during the period under review. <strong>Business updates in FY20-21</strong> The company has announced a dividend of 60% or Rs 6 per equity share with a face value of Rs 10 each. The proposal was considered and approved by the company board and shareholders in the Annual General Meeting (AGM) of the company held on 3rd September 2021. The company board has attributed the improved bottom line to the growth in exports and domestic sales and they are expecting better performance in the coming years. The outbreak of the Covid-19 pandemic has been a headwind for the company's growth, leading to lockdown and travel bans which has ultimately resulted in the economic slowdown. During the year under review, the company merged its subsidiary, Merino Panel Products Limited, to itself following an order from NCLT. Thus the company had no subsidiary, associate, or joint venture companies at the end of March 2021. <p class="aLF-aPX-K0-aPE"><strong>Company Performance on Various Parameters</strong></p> <div class="table-overflow-init"> <table dir="ltr" style="width: 96.8341%;" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="100" /> <col width="100" /> <col width="100" /> <col width="109" /> <col width="100" /> <col width="209" /> <col width="80" /> <col width="130" /></colgroup> <tbody> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":2,"2":"Year "}"><strong>Year</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":2,"2":"Revenue"}"><strong>Revenue</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":2,"2":"EBITDA"}"><strong>EBITDA</strong></td> <td style="width: 14.1579%;" data-sheets-value="{"1":2,"2":"EBITDA Margin"}"><strong>EBITDA Margin</strong></td> <td style="width: 8.55665%;" data-sheets-value="{"1":2,"2":"PAT"}"><strong>PAT</strong></td> <td style="width: 13.7932%;" data-sheets-value="{"1":2,"2":"PAT Margin"}"><strong>PAT Margin</strong></td> <td style="width: 14.8435%;" data-sheets-value="{"1":2,"2":"Equity"}"><strong>Equity</strong></td> <td style="width: 12.95%;" data-sheets-value="{"1":2,"2":"EPS"}"><strong>EPS</strong></td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2016}"><strong>2016</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1088}">1088</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":234}">234</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.215}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">21.50%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":117}">117</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.108}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">10.80%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":111.75}">111.75</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2017}"><strong>2017</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1164}">1164</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":239}">239</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.205}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">20.50%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":139}">139</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.119}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">11.90%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":13276}">13276</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2018}"><strong>2018</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1239}">1239</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":230}">230</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.186}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">18.60%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":123}">123</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.099}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">9.90%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":117.48}">117.48</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2019}"><strong>2019</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1491}">1491</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":260}">260</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.175}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">17.50%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":160}">160</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.107}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">10.70%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":152.82}">152.82</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2020}"><strong>2020</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1488}">1488</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":235}">235</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.158}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">15.80%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":134}">134</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.09}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">9%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.047}">1.047</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":127}">127</td> </tr> <tr> <td style="width: 10.6987%;" data-sheets-value="{"1":3,"3":2021}"><strong>2021</strong></td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":1339}">1339</td> <td style="width: 10.8079%;" data-sheets-value="{"1":3,"3":252}">252</td> <td style="width: 14.1579%;" data-sheets-value="{"1":3,"3":0.1882}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">18.82%</td> <td style="width: 8.55665%;" data-sheets-value="{"1":3,"3":132}">132</td> <td style="width: 13.7932%;" data-sheets-value="{"1":3,"3":0.1}" data-sheets-numberformat="{"1":3,"2":"0%","3":1}">10%</td> <td style="width: 14.8435%;" data-sheets-value="{"1":3,"3":1.118}">1.118</td> <td style="width: 12.95%;" data-sheets-value="{"1":3,"3":117.95}">117.95</td> </tr> </tbody> </table> </div> <p class="aLF-aPX-K0-aPE">(Note: All figures in crores, elsewhere stated)</p> <p class="aLF-aPX-K0-aPE"><strong>Comparison of Marino with its various listed peers on various parameters</strong></p> <div class="table-overflow-init"> <table dir="ltr" style="width: 65.4801%; height: 137px;" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="191" /> <col width="100" /> <col width="100" /> <col width="109" /> <col width="100" /> <col width="226" /> <col width="80" /></colgroup> <tbody> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Company"}"><strong>Company</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":2,"2":"Revenue"}"><strong>Revenue</strong></td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":2,"2":"PAT"}"><strong>PAT</strong></td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":2,"2":"NPM"}"><strong>NPM</strong></td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":2,"2":"EPS"}"><strong>EPS</strong></td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":2,"2":"P/E"}"><strong>P/E</strong></td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":2,"2":"M-Cap"}"><strong>M-Cap</strong></td> </tr> <tr style="height: 22px;"> <td style="width: 21.0584%; height: 22px;" data-sheets-value="{"1":2,"2":"Merino Industries"}"><strong>Merino Industries</strong></td> <td style="width: 11.0254%; height: 22px;" data-sheets-value="{"1":3,"3":234}">1339</td> <td style="width: 4.91063%; height: 22px;" data-sheets-value="{"1":3,"3":117}">132</td> <td style="width: 8.23857%; height: 22px;" data-sheets-value="{"1":3,"3":0.108}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">10.80%</td> <td style="width: 7.35651%; height: 