Wim Plast Ltd - 526586

Name of Company	Wim Plast Ltd
BSE Code	526586
NSE Code	WIMPLAST
ICICI Code
Established
My Take	Like
Headquarters	Daman
Promoters	Ghisulal D Rathod and family
Story	Manufactures Cello brand furniture and other plastic products. Manufacturing units at Baddi, Himachal Pradesh and Daman.
Sector	Plastics
Sub-sector	Furniture, others.
Website	http://www.cellobubbleguard.com/
Positives	71% promoter shareholding, none pledged – great positive, even though shareholding came down from 75% recently. Regular dividend paying company – can expect >1.4% yield at current prices. 62 Cr FY10 reserves are huge compared to 130 Cr revenue and 17 Cr profits. Consistently profitable company – though the NPMs can be expected at 3-4% Fy09 and FY10 were exceptions at 8.7 and 13% respectively. Debt is shown in FY09 as zero – before that 5-12 Cr was seen. Can buy at lower levels
Negatives	Valuation may seem cheap due to higher than normal profits in FY10.
Peers
News
Price @ blogged	215(5-Sep-10)
Cost of company	128 Cr market cap for a net FY10 profit of 17 Cr makes it at 7.5 times- though 17 Cr does not seem like normal. Market cap is also equivalent to its 130 Cr FY10 revenues. Assuming 5% as NPM for this year, the net profit would have been 6.5 Cr – that makes the cost near 20 times.