Dunlop India Ltd - 509130

Name of Company	Dunlop India Ltd
BSE Code	509130
NSE Code
ICICI Code
Established
My Take	Dislike
Headquarters	Kolkata
Promoters	Ruia group (owns other tyre companies and some others)
Story	Was loss making and bought by Ruia group in 2005.
Sector	Tyres
Sub-sector
Website	http://www.dunlop.co.in/ http://www.ruiagroup.co.in/index.php
Positives
Negatives	Shares pledged by promoters amount to 54% - effective control is around 20%. Too costly for the profits made and NPMs.
Peers
News
Price @ blogged	85.5 (30-Oct-10)
Cost of company	615 Cr for a 1.3 Cr net profit makes it really costly almost 500 times.

Wheels India Ltd -590073

Name of Company	Wheels India Ltd
BSE Code	590073
NSE Code
ICICI Code
Established	Early 60's
My Take	So-So
Headquarters	Chennai
Promoters	TVS group
Story	Has plants at Padi(TN), Pune, Rampur, Bawal, Sriperumbudur, Pantnagar and employs 1900 people. It has an annual capacity of 10 million wheels. 2/3rd market share in domestic market. 18% of revenue is from exports.
Sector	Auto anciliary (wheels)
Sub-sector	Steel wheels for commercial vehicles, cars, tractors & construction equipment
Website	http://www.wheelsindia.com http://wheelsindia.com/WILAR0910.pdf
Positives	Reserves of 190 Cr as of FY10. Regular dividend payer – can expect more than 1.3% at current prices.
Negatives	NPMs of just 1-2%(Bosch has NPM of 12-15%, TI and Sundaram at 5%, Motherson Sumi around 10%). Promoter holds 85%
Peers	Bosch, Sundaram Fastners, TI, Motherson Sumi
News
Price @ blogged	297.50 (3-Nov-10)
Cost of company	293 Cr market cap for a FY10 net profit of 13 Cr seems costly for a 1% NPM and moderately growing company. Sure buy at lesser prices.

JK Tyres - 530007

Name of Company	JK Tyres and Industries Ltd
BSE Code	530007
NSE Code	JKTYRE
ICICI Code
Established
My Take	So-So
Headquarters	Kolkata
Promoters	JK Group
Story	Presence in 80 countries. turned around Tornel - mexico subsidiary.
Sector	Auto anciliary
Sub-sector	tyres
Website	http://www.jktyre.com/
Positives	Regular dividend payer - dividend yield expected is > 1%. Not a loss making FY for the last 5 years. Expansion plans - setting up a plant in Chennai for car and truck radial tyres, increasing truck/bus radial tyres capacity to 1 mi by 2012. 46% promoter holding - none pledged.
Negatives	Very low NPM - close to 0% on some years, maximum for the last 5 years was 4.4%. Revenue has come down to 3.6K Cr (FY10) from 4.9K Cr (FY09). Strikes at Kankroli plant have been a drag on earnings. Pressure in margins by higher rubber prices.
Peers	Ceat, MRF, Apollo
News
Price @ blogged	182.20 (9-Oct-2010)
Cost of company	748 Cr market cap at current price. For a FY10 profit of163 Cr, PE is at 4.6 times. but 163 Cr is an oddity. Next year could be anywhere between 10 and 120 Cr.

Exide Industries Ltd - 500086

Name of Company	Exide Industries Ltd
BSE Code	500086
NSE Code	EXIDEIND
ICICI Code
Established
My Take	Like
Headquarters	Kolkata
Promoters
Story	Automobile growth in India has been incredible. The growth may continue for some time as well – as more people buy vehicles for transportation and a spate of cheap automobiles expected to be introduced. (experts suggest 12% annual growth in automobile industry annually). Currently 2/3rd of the battery industry is supplied by the unorganized sector – this may come down going forward due to stricter pollution control rules, etc. Holds 50% in ING Vysya Life insurance company. Owns subsidiaries in Sri Lanka, Singapore and UK. Started by UK based company Chloride Electric storage in 1916, later bought out by Indian management. This year has been exceptional profit wise or NPM wise. Normally we can expect 8& NPM. This year we have around 14%.
Sector	Batteries
Sub-sector	Auto and industrial batteries
Website	http://www.exideindustries.com/
Positives	Supplier for Tata Nano car. Acquired smelters a couple of years back with the intention of backward integration (lead is major raw material). Setting up new manufacturing plants in Ahmednagar, Maharastra. Regular dividend payer(though the dividend is less). More than twice the size of Amara Raja batteries. Supplies to all major auto makers in India. 2100 Cr of reserves is good (55% of FY10 annual revenue). DII hold 17%, FII hold 14%. 46% promoter holding. No insider trading records.
Negatives
Peers	Amara Raja
News
Price @ blogged	142 (8-Aug-10)

Harita Seating systems - 590043

Name of Company	Harita Seating systems
BSE Code	590043
NSE Code
ICICI Code
Established	1986
My Take	Dislike
Headquarters	Chennai
Promoters	A lot of Harita companies
Story	Manufactures only seating systems. Wholly owns Harita polymers – not sure if it has really started operations. The company  60:40 JV with Fehrer GmbH - Harita Fehrer Ltd. manufacturing locations at hosur, Ranjangaon (Pune), Nalagarh (HP), etc.
Sector	Auto anciliary
Sub-sector	Seating systems (for auto and other)
Website	http://www.haritaseating.com/
Positives	66% promoter holding
Negatives	FY09 and FY10 has been loss making, though FY10 was almost no loss-no profit. The company does not have any reserves. Even when the company was profitable, the NPM's were not high (around 3-4%). 73 Cr for a loss making company (and has not made max 6 Cr profit) – seems like a high price. No Institutional holding.
Peers	Bosch
News
Price @ blogged	95 (27-Jun-10)