22px;" data-sheets-value="{"1":3,"3":111.75}">118</td> <td style="width: 5.71061%; height: 22px;" data-sheets-value="{"1":2,"2":"-"}">27x</td> <td style="width: 7.70716%; height: 22px;" data-sheets-value="{"1":3,"3":3354}" data-sheets-numberformat="{"1":2,"2":"#,##0","3":1}">3,354</td> </tr> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Century Plyboards"}"><strong>Century Plyboards</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":3,"3":2113.48}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">2,113</td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":3,"3":192.07}">192</td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":3,"3":0.0909}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">9.09%</td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":3,"3":8.64}">8.64</td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":3,"3":39.51}">39x</td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":3,"3":9263.5}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">9,263</td> </tr> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Greenply Industries"}"><strong>Greenply Industries</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":3,"3":1015.39}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">1,015</td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":3,"3":57.93}">57</td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":3,"3":0.0571}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">5.71%</td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":3,"3":4.72}">4.72</td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":3,"3":29.68}">29x</td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":3,"3":2125.75}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">2,125</td> </tr> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Greenpanel Industries"}"><strong>Greenpanel Industries</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":3,"3":1019.97}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">1,019</td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":3,"3":76.17}">76</td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":3,"3":0.0747}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">7.47%</td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":3,"3":6.21}">6.21</td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":3,"3":27.52}">27x</td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":3,"3":3819.84}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">3,819</td> </tr> <tr style="height: 23px;"> <td style="width: 21.0584%; height: 23px;" data-sheets-value="{"1":2,"2":"Stylam Industries"}"><strong>Stylam Industries</strong></td> <td style="width: 11.0254%; height: 23px;" data-sheets-value="{"1":3,"3":475.85}">475</td> <td style="width: 4.91063%; height: 23px;" data-sheets-value="{"1":3,"3":55.31}">55</td> <td style="width: 8.23857%; height: 23px;" data-sheets-value="{"1":3,"3":0.1162}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}">11.62%</td> <td style="width: 7.35651%; height: 23px;" data-sheets-value="{"1":3,"3":32.63}">32.63</td> <td style="width: 5.71061%; height: 23px;" data-sheets-value="{"1":3,"3":28.66}">28x</td> <td style="width: 7.70716%; height: 23px;" data-sheets-value="{"1":3,"3":1828.27}" data-sheets-numberformat="{"1":2,"2":"#,##0.00","3":1}">1,828</td> </tr> </tbody> </table> </div> <p class="aLF-aPX-K0-aPE"><strong>Note: </strong> <strong>1.</strong> All figures in crores, elsewhere stated <strong>2.</strong> Financial data of FY21 is taken for calculation <strong>3.</strong> Unlisted Share Price of Rs.3200 is taken for Merino Unlisted Shares for calculating P/E.</p>
<h3><strong>How to Convert Easi to Easiest?</strong></h3> <p>a) As a CDSL user first you need to register as CDSL Easi. This facility will help you to check your shares in Demat form.</p> <p>b) Now, if you want to transfer shares, you need to register as CDSL Easiest. For that, login into CDSL system. <br /><br />Go to “<strong>Miscellaneous</strong>” and Click on “<strong>Upgrade to Easiest</strong>”.</p> <p>c) Your broker will upgrade your account to CDSL Easiest and provide an 8 digit CDSL PIN which you need to keep safe and the same will be used to transfer shares.</p> <p><strong>Step-1<br /></strong> <br />a) Visit https://web.cdslindia.com/myeasi/Home/Login. <br />b) Type user name and password<br /><img class="wp-image-21571 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/1-5.png" alt="" width="602" height="355" /></p> <h3><strong>How to Add a Trusted Account?</strong></h3> <p>Before we start transferring shares, we need to add a trusted account. <br /><br /><strong>Step-2 </strong>Click on “<strong>Edit Trusted Account</strong>”<br /><br /><strong><img class="wp-image-21573 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/2-5.png" alt="" width="649" height="383" /></strong></p> <p><strong>Step-3 </strong>Click “<strong>Add Trusted Account</strong>”<br /><br /><img class="wp-image-21577 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/4-3.png" alt="" width="676" height="399" /> <br /><strong>Step-4 </strong>Enter 16 Digit “<strong>Demat ID</strong>” to add a trusted account and Click “<strong>Submit</strong>”<br /><br /><img class="wp-image-21579 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/4-4.png" alt="" width="677" height="400" /> <br /><strong>Step-5 <br /><br /></strong>The request will go to “<strong>Broker to map trusted account</strong>” <br /><strong><br />Step-6</strong> <br /><br /><strong>a)</strong> Once the broker Authenticate, you will get Status as shown below to “<strong>Authenticate by DP</strong>”. Prior to that, it will be shown as “ <strong>Pending for Authentication</strong>”. <br /><br /><strong>b)</strong> After authentication, you can transfer share online.<br /><br /><img class="wp-image-21582 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-10-e1632121489854.png" alt="" width="677" height="190" /></p> <h3><strong>How to transfer shares?</strong></h3> <p><strong>Step-7 </strong>After Authentication, Go to > “<strong>Transactions</strong>” and Click “<strong>Setup</strong>”<br /><br /><img class="wp-image-21583 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-11-e1632121559769.png" alt="" width="722" height="306" /> <br /><br /><strong>Step-8 </strong>Go to > “<strong>Bulk-Setup</strong>” and Click <strong>“Bulk</strong> <strong>Setup</strong>”<br /><br /><br /><img class="wp-image-21584 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-12-e1632121630272.png" alt="" width="723" height="285" /><br /><strong>Step-9<br /></strong> <br /><strong>a)</strong> Select “<strong>Buy</strong>” or “<strong>Sell</strong>”<br /><br /><strong>b)</strong> Select only “<strong>Execution Date</strong>”, & “<strong>Counter- BOID</strong>”<br /><br /><img class="wp-image-21585 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-13-e1632121689962.png" alt="" width="723" height="289" /> <br /><br /><strong>Step-10 </strong>Click on “<strong>+</strong>” Sign<br /><br /><img class="wp-image-21586 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-14-e1632121750575.png" alt="" width="727" height="169" /> <br /><br /><strong>Step-11<br /><br />a)</strong> Add ISIN Number, Quantity, Consideration Amount, and Reason as Off-Market.<br /><br /><strong>b)</strong> Select bank details from which funds will be received.