Puneet Resins Ltd - 526492

Name of Company	Puneet Resins Ltd.
BSE Code	526492
NSE Code	PUNEETRE
ICICI Code
Established
My Take	So-So
Headquarters	Nashik, Maharastra
Promoters	Arvind Kapoor, Aditya Kapoor and family
Story	Manufactures polymer blends and supplies industrial raw materials and polymer compounds to rubber industry. Plant in Nashik. This company supplies to non-tyre rubber companies, which are small to medium companies.
Sector	Rubber
Sub-sector	Polymers
Website	http://www.puneet.in/
Positives	Profitable 4 times out of 5 in the last 5 years. Recently NPM has gone up to around 10%, not sure if this can be sustained. Interest cost has come down and reserves have gone up. Promoters hold more than 50% shares, none pledged.
Negatives	Small company with small segregated clients. NPM have wavered between negative to 10% over the last 5 years. Not a regular dividend payer.
Peers
News
Price @ blogged	35.85 (16-May-11)
Cost of company	17.73 Cr market cap for a 2.46 Cr NP in FY ending Mar ' 10 makes it 7.21 times. This is for a company with 0.32 Cr debt and 2.49 Cr reserves. 9 months ending Dec 2010 have seen huge revenue at 37 Cr and NP at 3.65 Cr, this makes it around 4 times.
Group	Growth
Growth	Revenue has tripled from 8 to 24 Cr from FY06 to FY10.