D&H India Ltd. 21 November Key Data (as on 21 Nov 12)

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1 21 November 2012 CMP: Industry: Electrodes/Graphite BSE group: B Promoters Aman Vora Harsh Vora Saurabh Vora Year of incorporation 1993 Corporate office A-204, 2nd Floor, Kailash Esplanade, Opp. Shreyas Cinema, LBS Marg, Mumbai Maharashtra Company website Write to us at: equity.research@outlook.com Key Data (as on 21 Nov 12) BSE ISIN INE589D01018 Face Value 10.0 Mkt Cap (Rs. mn) Current P/E 4.2 Current P/BV week high-low days avg daily trading volume (shares) 637 Equity capital (Rs mn) 74.0 Net worth (Rs mn) Company business D&H India Ltd was formerly known as D&H Welding Electrodes (India) Ltd. On 26 March 2012, the name was changed to D&H India Ltd. D&H India Ltd (D&H) manufactures range of welding consumables including manual metal arc electrodes, submerged arc welding flux and wires, CO2 welding wires, flux cored wires, filler wires, metallurgical cored wire and special purpose welding consumables. Its range of manual metal arc electrodes comprises mild steel and low hydrogen electrodes, stainless steel welding electrodes, low heat welding electrodes, hard facing welding electrodes and TIG/MIG stainless steel welding electrodes. These products are used by steel, shipbuilding, petrochemical, cement, construction, transport, offshore, energy, and repairs and maintenance sectors. Peer group analysis D&H is a smaller company relative to a few established players, viz, ESAB India and Ador Welding. It also has a lower profitability margins resulting in lower return ratios relative to all its peers listed below. On price to earnings and price to book value basis the stock is trading at a discount to its peers. The share price on 31 March 2012 discounts the FY12 EPS of Rs.3.2 by 4.4x and book value of Rs.32.9 by 0.4x. Financials (Standalone) FY12, Rs in million D & H India Esab India Ador Rasi Welding Electrodes Total income , , EBIDTA EBIDTA margin 7.0% 15.0% 11.9% 13.5% PBT PAT PAT margin 3.6% 8.5% 6.0% 7.4% EPS Cash accruals Debt/EBIDTA Debt/Equity ROANW 9.8% 22.4% 11.9% 19.6% ROACE 14.7% 33.7% 16.5% 22.5% P/E P/BV Face value Source: Moneycontrol, Company Page 1 of 5

2 Business capacity Price Performance (as on 21 November 2012) Product Plant location Annual 15.4% capacity (MT) Electrodes MT Metric Tonnes Source: Company Indore, Madhya Pradesh 17,402 1 Yr 2 Yr 3 Yr -6.8% -12.3% -31.5% -36.6% BSE SmallCap Source: BSE, Moneycontrol D&H -24.1% Public Shareholders >1% Sl. No. Name of the Shareholder No. of Shares held (in 000) Shares as % of Total No. of Shares 1 Arihant Financial Services Ltd Dipak Kanayalal Shah Parasmal Bam Source: BSE Total 1, Change in Shareholding Pattern (%) Year Promoters Others Sep Jun Mar Mar Mar Mar Mar Source: BSE, Company Shareholding Pattern (%) Others 49.02% Source: BSE, as at 30 September 2012 Promoters 50.98% Promoters shareholding has been consistently increasing on account of conversion of warrants into equity shares. Promoters have converted 460,000, 580,400, 500,000 and 250,000 warrants into equity shares in FY09, FY10, FY11 and FY12 respectively. These conversions were at Rs.22 per share. Page 2 of 5

