Personal Care products (Small cap)

This segment includes toothpastes, shaving creams, shampoos, lotions, deodorants, fairness creams, sanitizers, etc.

company	price	bse code	nse code	marketcap	high	Low
Ador Multiproducts Ltd.	23	523120	ADORMUL	5.52	45.2	16.1
GKB Ophthalmics Ltd.	44.2	533212	GKB	18.56	79.5	35.2
Techtran Polylenses Ltd.	24.65	523455	TECPO	33.52	32.1	16.05
J L Morison (India) Ltd.	335	506522	JLMORI	46.9	408	255
JHS Svendgaard Laboratories Ltd.	50	532771	JHS	73	128.45	47.35
Amar Remedies Ltd.	98.65	532664	AMAR	258.46	171	76.9

Ador Multiproducts is a part of the Ador group (JB Advani and Ador welding). Does contract manufacturing for personal care products(Hotels, airlines, salons, etc) and has manufacturing in Bangalore and Pondicherry. It manufactures shampoos, talcum powder (at Pondicherry plant), lotions, colognes, deodorants, after shaves, tooth pastes, etc. Promoters hold only 26%, none are pledged.

GKB (http://www.gkb.net/) was established in 1981, has manufacturing unit in Goa. It manufactures ophthalmic lenses(mineral, glass and organic). Promoter KG Gupta has been the MD since inception. In CRISIL’s May 2010 report, they say GKB is a small player manufacturing 4.5 mn units a year out of the 1 billion units sold every year in the world. They also say that this company has no unique value proposition except that they are cheaper than the European manufacturing units. They also point out weak corporate governance as the board has only 1 independent director.

Techtran (http://www.techtranindia.com/) was established in 1993. This is another lens manufacturer and has its manufacturing operations in Bonthapally, 40 kms from Hyderabad. Financials of this company are not very pretty. Promoters (Credence Infrastructure – K Krishnadava Rao, Sajan K Rao, Rob K Rao, Leelavathi K Rao) hold 35% shares with no pledging.

JL Morison (http://www.jlmorison.in) is from the group which owns Rasoi Limited and Hindustan Composites Limited. Regularly makes near zero profit. But this group market some international brands like Playboy, St Ives, V05, Equal. Surprisingly, it is also a regular dividend payer – probably because the promoters hold 68%. Another illiquid stock.

JHS Svendgaard (http://www.svendgaard.com/) was established in 1997 and was listed in 2006. Nikhil Nanda is the promoter and managing director of the company. This company manufactures brushes, toothpastes, mouthwash and other oral care products as contract manufacturing. It has also started “T 32 dental Spa”. The stock is at 52 week low at little less than 10 times earnings. Dabur, Oral B, Gillette, Cipla, P&G, Elder and Appolo are listed as clients. Revenues have not even doubled over the last 5 years. Has around 40 Cr of loans (manageable) when the sales are around 85 Cr.

Amar remedies’ promoters have pledged 31% of the 40% share they hold. (http://www.amarremedies.com/). This company is based out of Mumbai.

company	BAL Sheet	reserves	secured loans	unsecured loans
Ador Multiproducts Ltd.	Mar ' 11	2.38	0.28
GKB Ophthalmics Ltd.	Mar ' 10	12.28	8.08
Techtran Polylenses Ltd.	Mar ' 11	12.74	1.86
J L Morison (India) Ltd.	Mar ' 10	70.06	17.98	2.26
JHS Svendgaard Laboratories Ltd.	Mar ' 10	57.21	40.2	1.12
Amar Remedies Ltd.	Jun ' 10	153.63	124.1

company	annual res	sales	net profit	interest	NPM	PE
Ador Multiproducts Ltd.	Mar ' 11	10.98	0.22	0.01	2.04	25.09
GKB Ophthalmics Ltd.	Mar ' 11	27.17	0.75	1.34	2.66	24.74
Techtran Polylenses Ltd.	Mar ' 11	24.88	-0.16	0.37	-0.61	-209.5
J L Morison (India) Ltd.	Mar ' 11	100.91	0.01	1.33	0.01	4690
JHS Svendgaard Laboratories Ltd.	Mar ' 11	85.42	6.07	3.91	7.03	12.02
Amar Remedies Ltd.	Jun ' 10	472.4	32.25	20.77	6.82	8.01

Synergy Cosmetics (Jyothi Cosmetics) and Boston Bio have not been talked about here as I thought they were illiquid and punter stocks. Please do consider these as well if you are comfortable with these stocks.