Indian companies from Forbes Asias top 200 Under a billion

Check out this link for the full list: http://www.forbes.com/lists/2011/24/best-under-a-billion-11_rank.html

Name	Sales (US $mil)	Net Income (US $mil)	Market Value (US $mil)
A.K. Capital Services	53	12	32
Ador Fontech	33	4	40
Arihant Capital Markets	14	2	10
Ashiana Housing	31	10	56
Banco Products	189	15	118
Camson Bio Technologies	15	3	32
Delta Corp	84	37	386
Dhanuka Agritech	109	11	105
eClerx Services	77	27	471
EdServ Softsystems	27	9	39
Educomp Solutions	303	75	459
Elgi Equipments	211	20	226
Everonn Education	95	15	180
Genesys International	21	10	138
Glodyne Technoserve	393	40	452
Hindustan Media Ventures	117	12	213
Indsil Hydro Power & Manganese	20	3	10
Infinite Computer Solutions	198	24	65
Kale Consultants	37	6	22
Kaveri Seed	52	10	126
Maharaja Shree Umaid Mills	97	34	69
National Peroxide	41	13	50
Neha International	19	4	59
Nesco	30	15	179
Nitin Fire Protection Industries	98	12	157
Omnitech Infosolutions	49	8	38
Opto Circuits	356	82	1,079
Panama Petrochem	104	8	30
Polyplex	546	237	124
Puneet Resins	12	1	4
Ranklin Solutions	9	2	2
SRF	760	109	384
Technofab Engineering	65	6	28
TTK Prestige	161	19	700
Vinati Organics	71	12	72

Thanks to the Forbes.com team

Qualifications according to the forbes.com:

Our selection of the Best Under A Billion in Asia-Pacific begins with a search for companies that show both sales and earnings growth. To qualify they must have annual revenue between $5 million and $1 billion and be publicly traded for at least a year. The universe is then screened for earnings growth, sales growth and return on equity in the past 12 months and over 3 years.

Allahabad Bank - 532480

Company	Allahabad Bank
BSE	532480
NSE	ALBK
Price	157
As of date	Jan 27, 17:00
Market Cap	7,476.58
PE	4.73
EPS	33.17
Div yield %	3.82%
Topline growth (5yr)	25.86%
Bottomline growth (5yr)	27.91%
Reserves	Reserves have increased from 4030.13 to 7166.93 from 67663.75 to 151286.37
Debt	Debt has increased from 59800.81 to 138805.34 from 67663.75 to 151286.37
# of shares	47.62

Alfa Laval - 505885

Company	Alfa Laval (India)
BSE	505885
NSE	ALFALAVAL
Price	2850.3
As of date	Jan 27, 17:00
Market Cap	5,176.28
PE	40.52
EPS	70.34
Div yield %	1.05%
Topline growth (5yr)	9.05%
Bottomline growth (5yr)	11.63%
Reserves	Reserves have increased from 213.66 to 404.07 from Dec '06 to Dec '10
Debt	Debt has decreased from 6.26 to 0 from Dec '06 to Dec '10
# of shares	1.82

Consitent Dividend payers

Source : ICICIDirect

Company Name	Idirect Code	Div. Yield% 2011	Div. Yield% 2010	Div. Yield% 2009	Div. Yield% 2008	Div. Yield% 2007	Div. Yield% 2006	Div. Yield% 2005
Alfa Laval (I)	ALFLAV	2.4	2.1	2.7	2.3	3	2.5	3.4
Allahabad Bank	ALLBAN	2.6	3.9	6.4	4.6	4.1	5.1	3.6
Andhra Bank	ANDBAN	3.6	4.6	10	5.4	5	4.3	2.8
Ashok Leyland	ASHLEY	3.5	2.7	5.5	4.3	3.9	3.3	4.8
Castrol India	CASIND	3.3	4.1	4.5	3.9	4	3.3	3.8
Chambal Fertilizers	CHAFER	2.4	3.1	4.3	3.6	5.8	4.6	6.2
Clariant Chemicals	COLCHE	4.1	5.3	12.3	3	5.3	7.6	2.4
Deepak Fertilizers	DEEFER	3.2	4	7.1	3.6	3.5	3	4.8
Electrosteel Castings	ELECAS	4	2.4	9.2	2.9	3.3	3.4	3
Finolex Industries	FININD	3.4	4.6	3.6	4.6	4.4	4.3	4.3
G N F C	GNFC	3.4	2.9	5.4	3.2	4.9	3.7	5.4
GE Shipping Co	GESHIP	3	2.7	4.3	4	5.7	3.4	5.9
Graphite India	CAREVE	3.8	4	13.7	5.8	5.8	2	2.3
GRUH Finance	GRUFIN	3.1	3	5.2	2.6	2.2	2.7	4.7
Hindustan Unilever	HINLEV	2.2	2.7	3.1	4.2	2.8	2.5	3.5
Indian Overseas Bank	INDOVE	3.5	3.8	9.9	2.6	2.9	2.7	3.2
Karnataka Bank	KARBAN	2.8	3.3	9.2	2.5	2.1	3	2.8
Nava Bharat Ventures	NAVBHA	2.7	2.1	5.4	2.6	4	2.5	2.3
O N G C	ONGC	3	3	4.1	3.3	3.5	3.4	4.5
Polyplex Corporation	POLCOR	4.9	4.1	6.2	3.8	3.9	2.4	4.3
State Bank of Travancore	STABTR	2.4	2.6	6.1	2.1	3.3	2.4	3.7
S C I	SCI	5.1	3.2	8.5	4.3	4.9	5	4.7
Supreme Industries	SUPIND	2.4	3.2	4.7	4.6	3.2	3.2	3.2
Syndicate Bank	SYNBN	3	3.5	6.3	3.7	4.4	2.8	3.7
T N Newsprint	TAMNEW	3.8	5	7.9	4.5	4.8	2.6	4.7
Tata Chemicals	TATCHE	3	2.8	6.4	3.2	3.9	2.7	4.3
Tata Elxsi	TATELX	2.8	2.2	8.5	4.4	2.4	3.3	3
Tata Investment Corporation	TATINV	3.1	2.6	6.5	3.1	4.4	2.8	4
VST Industries	VSTIND	7	5.8	13.3	6.5	6.1	2.6	5.4
Wyeth	WYELED	2.6	2.8	7.8	6.6	6.6	4	4.9