<br /><img class="wp-image-21587 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-15-e1632121866423.png" alt="" width="642" height="675" /> <br /><br /><strong><br />Step-12 </strong>Click on the “<strong>Submit</strong>” button<br /><br /><img class="wp-image-21588 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-16-e1632121919210.png" alt="" width="715" height="164" /> <br /><br /><strong>Step-13 </strong>Select the “<strong>Transaction</strong>” and Click “<strong>Commit</strong>”<br /><br /><img class="wp-image-21589 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-17-e1632121952900.png" alt="" width="719" height="222" /> <br /><br /><strong>Step-14 </strong>Enter OTP Sent on “<strong>Email</strong>” and “<strong>Mobile</strong>”<br /><br /><img class="wp-image-21590 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-18-e1632122004184.png" alt="" width="715" height="399" /> <br /><br /><strong>Step-15<br /><br /><br /></strong>Enter 8 digit CDSL PIN which you have received from the broker when you have converted your account from CDSL Easi to Easiest<br /><img class="wp-image-21591 aligncenter" src="https://unlistedzone.com/storage/knowledge-logo/3-19-e1632122038783.png" alt="" width="710" height="252" /> <br /><br /><strong>Step-16 </strong>The share transfer process is over. However, around 6:00 PM you will get an email from CDSL which you need to authenticate, and then shares will be deducted from your Demat account.<br /><br /> <iframe style="width: 410px; height: 231px;" title="YouTube video player" src="https://www.youtube.com/embed/isz0uKTRQSY" width="410" height="231" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
Mohindra Fasteners has come up with its annual report 2021 and same is available with UnlistedZone. Let us see how it has performed in the last one year.<!--more--> <strong>About Mohindra fasteners</strong> <div class="table-overflow-init">Mohindra Fasteners was formed in the year 1995 and began the commercial production in beginning of 1997. Over the years, it has successfully emerged as a name to reckon with in the Indian Fastener industry. The company offers a wide range of cold and hot forged fasteners and precision machined components for automotive and industrial applications.</div> <strong>FY20-21 Analysis</strong> <strong>1.</strong> Total revenue from the operations of MFL for the year ended March 31, 2021 was at Rs. 108 Crores as against Rs. 104 Crores in the previous year. <strong>2</strong>. Despite a sharp fall in revenues in the first quarter, Mohindra Fasteners has earned a higher net profit of Rs. 10.38 Crores for the year 2021 as compared to corresponding figure in the previous year was Rs. 9.36 Crores for the year 2020. <strong>3.</strong> Mohindra fasteners export sales for the year ended March 31, 2021 was at Rs. 74 Cores as against Rs. 64 Crores in the previous year 2020. However, the domestic sales remains at par in FY20-21 as compared to last year. <strong>4</strong>. Mohindra Fasteners has clocked an EBITDA of ~17 Crores against ~16 Crores last year. <strong>5.</strong> The Earnings per share(EPS) for the year ended March 31, 2021 was higher at Rs. 19.38 compared to Rs. 17.49 in the previous year. <strong>Financial Performance last 5 years </strong> <div class="table-overflow-init"> <table width="100%"> <tbody> <tr> <td><strong>Year</strong></td> <td><strong>Revenue</strong></td> <td><strong>EBITDA</strong></td> <td><strong>OPM</strong></td> <td><strong>PAT</strong></td> <td><strong>NPM</strong></td> <td><strong>Equity</strong></td> <td><strong>EPS</strong></td> </tr> <tr> <td>2016</td> <td>94</td> <td>10</td> <td>11.10%</td> <td>4.5</td> <td>4.80%</td> <td>5.3568</td> <td>8.4</td> </tr> <tr> <td>2017</td> <td>100</td> <td>12</td> <td>11.80%</td> <td>5.03</td> <td>5.00%</td> <td>5.3568</td> <td>9</td> </tr> <tr> <td>2018</td> <td>115</td> <td>13</td> <td>11.90%</td> <td>5.5</td> <td>4.80%</td> <td>5.3568</td> <td>10</td> </tr> <tr> <td>2019</td> <td>135</td> <td>17</td> <td>12.70%</td> <td>9.55</td> <td>7.00%</td> <td>5.3568</td> <td>17</td> </tr> <tr> <td>2020</td> <td>104</td> <td>16</td> <td>15.6%</td> <td>9.36</td> <td>9.0%</td> <td>5.3568</td> <td>17</td> </tr> <tr> <td>2021</td> <td>108</td> <td>17</td> <td>15.7%</td> <td>10.38</td> <td>9.6%</td> <td>5.3568</td> <td>19</td> </tr> </tbody> </table> <strong>Dividend History of Mohindra fasteners</strong> </div> <div class="table-overflow-init"> <table style="width: 100%; height: 120px;" width="100%"> <tbody> <tr style="height: 24px;"> <td style="height: 24px;">Year</td> <td style="height: 24px;">Dividend per share</td> </tr> <tr style="height: 24px;"> <td style="height: 24px;">2016-17</td> <td style="height: 24px;">2.2</td> </tr> <tr style="height: 24px;"> <td style="height: 24px;">2017-18</td> <td style="height: 24px;">2.5</td> </tr> <tr style="height: 24px;"> <td style="height: 24px;">2018-19</td> <td style="height: 24px;">3</td> </tr> <tr style="height: 24px;"> <td style="height: 24px;">2019-20</td> <td style="height: 24px;">3.50</td> </tr> <tr> <td>2020-21</td> <td>5</td> </tr> </tbody> </table> </div> <strong>Valuation of Mohindra Fasteners</strong> The current unlisted market price of Mohindra Fasteners is Rs.225 per share. Total Outstanding Shares = 6 Crores Mcap = 1350 Crores EPS (FY21) = 19 P/E = 11.84x
<div class="tatsu-module tatsu-inline-text clearfix tatsu-HkmPVbOidK "> <div class="tatsu-inline-text-inner "> <p>“At current valuations, the company is available at less than twice the sales-to-market cap, which makes it a decent bet,” said <strong>Dinesh Gupta, co-founder of Delhi based UnlistedZone</strong>. “However one should wait for the latest numbers.”</p> </div> </div> <div class="tatsu-animated-link tatsu-animated-link-style4 tatsu-B1VvEWOjdt tatsu-module tatsu-animated-link-align-none "><a class="tatsu-animated-link-inner " href="https://economictimes.indiatimes.com/markets/ipos/fpos/lava-international-all-set-for-ipo-seeks-shareholders-approval/articleshow/86071759.cms?utm_source=whatsapp_pwa&utm_medium=social&utm_campaign=socialsharebuttons&from=mdr" target="_blank" rel="noopener" aria-label="Read Full Article Here"><span class="tatsu-animated-link-text">Read Full Article Here</span></a></div>
Reliance Retail has come up with its annual report 2021 and same is available with UnlistedZone. Let us see how it has performed in the last one year.<!--more--> <strong>About Reliance Retail</strong> Reliance Retail was founded with a view to revolutionise retail in India. Today, it is the largest, fastest growing and most profitable retail company in India with diversified omni-channel presence through integrated store concepts and digital commerce platforms. It is the only Indian retailer to feature in the list of ‘<strong>Global Powers of Retailing’.</strong> As a market leader, Reliance Retail caters to five key consumption baskets – 1)<strong> Consumer Electronics</strong> 2) <strong>Fashion & Lifestyle </strong>3) <strong>Grocery</strong> 4) <strong>Pharma Retail</strong> and 5) <strong>Connectivity</strong>. <strong>Operation Analysis of Reliance Retail in FY20-21</strong> <strong>1.</strong> Despite of spread of COVID-19 and lockdown imposed by government of India, Reliance Retail delivered a resilient performance last year. On a consolidated basis, Reliance Retail delivered revenue of 1,55,209 crore against 1,60,965 crore for the previous year. <strong>2. </strong>The revenues were impacted on account of store closures (80% stores operational), lower footfalls (65% of last year) and operational disruptions through the year. <strong>3.