Research Report of Gujarat State Fertilizers & Chemicals Ltd. -Feb 2012

Transcription

1 Research Report of Gujarat State Fertilizers & Chemicals Ltd. -Feb 2012 Chairman- Shri A. K. Joti IAS-(1975 batch) Managing Director Shri Atanu Chakraborty, IAS-(1985 batch) BSE code Industry Fertilizer & Chemical Face Value 10 Divident yield (%) 1.83% Book Value H/L 503/316 PE 9.76 Ind PE 9.06 Current Price 387 EPS Stop loss 319 Report Date 1 Feb 12 Target 460,512 Target Period 3 to 6 Month Registered Address P.O. Fertilizernagar, Vadodra District Gujarat PHONE: / / FAX: / vishvesh@gsfcltd.com website: Registrars M C S Ltd. 88, Neelam Apartments Samptrao Colony Above Chhappan Bhog Alkapuri Vadodra Gujarat PHONE: , FAX: mcs.brd@iqara.net website:

2 Board of Directors Chairman Shri A. K. Joti IAS-(1985 batch) Director Shri D.C. Anjaria-MBA(IIM-A,1968) Dr. Vasant P. Gandhi(PGA-IIM-A, Ph.D.from Stanford) Shri Ajay N. Shah- IIT, Bombay & USC, Los Angeles Shri Vijai Kapoor-Served in IAS (6 years) Shri P.N. Roy Chowdhury, IAS (1977 batch) Shri M M Srivastava, IAS (1978 batch). Shri D. J. Pandian, IAS (1981 batch) Managing Director Shri Atanu Chakraborty, IAS-(1975 batch) Performance Chart Ownership Pattern Initially with the equity structure, comprising of 49% of State Government participation and 51% of Public and Financial Institutions, today the Government s involvement has come down to 38.4%.

3 Mutual Fund Holdings: Scheme Name Market Val (In Crs.) AUM(In Crs.) Hold Percentage Reliance Growth-Ret(G) Reliance Natural Resources(G) SBI Magnum TaxGain'93(D) SBI Magnum Comma(G) Sundaram-Select Thematic Funds-PSU Opp(G) SBI PSU(G) UTI Master Value(D) Birla SL Midcap(G) Sundaram-Select Thematic Funds-Rural India(G) DSPBR Opp-Reg(G) Tata Contra(G) Birla SL India Reforms(G) Tata Equity Opportunities(G) Principal Tax Saving Principal Growth(G) DSPBR Natural Res & New Energy-Reg(G) Principal Emerging Bluechip(G) Religare PSU Equity(G) Tata Equity Mgmt(G) HDFC Multiple Yield(G)

4 About GSFC The facet of care can be expressed in thought and action. And since its beginning, in 1962, GSFC has consistently translated the facet of care in its every activity. GSFC given significant divident approximately 40% every year. Manufacture Urea, Ammonium Sulphate, DAP, APS, NPK, Bio-fertilizers, Water Soluble Fertilizers, Gypsum, Melamine, Caprolactam, Nylon-6,Methyl Ethyl Ketoxime, Cyclohexanone, Sulphuric Acid, Oleum, Anhydrous Ammonia, Argon Gas, Bio-Fuels, Plant Tissue Culture, Seeds Products With a market presence exceeding 45 years GSFC has served, GSFC continuously fulfils multi-fold needs of the market. GSFC's incessant strive for product diversification and value addition has created a product mix ranging from more than 24 brands of fertilizers to petrochemicals, chemicals, industrial gases, plastics, fibers and other products. GSFC has Customer Service Centers both in Agriculture Field (AD&AS) and Industrial Field (ADC) to disseminate the latest technical knowledge for efficient use of the Products.

5 Balance-Sheet Mar 2011 Mar 2010 Mar 2009 Mar 2008 Mar 2007 SOURCES OF FUNDS Share Capital Share warrants & Outstandings Total Reserve Shareholder's Funds Secured Loans Unsecured Loans Total Debts Total Liabilities APPLICATION OF FUNDS : Gross Block Less: Accumulated Depreciation Less: Impairment of Assets Net Block Lease Adjustment A/c Capital Work in Progress Pre-operative Expenses pending Assets in transit Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Other Current Assets Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets / Liabilities Total Assets Contingent Liabilities

6 Key Financial Ratios Mar 2011 Mar 2010 Mar 2009 Mar 2008 Mar 2007 Operational & Financial Ratios Earnings Per Share (Rs) CEPS(Rs) DPS(Rs) Book NAV/Share(Rs) Tax Rate(%) Margin Ratios Core EBITDA Margin(%) EBIT Margin(%) Pre Tax Margin(%) PAT Margin (%) Cash Profit Margin (%) Performance Ratios ROA(%) ROE(%) ROCE(%) Asset Turnover(x) Sales/Fixed Asset(x) Working Capital/Sales(x) Efficiency Ratios Fixed Capital/Sales(x) Receivable days Inventory Days Payable days Valuation Parameters PER(x) PCE(x) Price/Book(x) Yield(%) EV/Net Sales(x) EV/Core EBITDA(x) EV/EBIT(x) EV/CE(x) M Cap / Sales Growth Ratio Net Sales Growth(%) Core EBITDA Growth(%) EBIT Growth(%) PAT Growth(%)

7 EPS Growth(%) Financial Stability Ratios Total Debt/Equity(x) Current Ratio(x) Quick Ratio(x) Interest Cover(x) Total Debt/Mcap(x) P & L A/c Mar 2011 Mar 2010 Mar 2009 Mar 2008 Mar 2007 No of Months Gross Sales Less :Inter divisional transfers Less: Sales Returns Less: Excise Net Sales EXPENDITURE : Increase/Decrease in Stock Raw Materials Consumed Power & Fuel Cost Employee Cost Other Manufacturing Expenses General and Administration Expenses Selling and Distribution Expenses Miscellaneous Expenses Expenses Capitalised Total Expenditure PBIDT (Excl OI) Other Income Operating Profit Interest PBDT Depreciation Profit Before Taxation & Exceptional Items Exceptional Income / Expenses Profit Before Tax Provision for Tax

8 PAT Extraordinary Items Adj to Profit After Tax Profit Balance B/F Appropriations Equity Dividend (%) Earnings Per Share (Rs.) Book Value (Rs.) Disclaimer: All data and reports at are Technical as well as Fundamental Analysis based & it s only information services for investors and are not individualized recommendations to buy or sell securities, nor solicitation of an offers to any person with respect to the purchase or sale of the stocks/futures. The author may be trading in, or have positions in the securities mentioned in this newsletter or our calls. We do not accept any liability arising from the use of this document. The recipient & reader of this material should rely on their own investigations and take professional advice. Subscribers, recipients and readers using the information contained herein are solely responsible for their actions and shall not hold the Author liable for any investment decisions/ actions or any other action (including abstaining from action) based on the Content provided. Exit and entry prices are only informative. Trading and investment in stock market is risky and volatile. We do not take any compensation of any kind whatsoever from any company that they mention on this web site. Each user shall be responsible for the risks of their own investment activities. Transactions between you and shall be governed by and construed in accordance with the laws of India, without regard to the laws regarding conflicts of law. Any litigation regarding this agreement or any transaction between customer and or any action at law or in equity arising out of or relating to these agreement or transaction shall be filed only in the Competent Courts of Pune alone and the customer hereby agrees, consents and submits to the jurisdiction of such courts for the purpose of litigating any such action. This document may not be reproduced, distributed or published, in whole or in part, by any recipient hereof for any purpose without prior permission.