Best dividend yields

Bharat Gears - 505688

Name of Company	Bharat Gears
BSE Code	505688
NSE Code	BHARATGEAR
ICICI Code
Established
My Take	Like
Headquarters	Faridabad
Promoters	Surinder Kanwar(CMD), Sameer Kanwar (JMD)
Story	This company manufactures automotive gears mainly for commercial vehicles, farm vehicles and construction equipment. India is its major market and US is slowly adding volumes. Inputs are Steel, power and fuel.
Sector	Gears
Sub-sector
Website	http://www.bharatgears.com/
Positives	51% promoter holding with no pledging. regular dividend, can expect a little less than 2%.
Negatives	Small company manufacturing gears. Technology and marketing is a problem for small engineering players
Peers
News
Price @ blogged	57 (27-Jan-11)
Cost of company	44 Cr MCap
Group
Growth

Wendt India Ltd - 505412

Name of Company	Wendt India Ltd.
BSE Code	505412
NSE Code	WENDT
ICICI Code
Established	1980
My Take	Like
Headquarters	Bangalore, plant in Hosur
Promoters	Wendt/Murugappa group
Story	They manufacture super abrasive grinding wheels (Diamond and cubic Boron Nitride), grinding machines and tools. The company is now a 40-40 partnership between Carborundum Universal (murugappa group) and Wendt group GmbH (Germany).  Subsidiaries have plants in Thailand and Sharjah.
Sector	Abrasives
Sub-sector
Website	http://www.wendtindia.com
Positives	Zero debt company. Sales have increased from 57 to 89 Cr from FY07 to FY11. Profits have also risen from 8.7 to 15.95 in the same period. Promoters hold 80% of the shares, none pledged. Can expect a regular dividend of 1.25% at current prices (Rs. 20 a year)
Negatives	Can buy at around 10 times PE
Peers	Carborundum, Orient Abrasives, Grindwell
News
Price @ blogged	1700 (22-Jan-12)
Cost of company	340 Cr market cap for a 15.95 Cr NP in FY ending Mar ' 11 makes it 21.32 times. This is for a company with 0 Cr debt and 56.14 Cr reserves
Group	Fast growers
Growth	Good growth company, NP has doubled in 5 years

Voltas

As soon as I think of this company, I think of air conditioners. Is this company worth current market capital of 3500 Cr just for selling ACs?

A - Electro-Mechanical products and services

B - Engineering products and services

C - Unitary Cooling products (ACs)

This company does more than that. 

More than 50% of the business is from EMP or MEP services - Voltas is still seen as a HVAC player in India. HVAC contracts would be offered by airports, metro train stations, malls, IT parks, hospitals, industry floors, games stadias, etc. Voltas would essentially have to design and implement heating, ventilation and air conditioning contracts. Voltas may get other parts of the project as well such as plumbing, electrical work, fire and safety, environmental control system, etc. Full fledged MEP contracts are still not common in India, but are common in developed countries. The company has been winning and executing waste water and air quality projects in environmental engineering. Middle east is a major market for Voltas' MEP projects.

Around 10% of the revenues come from the engineering services. Voltas manufactures textile machinery - spinning, weaving, knitting and dyeing. The company also manufactures mining and construction equipment - crushing, screening, mining loaders, crawler cranes and large excavators. Materials handling equipment are also manufactured by Voltas.