</strong> The Company delivered a consolidated EBITDA of 8,373 crore for FY 2020-21 against 9,518 crore for the previous year, driven by the gradual rebound of revenue streams and judicious cost management initiatives. <strong>4.</strong> The Company has earned profit after tax of 4,587 crore against 5,540 crore for the previous year. <strong>Business Analysis of Reliance Retail</strong> <strong>1.</strong> The petro-retail dealership between Reliance Industries Limited (‘RIL’) and the Company’s subsidiary Reliance Petro Marketing Limited (‘RPML’) has ended. Consequently, the consolidated revenues of the Company have been impacted. RPML has continued to operate its bulk Lubricants business and packing and distribution of Liquefied Petroleum Gas business. <strong>2.</strong> Reliance Retail has transferred its supply chain business to Reliance Retail Ventures Limited (‘RRVL’), its holding Company as a ‘going concern’ on ‘slump sale’ basis. <strong>3.</strong> Reliance Retail business continued to attract and serve millions of customers across the country far and wide. The registered customer base now stands at 15 Crores, a growth of 25% Y-o-Y. <strong>4.</strong> Reliance Retail business has been launched and rapidly scaled-up Jio-Mart and built last-mile fulfilment capacity a fresh to enable home delivery of essentials across 200 cities. <strong>5.</strong> Jio-Mart has since grown to become India’s leading hyperlocal delivery platform with more users, more orders, and more products with each passing month. <strong>Industry Trend in Retail Market</strong> <strong>1.</strong> India’s retail market is estimated at US$822 billion in FY 2019- 20 and is expected to grow at a CAGR of 10% over next five years to reach US$1,315 billion by FY 2024-25. <strong>2.</strong> The penetration of organised retail market is estimated at 11% in FY 2019-20 and is expected to grow to 18% by FY 2024-25. <strong>3.</strong> The unorganised retail market is poised to grow to over US$1 trillion over this period, making it amongst the most attractive consumer sector opportunities across the world. <strong>Financial Performance of Reliance Retail</strong> <strong> Figures in Crores</strong> <div class="table-overflow-init"> <table width="100"> <tbody> <tr style="height: 23px;"> <td style="height: 23px;" width="64"><strong>Year</strong></td> <td style="height: 23px;" width="89"><strong>Revenue</strong></td> <td style="height: 23px;" width="98"><strong>EBITDA</strong></td> <td style="height: 23px;" width="135"><strong>OPM</strong></td> <td style="height: 23px;" width="98"><strong>PAT</strong></td> <td style="height: 23px;" width="64"><strong>NPM</strong></td> <td style="height: 23px;" width="89"><strong>Equity</strong></td> <td style="height: 23px;" width="64"><strong>EPS</strong></td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2015</td> <td style="height: 23px;">16169</td> <td style="height: 23px;">854</td> <td style="height: 23px;">5.3%</td> <td style="height: 23px;">272</td> <td style="height: 23px;">1.7%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">0.55</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2016</td> <td style="height: 23px;">18418</td> <td style="height: 23px;">932</td> <td style="height: 23px;">5.1%</td> <td style="height: 23px;">306</td> <td style="height: 23px;">1.7%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">0.61</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2017</td> <td style="height: 23px;">26473</td> <td style="height: 23px;">1200</td> <td style="height: 23px;">4.5%</td> <td style="height: 23px;">440</td> <td style="height: 23px;">1.7%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">0.88</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2018</td> <td style="height: 23px;">51501</td> <td style="height: 23px;">2411</td> <td style="height: 23px;">4.7%</td> <td style="height: 23px;">1246</td> <td style="height: 23px;">2.4%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">2.50</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2019</td> <td style="height: 23px;">102085</td> <td style="height: 23px;">6064</td> <td style="height: 23px;">5.9%</td> <td style="height: 23px;">3140</td> <td style="height: 23px;">3.07%</td> <td style="height: 23px;">4,989.54</td> <td style="height: 23px;">6.30</td> </tr> <tr style="height: 23px;"> <td style="height: 23px;">2020</td> <td style="height: 23px;">130627</td> <td style="height: 23px;">9405</td> <td style="height: 23px;">7.19%</td> <td style="height: 23px;">5526</td> <td style="height: 23px;">4.2%</td> <td style="height: 23px;">4,999.40</td> <td style="height: 23px;">11.07</td> </tr> <tr> <td>2021</td> <td>131926</td> <td>8312</td> <td>6.3%</td> <td>4586</td> <td>3.4%</td> <td>4,999.40</td> <td>8.92</td> </tr> </tbody> </table> </div> <strong>Valuation of Reliance Retail: </strong> (i) Mcap - 13 Lakh Crores (at CMP of 2600). (ii) EV - 13.14 Lakh Crores (iii) EBITDA - 8312 Crores (Based on FY21 Financials) (iv) EV/EBITDA - 158 (v) Mcap/Revenue - 10x <strong>Peer Comparison:</strong> <div class="table-overflow-init"> <table width="100"> <tbody> <tr> <td colspan="9" width="576">Avenue Super Mart Snapshot (Figures in Crores)</td> </tr> <tr> <td width="64">Year</td> <td colspan="2" width="128">Revenue</td> <td width="64">EBITDA</td> <td width="64">OPM</td> <td width="64">PAT</td> <td width="64">NPM</td> <td width="64">Equity</td> <td width="64">EPS</td> </tr> <tr> <td width="64">2015</td> <td colspan="2" width="128">6,457</td> <td width="64">477</td> <td width="64">7.40%</td> <td width="64">211</td> <td width="64">3.30%</td> <td width="64">561</td> <td width="64">4</td> </tr> <tr> <td width="64">2016</td> <td colspan="2" width="128">8,601</td> <td width="64">682</td> <td width="64">7.90%</td> <td width="64">320</td> <td width="64">3.70%</td> <td width="64">561</td> <td width="64">6</td> </tr> <tr> <td width="64">2017</td> <td colspan="2" width="128">11,926</td> <td width="64">1011</td> <td width="64">8.50%</td> <td width="64">478</td> <td width="64">4.00%</td> <td width="64">624</td> <td width="64">8</td> </tr> <tr> <td width="64">2018</td> <td colspan="2" width="128">15,102</td> <td width="64">1423</td> <td width="64">9.40%</td> <td width="64">806</td> <td width="64">5.30%</td> <td width="64">624</td> <td width="64">13</td> </tr> <tr> <td width="64">2019</td> <td colspan="2" width="128">20,052</td> <td width="64">1682</td> <td width="64">8.40%</td> <td width="64">902</td> <td width="64">4.50%</td> <td width="64">624</td> <td width="64">14</td> </tr> <tr> <td>2020</td> <td colspan="2">24,930</td> <td>2189</td> <td>8.70%</td> <td>1300</td> <td>5.21%</td> <td>647</td> <td>20</td> </tr> <tr> <td>2021</td> <td colspan="2">24143</td> <td>1855</td> <td>7%</td> <td>1100</td> <td>4.55%</td> <td>648</td> <td>17</td> </tr> </tbody> </table> </div> <strong>Valuation of Avenue Super Mart: </strong> (i) Mcap - 2.54 Lakh Crores (at CMP of 3921) (ii) EV - 2.54 Lakh Crores (iii) EBITDA - 1855 Crores (Based on FY21 Financials) (iv) EV/EBITDA - 136 (v) Mcap/Revenue - 10x <strong>Conclusion:</strong> Valuation of Reliance Retail looks similar to its listed peer i.e. D-mart if we don't consider any dilution of equity of Reliance Retail. However, with Reliance Retail focus on different segments like online medicine which is a high margin business and other businesses which Reliance is acquiring will definitely create value for shareholders in future.
