Bhagiradha Chemicals & Industries Ltd - 531719

Name of Company	Bhagiradha Chemicals & Industries Ltd.
BSE Code	531719
NSE Code
ICICI Code
Established	1993
My Take	So-So
Headquarters	Hyderabad
Promoters
Story	Plant in Ongole, AP to manufacture Agro chemicals. Promoter S Koteswara Rao in mid 2010. The company stopped manufacturing its 50% sales product – chliorpyriphos. FY11 results have seen a big drop, seemingly from this. 70% of this company’s sales have been through exports.
Sector	Pesticides agrochemicals
Sub-sector	Contract manufacturing and direct manufacturing
Website	http://www.bhagirad.com
Positives	Restructuring may help in FY12 and afterwards as per company statement.
Negatives	We are not aware of company’s vision without promoter S Koteswara Rao – Need to wait for FY11 annual report. 24% promoter shareholding, without any pledging seems to be low holding.
Peers
News
Price @ blogged	33.95 (04-May-11)
Cost of company	17.31 Cr market cap for a 3.32 Cr NP in FY ending Mar ' 10 makes it 5.21 times. This is for a company with 13.83 Cr debt and 42.2 Cr reserves. Based on Fy11 net profits which is near zero, market cap may come down as well.
Group	Turnarounds
Growth	Around 20% increase in revenues in 5 years upto FY10. FY11 has seen 40% drop from FY10.