The remaining 35% of the revenues for Voltas are from ACs. They have all types of models in the market and a very good distribution network. This is a very competitive market, esp from foreign brands.

Gold - Who sells gold?

In India, everyone I know only buys gold. No one sells them. Glitter of gold is always invigorating to the average Indian female. From my pea brain, I also know that women from Asian countries such as Indonesia, Malasia, Philipines and African countries such as South Africa, Kenya and Zimbabwe are also gold crazy. 

Governments, banks and even some huge organizations hoard gold assuming gold is a safe haven. What do they even do with that? they just spend on a huge security system and an strong vault which would keep the value locked in it. What happens if gold price falls a bit - they still hold it.

More than women and governments, there are these ETFs which buy gold on behalf of many investors (investors are both people and organizations). This is the category which really manipulates the price of gold. The ease which with you can buy or sell ETFs make this crazy market even crazier. 

So, when I sit back and read that Marc Faber expects prices to go down to $1500 or even lower to $1100, I am angered at the ETF investor who has both been pumping in money when gold was lower and sell when gold was higher.

Educomp Solutions - Is it worthy?

Educomp is at a 2150 Cr market cap as of today when it quotes at Rs. 224. Is Educomp worth this much?

Let's see. FY11 report says they reach 16 million students through 26000 schools.

Searching for millenuim schools in google would fetch a lot of schools which are coming up with the Educomp model. Subsidiaries like Gateforum and Vidyamandir classes are well respected test prep classes. They claim to be the largest CA coaching in India now.

The best thing according to me is this is just at the starting stage. A very few schools have implemented smart teching methods. Education is regarded very important in India (as in aspiring coutries like China, Indonesia, etc). As India become richer, people would not mind spending on education.

The worst thing is that this is heavy competition industry where low capital and low experience is needed to start a similar business.

Lot of IT raids at Educomp offices have brought the share price less than 200, it has mildly recovered now though.

Shantanu Prakash (and Anjlee Prakash) has been holding neat 50% shares and have not pledged any shares. This gives some confidence in the company.

This company makes 1000 Cr revenue. They show 4 segments - School learning systems (the biggest and almost whole of the profits), K-12, Higher learning solutions and Online & Retail. they are making around 400 Cr profits with around 40% NPMs.

600 Cr debt makes us worry a bit.

In all, integrity of the promoters, debt management and focus on the right areas are important for the company to be a good bet. If what happened till now will last, I would rather believe in the management.

As most of the revenue comes from School learning systems - software, equipment and training - if these can bring in 1000 Cr revenue in this fiscal, with a 40% NPM. I guess it is worth more esp as it can grow heavily.

Frontier Springs - 522195

Name of Company	Frontier Springs
BSE Code	522195
NSE Code	Not listed
ICICI Code
Established
My Take	Like
Headquarters	Kanpur
Promoters	KL Bhatia and family
Story	The website claims the company is the world's leading manufacfturer of hot wound springs for transportation, industrial and goverment applications. ( what would government use the spring for? I guess it means PSUs like BEML, BHEL)
Sector	Auto anciliary
Sub-sector	Spring for auto and other engineering companies
Website	http://www.frontiersprings.co.in/
Positives	52% promoter holding, none pledged. regularly profitable - NPMs between 3-12%. low interest payments of less than half crore.
Negatives	does not pay a regular dividend. NPMs are wavering. Not sure if Ashish Chugh is playing with the stock - he has recommended this as early as 2006 and he holds the stock now as well.
Peers
News
Price @ blogged	35.40 (09-Sep-11)
Cost of company	13.94 Cr for 5 Cr FY11 profit makes it 2.75 times. FY11 had more NPM than other years.
Group
Growth	FY11 revenue has grown to 43 Cr from

Bharat Seats - 523229

Name of Company	Bharat Seats
BSE Code	523229
NSE Code	Not listed
ICICI Code
Established	1986
My Take	Like
Headquarters	Delhi
Promoters	JV between Suzuki, Maruti and Relan group.
Story	this company makes seats for 2 and 4 wheelers. maruti and suzuki are its major clients.
Sector	Auto
Sub-sector	Auto anciliary
Website	http://www.bharatseats.com/
Positives	Regular dividend paying company - can expect 3% dividend at current prices. Good revenue growth over last 5 years. very low interest paid every year - less than 2 Cr. 74% promoter shareholding, none pledged. Near 52 week lows
Negatives	low 1-2% NPMs.
Peers
News
Price @ blogged	16.05 (09-Sep-11)
Cost of company	50.4 Cr market cap for a PE of 6.03 based on a 8 Cr FY11 profit. 8 Cr seems like an exceptional year. So, can assume to buy this company at 10 times PE.
Group
Growth	Revenue has grown from 175 Cr to 441 Cr from FY07 to FY11. NP has grown from 2.93 to 8.23 Cr in the same period.