Care Health has come up with an Annual Report 2021 in the last week and same is available with UnlistedZone. In this article, we will check the performance of the Care Health Insurance in the year FY20-21.<!--more--> <strong>Business Performance</strong> <strong>1.</strong> In the financial year ended March 2021, Care Health Gross Domestic Premium Income (GDPI) rose to Rs. 2,559 Crores from Rs. 1,975 Crores, (excluding Ayushman Bharat) registering a growth of 29.5 % over financial year 19-20. <strong>2.</strong> Profit After Tax (PAT) for the year increased to Rs. 102 Crores, registering a growth of 55.7 %. <strong>3.</strong> Solvency ratio was at 2.45, one of the highest in the industry and significantly above the minimum regulatory requirement of 1.50x. This shows that company is well capitalised. <strong>4.</strong> The Company has launched a few new products, namely, Care Advantage, Arogya Sanjeevani, Corona Kavach, Covid Care, Group Care 360, Care Shield Add- on, Explore V2. <strong>5.</strong> During the last year 4 new branches were opened and total count of branches is 158. There are around 9,904 permanent employees in the Company. The agent strength, which is back bone of any insurance company has increased from 1,32,474 to 1,69,183 as compared to last financial year. <strong>6.</strong> Care Health Insurance has tied up with more than 16,000 healthcare network providers to facilitate cashless services to its customers. <strong>Raises funds in FY20-21</strong> 1. Care Health has raised Rs. 337 Crores by allotting 7,98,67,980 Equity Shares of Rs. 10 each on preferential allotment/ private placement basis to M/s Trishikhar Ventures LLP and a few other shareholders at a premium of Rs. 27.89/- per equity share. 2. Care Health has also issued 3.32 Crores of ESOPs. <strong>Financial Results of FY20-21</strong> <div class="table-overflow-init"> <table dir="ltr" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="218" /> <col width="100" /> <col width="100" /></colgroup> <tbody> <tr> <td data-sheets-value="{"1":2,"2":"Particulars (Cr)"}">Particulars (Cr)</td> <td data-sheets-value="{"1":3,"3":44276}" data-sheets-numberformat="{"1":5,"2":"mmmm-d","3":1}">March-21</td> <td data-sheets-value="{"1":3,"3":44275}" data-sheets-numberformat="{"1":5,"2":"mmmm-d","3":1}">March-20</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Revenue- from Operation"}">Revenue- from Operation</td> <td data-sheets-value="{"1":3,"3":262}">262</td> <td data-sheets-value="{"1":3,"3":256}">256</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Revenue- from Investement"}">Revenue- from Investment</td> <td data-sheets-value="{"1":3,"3":56}">56</td> <td data-sheets-value="{"1":3,"3":21}">21</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Other Income"}">Other Income</td> <td data-sheets-value="{"1":3,"3":0.8}">0.8</td> <td data-sheets-value="{"1":3,"3":3.5}">3.5</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Total Revenue"}">Total Revenue</td> <td data-sheets-value="{"1":3,"3":322}">322</td> <td data-sheets-value="{"1":3,"3":278}">278</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Total Expenses"}">Total Expenses</td> <td data-sheets-value="{"1":3,"3":247}">247</td> <td data-sheets-value="{"1":3,"3":213}">213</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"PAT"}">PAT</td> <td data-sheets-value="{"1":3,"3":102}">102</td> <td data-sheets-value="{"1":3,"3":65}">65</td> </tr> </tbody> </table> </div> <strong>Valuation of Care-Health Insurance</strong> Care-health Unlisted Share Price = 235 Total Shares Outstanding = 84.1 Crores Mcap = ~19763 Crores The valuation looks very stretched.
<div class="gmail_default"> <strong>TamilNad Mercantile Bank (TMB)</strong> is eyeing to raise funds from the primary markets via an initial public offering (IPO). The lender has filed its draft red herring prospectus (DRHP) with the capital markets regulators for the same. According to the DRHP, the bank will issue 15,840,000 equity shares with a face value of Rs 10 each. The issue will consist of the issuance of fresh equity of 15,827,495 equity shares and an offer for sale (OFS) of 12,505 equity shares by existing shareholders. Investors participating in OFS include D. Prem Palanivel (up to 5,000 equity shares), Priya Rajan (up to 5,000 equity shares), Prabhakar Mahadeo Bobde (up to 1,000 equity shares), Narasimhan Krishnamurthy (up to 505 equity shares), M. Malliga Rani (up to 500 equity shares) and Subramanian Venkiteshwaran Iyer (up to 500 equity shares). The bank is not considering any issuance or placement of equity shares by way of pre-offer placement from the date of the DRHP filing until the listing of the equity shares on the exchanges. Tuticorin-based Tamilnad Mercantile Bank is a professionally managed lender and does not have an identifiable promoter. Earlier this year, the managing director and CEO of the bank KV Rama Moorthy said that the bank will raise Rs 1,000 crore via IPO in the ongoing financial year. 75 percent of the net offer has been reserved for qualified institutional buyers (QIBs). 15% of the net offer is for allocation to Non-Institutional Investors (NIIs) and the remaining 10 percent shall be available for allocation to retail bidders. According to the draft papers, Tamilnad Mercantile Bank will utilize the net proceeds from the fresh issue for augmenting its Tier–I capital base to meet its future capital requirements and to meet the expenses related to the offer. Axis Capital, Motilal Oswal Investment Advisors, and SBI Capital Markets will be the Book Running Lead Managers. Link Intime has been appointed as the registrar. As of March 31, 2019, 2020, and 2021, the deposits and advances in the state of Tamil Nadu contributed to 71.62%, 75.93%, and 76.33%, respectively, of the total business. As of March 31, 2021, the bank said it had 4.18 million customers in Tamil Nadu comprising. It constitutes 85.07% of the overall customer base. TMB had reported a 48% rise in net profit to Rs 603.3 crore for the financial year ended on March 31, 2021, as against Rs 407.69 crore in the year ended on March 31, 2020. Net interest income increased 16.52% to Rs 1,537.5 crore during the period. The gross non-performing assets declined to 3.44% in FY21 from 3.62% percent in FY20. However, the net NPAs were up at 1.98% in March 2021 from 1.8% in March 2020. At present, TMB has around 509 branches, of which 106 branches are in rural areas, whereas 247 in semi-urban, 80 in urban, and 76 are in metropolitan centers. As of June 30, 2021, it had a customer base of around 4.93 million of which 70 percent comprised customers who were associated with the bank for more than five years. </div>
