India Gelatine & Chemicals Ltd

Low growth, good and regular dividend paying, Zero debt

Can buy really cheap, can buy at 2-3 PE (Mcap of 25-30 Cr)

Basically a low OPM business, need to check why margins increased from FY09 to around 15%. good gains if it can maintain margins.

Interest Coverage Ratio: 59.62 

52 Week High/Low: Rs. 97.55 / Rs. 53.05 

Market Cap: Rs. 55.60 Crores 

Stock P/E: 5.54 

PEG Ratio: 0.05 

Average return on capital employed 5Years: 14.57% 

Compounded Sales Growth

11.73%

15.16%

13.29%

dividend payout history

Narration	Mar 04	Mar 05	Mar 06	Mar 07	Mar 08	Mar 09	Mar 10	Mar 11	Mar 12	Mar 13
Dividend Payout	75.00%	61.76%	0.00%	0.00%	33.17%	22.25%	27.89%	67.87%	33.24%	24.74%

annual results

Narration	Mar 04	Mar 05	Mar 06	Mar 07	Mar 08	Mar 09	Mar 10	Mar 11	Mar 12	Mar 13
Sales	43.15	51.80	58.16	62.11	57.82	79.67	80.55	85.24	103.31	117.12
Export Percentage	46.85%	55.06%	56.13%	57.58%	58.99%	58.72%	61.74%	43.06%	53.59%	51.68%
Operating Profit	2.27	2.83	2.13	1.56	3.23	16.39	12.07	6.38	10.74	19.18
OPM	5.26%	5.46%	3.66%	2.51%	5.59%	20.57%	14.98%	7.48%	10.40%	16.38%
Other Income	1.34	1.19	1.30	1.55	1.99	2.03	2.32	2.03	3.59	2.98
EBIDT	3.61	4.02	3.43	3.11	5.22	18.42	14.39	8.41	14.33	22.16
Interest	0.04	0.16	0.36	0.33	0.99	1.99	1.88	1.78	0.19	0.25
Depreciation	3.43	3.69	3.81	3.83	3.88	4.09	4.15	4.24	4.47	4.88
Profit before tax	0.13	0.17	-0.74	-1.05	0.34	12.33	8.36	2.38	9.68	17.04
Tax	0.28	0.28	0.01	-0.18	0.14	4.33	2.89	1.17	2.60	5.64
Net profit	0.56	0.68	0.36	-0.34	1.99	8.45	6.74	2.77	7.07	11.40