3 Quality of D&H s products is certified by several large inspection agencies Volatility in the prices of raw materials Welding electrodes find application in several industries Key strengths The quality of D&H s products is certified by several leading foreign and domestic inspection agencies like Lloyds Register of Shipping, American Bureau of Shipping, Bureau Veritas, BHEL, Research Design and Standard Organization, Chief Inspector of Boiler, Project and Development India Ltd, Indian Register of Shipping, Nuclear Power Corporation of India Ltd, Engineers India Ltd, NTPC, IOCL, DGQA (Defence establishment), and corporates / consultants like Tata Projects, Reliance, SAIL, Toyo, MN Dastur & Co, etc. Key concerns Steel (wires) is the key raw material used in the production of welding consumables. The increase in the price of steel increases the company s cost of production and could impact its profitability margins. Industry overview Electrodes are used in welding of metals by several end user industries. These products find applications in fabrication works such as construction of steel structures, bridges, manufacturing ships, vehicles and engineering equipment, etc. Welding electrodes are largely used in welding of mild steel relative to other metals and alloys. State of the art quality control laboratory enables it to maintain quality of offerings D&H s dealer network is spread across 45 major industrial locations Cooperation agreement with FSH will increase the diversity of offerings FY12 PAT increased by 52.2% V&H fabrication became the subsidiary of D&H subsequent to issuance of equity shares Company fundamentals D&H s quality control testing laboratories are equipped with modern facilities. This state of the art inspection facility has testing equipment including Spectro Testing Machine, Diffusible Hydrogen testing, corrosion testing, and others. This facilitates the company to inspect the physical and dimensional accuracy of its offerings. The company has a nationwide network. It has branches in four major cities and its dealer network is spread over 45 major industrial locations in India. The company has cooperation agreement with FSH Welding group (FSH) of France. FSH has a 60 years experience in producing wide range of consumable products like arc welding electrodes, TIG & MIG wires, Brazing alloys & powders, tubular brazing wires, fluxes, etc. for use in fabrication and repairs and maintenance industry. This cooperation can increase the trading income of the company. Key financial indicators In FY12, the total income of the company increased by 17.4% to Rs. 667 mn. The company's EBIDTA increased by 43.6% to Rs mn. PBT increased by 51.9% to Rs mn. PAT increased by 52.2% to Rs mn. In July 2012, V&H Fabricators Pvt Ltd (V&H) issued 225,000 equity shares to D&H India Ltd, subsequent to which V&H became the subsidiary of the company. Post this issuance D&H holds 365,000 equity shares of V&H. The percentage holding of D&H in V&H is not announced. Page 3 of 5

4 Issuance of warrants to promoters resulting in increase in their shareholding D&H India Ltd The company has been consistently issuing warrants to its promoters. This has resulted in an increase in promoters shareholding in the company from 38.2% in FY09 to 51% in FY12. Quarterly results Particulars (Rs in mn) Apr 12 to Jun 12 Apr 11 to Jun 11 % Change1 Jan 12 to Mar 12 % Change2 Total income % (12.4%) Total expenditure % (6.9%) EBIDTA % 19.8 (58.6%) PBT % 17.7 (68.4%) PAT % 12.0 (68.3%) Cash accruals % 14.3 (59.4%) EPS % 1.6 (68.5%) 1 compared to corresponding quarter in the previous year 2 sequential comparisons In April 2010, the company issued 2.39 mn warrants to promoters and 1.25 mn warrants to non-promoter bodies corporates (Aakar Enterprises Pvt Ltd and SCL Floriculture Pvt Ltd) at a premium of Rs.12 per share (Face value Rs.10). Of these 460,000 and 580,400 warrants (issued to promoters) was converted into equivalent equity shares during FY11 and FY12. The balance 2.6 mn warrants were due for conversion on or before 5 October The company has not announced conversion of outstanding warrants. The company has been paying dividend on its equity shares for the last several years. In FY 12, it paid a dividend of Rs.0.50 per equity share of Rs.10 each. Earnings and dividend per share Book value per share EPS DPS 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% Profitability ratios 13.3% 14.7% 9.0% 11.0% 7.9% 9.8% Leverage ratios RONW ROACE Debt/Equity Debt/EBIDTA Page 4 of 5

5 Financials P&L (Rs. mn) Balance Sheet (Rs. mn) Total income Share Capital EBIDTA Shares warrants application money EBITDA Margin% 6.1% 5.7% 7.0% Reserves & Surplus Depreciation Net worth EBIT Borrowings Interest Current liabilities and provisions PBT (post extraordinary items) Total liabilities Tax Net fixed assets PAT loans and advances (Long term and short term) PAT margin % 3.1% 2.8% 3.6% Investments Dividend (including dividend tax) Current assets Total assets Valuation ratios P/E P/BV Cash Flow (Rs.mn) PBT CF from Operations CF from Investment (42.1) (52.6) (25.4) CF from Financing Inc/(dec) in Cash (5.5) Closing Balance Source: Moneycontrol Disclaimer The information contained herein is from publicly available data or other sources believed to be reliable, but we do not represent that it is accurate or complete and it should not be relied on as such. Our company shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provided for assistance only and is not intended to be and must not alone be taken as the basis for any investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigation as it deems necessary to arrive at an independent evaluation which may affect their investment in the securities of companies referred to in this document (including the merits and risks involved). The discussions or views expressed may not be suitable for all investors. This information is strictly confidential and is being furnished to you solely for your information. Page 5 of 5

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