Philips India is a leader in the business of Health System, Personal Health and Innovation Services. Below is the business performance of Philips India for the year FY202-21. <strong>Health System</strong> <div class="page" title="Page 24"> <div class="layoutArea"> <div class="column"> <strong>a)</strong> During the year 2020-21, Health Systems business of Philips India delivered another year of strong performance irrespective of Market de-growth, driven by growth in Image Guided Therapy (IGT) (47.6% Market Share) and Connected Care (CC) Business. <strong>b)</strong> In Image Guided Therapy(IGT),Philips Market share improved by 11.2%. <strong>c) </strong>Magnetic Resonance (MR), Philips Market share increased by 1.5% fuelled by PMRS. <strong>d)</strong> Ultrasound business of Philips India has improved market share from 17% to 19.7% driven by strong performance of the India. <strong>Personal Health</strong> <div class="page" title="Page 25"> <div class="layoutArea"> <div class="column"> <strong>a)</strong> Personal Health business continued its transformation journey by adopting to the external dynamic headwinds and delivered 16% growth over the previous financial year. <strong>b)</strong> Under Domestic Appliances business, Philips India has launched New Urban living range of Air Purifiers with an idea to create a safe in home environment and also a new range of Oven Toast and Grill (OTG) products to support the In-home Cooking trend. <strong>Demerger of Domestic business</strong> <div class="page" title="Page 25"> <div class="layoutArea"> <div class="column"> Domestic Appliance Business will stand transferred to and vested with Philips Domestic Appliances India Limited with effect from the appointed date i.e. July 1, 2021. So existing shareholders of the Philips India will get shares of Domestic Appliances. And, accordingly the unlisted shares value of Philips India will reduce. </div> <div class="page" title="Page 114"> <div>Domestic Appliances business including the Company’s subsidiary “Preethi Kitchen Appliances Private Limited” will be carved out from the Business segment “Personal Health” which primarily involves sale of kitchen appliances (juicers, blenders, Air fryer, food processors), home care (vacuum cleaners, air purifiers), garment care (irons, steam generators) and coffee makers (appliances and accessories).</div> <div class="layoutArea"> <strong>Financial Performance of Domestic Business</strong> <table dir="ltr" style="width: 30.6709%; height: 120px;" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="185" /> <col width="100" /></colgroup> <tbody> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"Particulars (in Cr)"}">Particulars (in Cr)</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"FY20-21"}">FY20-21</td> </tr> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"Revenue from operations"}">Revenue from operations</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":3,"3":706}">1475</td> </tr> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"Operating expenses"}">Operating expenses</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":3,"3":693}">1373</td> </tr> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"PBT"}">PBT</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":3,"3":13}">101</td> </tr> <tr style="height: 24px;"> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":2,"2":"PAT"}">PAT</td> <td style="text-align: center; height: 24px;" data-sheets-value="{"1":3,"3":11}">80</td> </tr> </tbody> </table> </div> </div> <div class="column"> <div class="page" title="Page 181"> <div class="layoutArea"> <div class="column"> In accordance with the Scheme, the assets and liabilities pertaining to Domestic Appliance business will stand transferred to and vested with Philips Domestic Appliances India Limited with effect from the appointed date i.e. 01 July 2021 and shareholders of the Company will be allotted 1 fully paid equity share of Philips Domestic Appliances India Limited for each fully paid equity share held by them in the Company on or before the Effective date and the transfer of the De-merged Undertaking shall be on a going concern basis. <strong>Innovation Campus</strong> </div> </div> </div> <div class="page" title="Page 25"> <div class="layoutArea"> <div class="column"> Philips Innovation Campus, Bengaluru (PIC-B) established in 1996 as a premier software research and development organisation of Royal Philips, today hosts 4500+ top-notch professionals working on developing products and innovative solutions across the healthcare continuum to improve people’s health. It is one of the four major Philips innovation hubs globally. <strong>Subsidiaries of Philips India</strong> <div class="page" title="Page 27"> <div class="layoutArea"> <div class="column"> During the financial year 2020-21, Philips India had three wholly owned subsidiaries, Preethi Kitchen Appliances Private Limited (“Preethi”), Philips Home Care Services India Private Limited (“Philips Home Care”) and Philips Domestic Appliances India Limited (“Philips Domestic Appliances”). Now as said above, the Domestic Appliance India business was de-merged from Philips India w.e.f o1.07.2021. <strong>Financial Performance of Philips India</strong> <div class="table-overflow-init"> <table dir="ltr" border="1" cellspacing="0" cellpadding="0"><colgroup> <col width="218" /> <col width="100" /> <col width="100" /></colgroup> <tbody> <tr> <td data-sheets-value="{"1":2,"2":"Particulars (in Cr)"}">Particulars (in Cr)</td> <td data-sheets-value="{"1":2,"2":"FY20-21"}">FY20-21</td> <td data-sheets-value="{"1":2,"2":"FY19-20"}">FY19-20</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Revenue "}">Revenue</td> <td data-sheets-value="{"1":3,"3":5639}">5639</td> <td data-sheets-value="{"1":3,"3":5253}">5253</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"EBITDA"}">EBITDA</td> <td data-sheets-value="{"1":3,"3":512}">512</td> <td data-sheets-value="{"1":3,"3":447}">447</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"OPM"}">OPM</td> <td data-sheets-value="{"1":3,"3":0.09079624046816812}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/R[-2]C[0]">9.08%</td> <td data-sheets-value="{"1":3,"3":0.08509423186750428}" data-sheets-numberformat="{"1":3,"2":"0.00%","3":1}" data-sheets-formula="=R[-1]C[0]/R[-2]C[0]">8.51%</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Profit from continous operation"}">Profit from continuous operation</td> <td data-sheets-value="{"1":3,"3":164}">164</td> <td data-sheets-value="{"1":3,"3":143}">143</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"Profit from discontinous operation"}">Profit from discontinuous operation</td> <td data-sheets-value="{"1":3,"3":101}">101</td> <td data-sheets-value="{"1":3,"3":0}">0</td> </tr> <tr> <td data-sheets-value="{"1":2,"2":"EPS"}">EPS</td> <td data-sheets-value="{"1":3,"3":43}">43</td> <td data-sheets-value="{"1":3,"3":25}">25</td> </tr> </tbody> </table> </div> If you see the above financial carefully, company has shown two types of profit in the books, first from continuous i.e. 164 Crores and Second is discontinuous i.e. 101 Crores. This discontinuous profit will not be available from next year as this business is de-merged. Current Unlisted market price of Philips India is 1600 and P/E 37x based on EPS of 43. After demerger of the domestic appliances business EPS would become 28. So, price of Philips India should trade around level of Rs.1000 if we give P/E of 35x to its business after de-merger. For 30x P/E, the price would be ~800 per share. </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div>
