Freshtrop Fruits Ltd Sector Industry

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Shanna Short
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1 Page 1 of 5 Company Profile Freshtrop Fruits Ltd (FFL) was incorporated in hmedabad on September 30, 1992 as a private limited company and was promoted by Mrs. Nanita Motiani and Mr. shok Motiani. It was converted into a public limited company on September 22, FFL is a supplier of grapes and pomegranates from India to supermarkets in Europe. The promoter group holds 56.1% of the total shareholdings, while the rest 2.4% and 41.5% of the shareholdings lies with institutional and noninstitutional shareholders, respectively. The company s key managerial personnel include; Mr. shok V. Motiani, Promoter, Chairman and Managing Director; and Mrs. Nanita. Motiani, Promoter and Whole-Time Director. Stock Price Last Close Price (28/01/2016) Market Cap (Cr.) (31/12/2015) Price in Rs. 52 Wk High/Low /56.95 vg. Volume (1 Mo) (Rescaled to 100 for ease of comparison) Its registered office is located in hmedabad, Gujarat, and plants are located in Nasik and Sangli, Maharashtra. Business Overview FFL exports fresh fruits and vegetables to supermarket chains in various parts of Europe, Russia, and Far East, as well as in domestic markets. It also produces fruit pulp and concentrate for both the domestic and international customers. FFL operates in two reportable segments, fresh fruits and food processing. 74.5% of the company s total revenue was generated from fresh fruits segment. Increasing the production and productivity of grape to meet the demand of growing population is the prime goal for next four decades. Sustaining the productivity under adverse conditions and diversification for value addition and consumer preference are other important goals. Due to awareness of consumers and increase in purchasing power, demand of quality produce is increasing presently. Therefore, development of technologies for the production of quality grapes and processed products will be another goal. Financials Revenue Gross Margin % Operating Income Operating Margin % Diluted EPS Book Value Per Share Operating Cash Flow Capital Expenditure Free Cash Flow Profitability verage Values unless stated Return on ssets % Return on Equity % sset Turnover Net Margin % Financial Leverage Financial Health except Debt/Equity (Ratio) Long Term Debt Total Equity Debt/Equity Working Capital Report as of 29-Jan Initiative of the BSE Investors Protection Fund Morningstar. ll Rights Reserved. Please refer to the disclaimers on the last page of this report.

2 Page 2 of 5 Income Statement Total Revenue Cost of Revenue Gross Profit Operating Expense Operating Income Pre-tax Income Tax Provision Minority Interests Balance Sheet Stock Holders Equity Long Term Debt Total Non-Current Liabilities Payables Total Liabilities Net PPE Goodwill and other Intangible ssets Total Investments Total Non-current ssets Trading and Other Receivables Inventory Cash and Cash Equivalents Total ssets Cash Flows Depreciation and mortization Change in Working Capital Operating Cash Flow Capital Expenditure Investing Cash Flow Net Common Stock Issuance Net Issuance Payments of Debt Cash Dividends Paid Financing Cash Flow Changes in Cash Report as of 29-Jan Initiative of the BSE Investors Protection Fund Morningstar. ll Rights Reserved. Please refer to the disclaimers on the last page of this report.

3 Page 3 of 5 Financial Performance FFL's revenue grew by 6.1% to INR crores in FY 2015 as compared to last year. Operating margin increased 420 basis points to 12.4%. The company reported net income of INR 7.59 crores, registering an increase of 34.5% year-over-year. Revenue Growth Key Risks Grape is one such crop that is highly sensitive to climatic changes. Since majority of the grape growing vineyards in India are located in semi-arid tropics, the problem of irrigation water availability and salinity will only get aggravated due to climate change. Increasing quality and sustained optimum production of table grapes under tropical conditions at competitive price is another major issue facing the industry. biotic and biotic stresses, like continuous drought, soil and water salinity, and the high incidence of diseases and pests are major factors that could affect the quality of grapes. Gross Margin Competitors FFL's competitors include Gujarat mbuja Exports Ltd and Flex Foods Ltd. Gujarat mbuja Exports Ltd is engaged in agro-processing and is focused on exports. It operates in three diversified segments; namely, Yarn, gro Products and Maize Processing. In FY 2015, revenue declined by 18.1% to INR 2,531.3 crores as compared to previous year. Flex Foods Ltd is engaged in growing and processing of Culinary Herbs, Mushrooms, Fruits and Vegetables catering to the Domestic and International markets, mainly, in Europe, US, Canada, and ustralia. It offers Vacuum Freeze Dried, ir-dried, Frozen and IQF product range of mushrooms, herbs, spices, and fruits or vegetables. In FY 2015, revenue grew by 9.5% to INR crores versus last year. Operating Margin Report as of 29-Jan Initiative of the BSE Investors Protection Fund Morningstar. ll Rights Reserved. Please refer to the disclaimers on the last page of this report.

4 Page 4 of 5 Industry Overview The Indian food industry is poised for huge growth, increasing its contribution in World Food Trade every year. In India, the food sector has emerged as a high-profit sector on the back of the scope it offers for value addition, particularly with the food processing industry getting recognised as a high-priority area. ccounting for about 32% of the country s total food market, the food processing industry is one of the largest industries in India and is ranked fifth in terms of production, consumption, export and expected growth. The allocation of INR 2,000 crores as a separate National Bank for griculture and Rural Development (NBRD) fund for food processing industries during the Union Budget FY 2015 is all set to give a big boost to this sector in India. India has, in the international market emerged as a prominent grape growing and exporting country. During FY 2015 season, the crop was extraordinarily good in most areas and the advance estimate of National Horticulture Board, probably recorded in December 2014, indicated record production figure of 26,02,000 MT from 120,000 ha. But rains and then hailstorms in the initial months of 2015 destroyed the crop in almost all grape-growing areas in the state of Maharashtra. Price/Earnings Trailing Returns Quarterly Results except EPS (Rs.) Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Revenue Expenditure Interest PBDT Depreciation PBT Tax Net Profit Equity EPS Return on Invested Capital (ROIC) *Standalone figures Report as of 29-Jan Initiative of the BSE Investors Protection Fund Morningstar. ll Rights Reserved. Please refer to the disclaimers on the last page of this report.

5 Page 5 of 5 Important Disclaimers This Research Report is current as of the date on the report until it is replaced, updated or withdrawn. This report may be withdrawn or changed at any time as other information becomes available to us. This report will be updated if events affecting the report materially change. This research on securities [as defined in clause (h) of Section 2 of the Securities Contracts (Regulation) ct, 1956], such research being referred to for the purpose of this document as Investment Research, is issued by Morningstar Investment dviser India Private Limited ( MI ). Please note that this Investment Research is intended for educational purposes only; it is not intended to be a legal, tax, securities or investment advice or offer or solicitation or call-to-action for the purchase or sale of or otherwise any dealing in a security. You should seek the advice of a financial professional and your legal, tax, business or other consultant, and read all relevant issue documents pertaining to the security concerned, including without limitation, the detailed risk factors involved in the investment, before making an investment decision, so as to ensure, among other things, that the security is suitable based on your particular needs and circumstances. Please note further that this Investment Research may not be construed as a representation with respect to a security, regarding the legality of investing in the said security, under the applicable investment or similar laws or regulations of any person or entity accessing this Investment Research. Please note that investments in securities are subject to market and other risks and there is no assurance or guarantee that your intended investment objectives will be achieved. Past performance of a security may or may not be sustained in future and is no indication of future performance. s the price / value / interest rate of a security fluctuates, the value of your investments in the said security and in the income, if any, derived therefrom may go up or down. It is to be distinctly understood that MI, its affiliates, and its officers, directors and employees (i) are not responsible for any trading decisions, damages or other losses related to the Investment Research or its use and also that (ii) they do not take any responsibility for the accuracy, timeliness and/or completeness of the Investment Research, or for the financial soundness of any security. MI is registered with the Securities and Exchange Board of India under the SEBI (Investment dvisers) Regulations, 2013, vide Registration number IN , dated March 27, 2014, and in compliance of the aforesaid regulations and the SEBI (Research nalysts) Regulations, 2014, it carries on the business activities of investment advice and research. MI has not been the subject of any disciplinary action by SEBI or any other legal/regulatory body. MI is a wholly owned subsidiary of Morningstar ssociates LLC, which is a part of the Morningstar Investment Management group of Morningstar, Inc., and Morningstar, Inc. is a leading provider of independent investment research that offers an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. In India, MI has only one associate, viz., Morningstar India Private Limited, and this company predominantly carries on the business activities of providing data input, data transmission and other data related services, financial data analysis, software development etc. The author/creator of this Investment Research ( Research nalyst ) or his associates or his relatives does/do not have (i) any financial interest in the subject company; (ii) any actual/beneficial ownership of one per cent or more securities of the subject company, at the end of the month immediately preceding the date of publication of this Investment Research; and (iii) any other material conflict of interest at the time of publication of this Investment Research. The Research nalyst or his associates or his relatives has/have not received any (i) compensation from the subject company in the past twelve months; (ii) compensation for products or services from the subject company in the past twelve months; and (iii) compensation or other benefits from the subject company or third party in connection with this Investment Research. The terms and conditions on which MI offers Investment Research to clients, varies from client to client, and are spelt out in detail in the client agreement.

India Home Loan Ltd Sector Industry

India Home Loan Ltd Sector Industry Page 1 of 5 Company Profile India Home Loan Ltd (IHLL) was incorporated and registered in Maharashtra on December 19, 1990 as Manoj Housing Finance Company Ltd by Mr. G. N. Gupta, Mr. Mukund Gupta, Mr.