<p>The company began its operations in 1973. It is remarkable from where the company has come from, manufacturing 7 million helmets each year from a garage. It has continually innovated in the past five decades so that we remain focused on delivering safety to a two-wheeler rider. As a result, the company is the world’s largest helmet manufacturer of helmets. The four manufacturing facilities are located in Faridabad which is strategically situated in the vicinity of the market. The company also has a strong global presence across Europe, Asia, Latin America and the Middle East, spanning over 40 countries.</p> <!--more--> <p><strong>Some Stats of Studds Accessories Unlisted Shares in FY2021?</strong> <br /><br />1. Total helmets manufactured by Studds stands at ~64 lakh. <br /><br />2. Exported to more than 45 countries. <br /><br />3. Largest manufacturer of helmet in the world. <br /><br />4. Studds Accessories has 4 manufacturing units in Haryana. <br /><br />5. Having human capital of 2722. <br /><br /><strong>Covid-19 Impact?</strong> <br /><br />Despite of washout of business and almost shutdown of manufacturing units in the first quarter of FY2021 due to nation wide lockdown announced by government of India to mitigate the spread of corona virus, Studds in the second half of the fiscal managed to deliver all the orders received during the year. Because of Covid, the availability of raw materials remained a challenge for the company throughout a year. However, Studds worked closely with their suppliers and tried to get all the raw materials in time so to complete the orders in time. <br /><br /><strong>Studds Accessories 5 years Financial performance at glance?</strong> <img class="alignnone wp-image-20697" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2021-09-03-at-8.56.29-AM.png" alt="" width="600" height="515" /> <br /><br /><strong>Opportunities available for Studds Accessories? <br /><br /></strong> With growing safety concerns, governments around the world have mandated the use of helmets for riders. It has added impetus to a largely fragmented helmet market and continues to open newer opportunities in domestic as well as international markets for Studds Accessories. <br /><br /><strong>New Products Launches in FY2021</strong> <img class="alignnone wp-image-20698" src="https://unlistedzone.com/storage/knowledge-logo/Screenshot-2021-09-03-at-9.01.01-AM.png" alt="" width="600" height="576" /> <br /><br /><strong>Industry Overview of 2W and helmet Market</strong> <br /><br />1. The two-wheeler market in India shrank significantly in 2020 due to the COVID-19 pandemic, resulting in several state and national level lockdowns across the nation. <br /><br />2. In the month of March-2021, Scooters, motor cycles, and mopeds all posted increases in sales as compared to the same period a year ago, with gains of 74.0%, 74.1%, and 36.2% respectively. This is mainly due to very less activity done last year in the same period. <br /><br />3. India is the largest market for 2-wheelers (e.g. scooterettes, mopeds, and motorcycles) as well as home to one of the world’s most competitive manufacturers of 2-wheeler helmets with 3.5 Crores units produced each year. <br /><br />4. In India, the market for two-wheeler helmet is expected to grow around 25% by 2022 . As consumers become more aware of safety, coupled with advanced safety features being introduced in two-wheeler helmets, the market for two-wheeler helmets is expected to grow significantly. <br /><br />5. According to the Motor Vehicle Act, it is mandatory for all two-wheeler riders to wear helmets. Furthermore, the government has adopted a policy that prohibits the production, sale, and use of helmets that lack an ISI certification. The policy became effective on June 1, 2021. This will be a major step for improving the safety of riders of two-wheelers. The government has taken a number of steps aimed at ensuring the safety of riders, which is a positive development. The helmet industry will benefit from all these factors. <br /><br /><strong>Financial Analysis by UnlistedZone Team</strong> <br /><br /><strong>1.</strong> In FY20-21, the revenue of Studds Accessories has increased by 15% despite problems in the economy due to COVID-19. In FY20-21, they clocked a revenue of Rs.484 Crores as compared to 420 Crores last year. <br /><br /><strong>2.</strong> EBITDA for FY21 stands at 115 Crores as compared to 103 Crores in FY20. This translate into margins of 23.7% in FY21 as compared to 24.5% last year. <br /><br /><strong>3</strong>. PAT remains flat at 73 Crores similar to last year. PAT remains same, due to high depreciation as they have added new manufacturing plants and increase of finance cost. <br /><br /><strong>Balance Sheet Analysis</strong> <br /><br /><strong>a</strong>. In FY20-21, the Property, Plants and Equipment has increased from 154 Crores to 260 Crores, as company is focussing on Capex. <br /><br /><strong>b</strong>. They have a debt of ~27 Crores in FY21 and Net-worth of 290 Crores. So, D/E is less than 1. <br /><br />c. Current ratio = 1.43x ( Very comfortable) <br /><br />4. ROE stands at 25% which is quite decent. <br /><br />5. In FY20-21, Studds has generated a Free cash flow of 37 Crores. Last year it was Zero. <br /><br /><strong>Valuation of Studds Accessories</strong> <br /><br />Total Outstanding Shares = 1.96 Crores <br /><br />Studds Unlisted Market Price = 2000<br /><br />Mcap = ~4000 Crores <br /><br />The current valuation looks stretched.</p>
<strong>What is the difference between listed and Unlisted Market?</strong> The unlisted or the pre-IPO market has been in a lot of buzz among the select section of investors. However, earlier this market was primarily confined to a few wealthy investors but now the popularity of this marketplace has allowed active participation from the retail investors. Before diving deep into the topic, one must understand what is unlisted and what are unlisted shares. One also needs to understand how it is different from the mainstream or the so-called listed markets. <strong>What are unlisted shares?</strong> Unlisted shares are those equity shares or securities which are not traded on any particular exchange. Such stocks are bought and sold from the dealers, which are active in the informal markets. For any company to be listed on an exchange, it has to comply with various norms and float its primary issue. Companies, which are not able to comply with those norms or operate at the nascent stage, are traded in the unlisted space. If a company is trading in an unlisted market, it does not mean that it has some issues. Various startups also trade in the pre-IPO market. It is simply because either the company is not making enough profits to be listed or it's looking for minimal capital for its funding needs. An unlisted public company can have an unlimited number of shareholders to raise capital. Not all listed companies are successful and not all unlisted companies are unsuccessful. Unlisted share markets are the key market for value hunters who invest a decent amount in a strong business model at an early stage to see their wealth multiply over the years. <strong>Buying of shares</strong> In the listed markets, most investors are unaware of the buyers or sellers of the stock. However, the fair price discovery takes place on exchanges that are based on the demand-supply mechanism of the scrip and investors have to deal at the same price shown at the exchange at the particular time only during the market hours. Unlisted markets differ from this practice at multiple steps. There are ample differences between the two. Investors know the buyer or seller and the price discovery is fair but can be bargained by both parties. So both have to agree on the given price and given quantity. Also, the deals can take place beyond the market hours as well. If you are able to find a reliable and supportive dealer in the unlisted space, half of the battle is won. Buying or selling of the share is very much simple when the dealer is finalized and the buy/sell price and quantity are agreed upon between the two parties. An Investor will need to share his details with proofs including the DEMAT account, Client Master Report (CMR). The investor needs to transfer the unlisted share which he/she wants to sell with the quantities to the buyers or broker's DEMAT account. The same day when the dealer receives the unlisted shares in his DEMAT Account, the payment is done by the latter via the preferred mode of transfer. <strong>Client Master Report (CMR)</strong> copy is a paramount document, required to buy unlisted and Pre IPO shares. CMR contains Depository Participant Identity (DP ID), Client ID, PAN number, Bank Account Number, along with more details. This can be easily obtained by sending an email to the broker and the same is delivered within a few hours. The dealer will require a PAN Card, Aadhar Card, and a copy of DIS Slip, which is used to transfer shares into the account. <strong>Opportunity Size</strong> Indian listed markets have more than 2,000 companies listed on the various exchanges. However, not all companies are investment-worthy. Stock exchanges have different groups based on the settlement and activeness of the stocks. However, unlisted stocks are not widely classified and not all unlisted shares are available. As mentioned above unlisted markets do not have a fixed mechanism of fair price discovery and the pool size is very less. In the unlisted market, the number of good opportunities is very scarce. Also, the free float of such shares is very less as either private equity players or employees getting shares through ESOPs exit their positions through the private market. However, valuation stock in unlisted markets is quite conservative as it is a more risky bet. Also, the liquidity in this space is pretty much. Though, it is not a space for traders or short-term investors. The unlisted market is an investment space for the investors who have enough spare funds, a longer investment horizon, and a strong knack to identify amazing business opportunities at an early age. <strong>Why is an Unlisted Market needed?</strong> It is always better to have an alternative market. It gives you more variety and options, along with an alternative to investing in the new age companies at an early stage. Investors are rushing towards the pre IPO market simply for one reason- to buy quality at competitive rates. They believe that by the time a company floats its IPO, the entire juice is squeezed out of it. Most of the companies and merchant bankers demand supernormal valuations in the IPOs which leaves limited room for upside for the retail investors. The unlisted market gives him a better, if not equal, opportunity to hunt for multi-baggers. <strong>Taxation on the Unlisted Shares?</strong> The pre-IPO shares will be taxed either as short-term capital gains (if held for less than 24 months) at the rate depending upon the tax slab of individuals or long-term capital gains (if held more than 24 months) at the rate of 20% (excluding surcharge and cess but with indexation benefits). However, the unlisted shares have a mandatory lock-in of six months, which was a year earlier. Even if the investor sell shares in the listed market, the applicable rates of unlisted market will prevail. <strong>Conclusion</strong> Unlisted shares give the same and equal rights to shareholders as those of the listed ones. The market might be unregulated but it is completely legal and the legitimacy of the transfer of shares from one owner to another cannot be challenged by the company.
Despite experiencing a sharp fall in revenue in the first quarter where the country was in lockdown, BVG India has progressively strengthened during the year, displaying a robust and resilient performance. BVG India has announced its annual results for the financial year 2020-21. The company reported a fall in the consolidated profit after tax (PAT) to Rs 91 crore in the financial year 2020-21, as against a net profit of Rs 118 crore in the financial year 2019-20. In June this year, the Company successfully handed over to the customer its maiden Solar EPC project of 100 MW at Chennai, having commissioned it well within the given time. Owing to its award-winning performance in this contract, BVG India further received similar solar EPC contracts in the states of Rajasthan and Uttar Pradesh The total income generated from operations is Rs. 1669 Crores as compared to Rs. 1933 Crores in 2019-20. The Company had commenced providing emergency medical services in the union territories of Jammu, Kashmir, and Leh towards the end of last year, and further consolidated it in the current year, gaining wide recognition and appreciation for the services during the COVID outburst, especially from local communities. EBITDA from continuing operations during the year under review stood at Rs. 232 Crores as against Rs. 252 Crores in the previous year. In FY20-21, receivables days are very high. It stands at 193 days which shows that company is not able to receive cash in time. CFO/EBITDA stands at 60% which is a little bit on the lower side. Under Solid Waste Management as being a key contributor in BVG growth, winning contracts in Haryana and Maharashtra. <strong>Financials</strong> Company's Debt = 510 Crores, Equity = 780 Crores. So, D/E <1 ( comfortable position). ROE = 11.67% Despite restrictions imposed due to COVID, BVG India bagged certain prestigious contracts such as RBI Mumbai and IIM Ahmedabad for providing facility management services, while continuing its foray into Infrastructure sector through key contracts for airports and road transport.
<div class="gmail_default"> Fino PayTech floats rights issue Navi Mumbai-based Fino PayTech has floated the letter of rights issue of the equity shares. The issue will open on September 4 and closes on September 21. The company is offering one equity share for every 34 shares held by the shareholders as of the record date, which has been set as August 27, 2021. Investors have to pay a 100% amount at the time of application. The company is offering the shares via rights issue at a price of Rs 252 per equity share with a face value of Rs 10 each. However, the company will issue shares at a 33 percent discount, compared to the current market price of the counter. IPO bound Fino PayTech is eyeing to raise about Rs 74.75 crore by issuing 29,66,470 crore equity shares to eligible shareholders via rights issues. The company has Fino Payments Bank, Fino Finance, and Fino Financial Services as its wholly-owned subsidiaries, whereas Fino Trusteeship Services is the associate concern. Fino Paytech is engaged in providing technology-based solutions and services related to financial inclusion The company's business and banking technology platform combined with extensive service delivery channels. The Company services institutions such as banks, microfinance institutions, government entities, and insurance companies. Fino Paytech holds the right to change the terms of the 'Offer' at its sole discretion without giving any reason or prior notice, the letter said. Adroit Corporate Services Private Limited is the registrar of the issue. <strong>Performance:</strong> In the financial year 2020-21, the company clocked a total consolidated revenue of Rs 860.37 crore, marginally higher than Rs 852.92 crore of revenue registered in the financial year 2019-20. The net loss of the company widened from Rs 52.41 crore in FY 2020-21 to Rs 22.19 crore in FY 2019-20. It reported a loss of Rs 49.78 crore operation basis against 19.86 crores during the period under review. The earning per share (EPS) of the company declined to -3.94 during the financial year ended on March 31, 2021, from -1.66 a year ago. </div>
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