Agri Companies

Dyes and Chemicals

Company Name	Last Price	52 wk high	52 wk low	Market Cap	Net Profit	Debt
Amal	11.97	24	11.97	8.41	-3.72	16.69
Asahi Songwon	75.1	129.7	61	92.16	20.04	48.49
Atul	139.4	240.6	135	413.48	96.11	328.23
Audichem	27	41.25	13	13.37	6.37	10.76
Bagadia Colour	4	8.5	3.75	1.48	0.13	1.29
Bhageria Dyeche	21.45	40.8	20.6	15.26	0.9	12.49
Bodal Chemicals	11.5	35.8	10.88	114.44	17.49	287.91
Camex	16.6	22.15	13.25	12.3	1.45	24.03
Chromatic India	78	154	56.55	554.16	0.92	1.56
Clariant	575	854.8	563	1,532.99	112.42	1.05
Daikaffil Chem	12.2	19.5	10.26	7.32	1.63	1.99
Dynamic Ind	8.5	13.8	7.63	2.57	0.71	14.36
Dynemic Product	16.8	27.95	15.15	19.03	5.71	17.3
Indian Toners	14.49	27.8	11.51	11.68	1.51	0.47
Indokem	4.2	5.23	2.9	10.29	-9.52	19.9
Jaysynth Dyestu	18.5	23.3	11.1	16.08	4.47
JD Orgochem	4.59	5.5	2.67	6.08	-3.63	37.75
Kiri Industries	59.1	520	50	112.29	33.21	376.64
Metrochem	32.5	58.95	31.3	37.16	40.7	14.55
Poddar Pigments	31.25	52.3	30.1	33.16	9.55	24.02
Pratiksha Chem	2.33	4.06	2.33	1.3	0.07	3.83
Priya Limited	25.95	43.65	22.25	7.79	2	25.86
Roselabs Ind	10.35	19.55	7.85	23.54	0.01	0.84
Sadhana Nitro	12.5	30	11.71	11.5	-5.03	52.14
Shree Hari Chem	18.6	25.85	13.65	8.27	0.81	16.54
Shreyas Interme	6.7	12.24	5.07	10.79	-7.97	115.77
Sudarshan Chem	542	798.4	480	375.21	55.81	196.39
Ultramarine	34.4	51.75	34	100.45	17	7.74
Vidhi Dyestuffs	3.9	9.16	3.32	19.48	3.68	26.75
Vipul Dyechem	14.5	33.8	12.2	7.88	0.96	6.23
Vivid Global	7.99	10.11	4.03	3.26	0.45	0.52

Clariant and Chromatic are near zero debt companies. Clariant is a well established MNC player.

Atul, Sudarsan, Bodal, Kiri Industries and Shreyas intermediaries are playing with huge debt. Dyes are not very high NPM companies.

I will consider Atul, Sudarsan and Clariant further.

Electrical sector

Company Name	Last Price	52 wk	52 wk	Market Cap
		High	Low	(Rs. cr)
Bharat Elec	1354.8	1887.9	1293	10838.4
Genus Power	8.19	23.9	7.55	130.14
JCT Electronics	0.84	2	0.8	66.21
ECE Industries	74.15	135	64	65.08
Hind Rectifiers	38.45	78.95	36	57.9
Centum Electron	45.9	141.85	42.05	56.76
Zicom Security	26.3	56.25	25.75	33.4
Samtel Color	3.23	12.2	2.72	27.62
SV Electricals	10.13	209.5	7.22	21.04
Asian Electroni	5.56	21.75	5.35	19.71
Circuit Systems	11	15.85	7.2	17.27
Cosmo Ferrites	10.96	21	8.75	13.18
Shree Pacetroni	36.15	47.9	30.45	13.01
Delta Magnets	25.55	54.8	25.1	12.42
Ruttonsha Int	17	21	13	11.83
Deltron	39.1	45.55	39.1	11.14
Integrated Tech	10.39	49	10.39	4.97
Rama Vision	4.68	16.71	3.86	4.69
Incap	8.35	14.25	7.75	3.89
Fine-line Circ	7.7	15.27	5.71	3.7
Samtel (India)	4.96	8.5	4.96	3.52
Guj Poly AVX	3.24	7.91	2.93	2.77
BCC Fuba	3.8	9.94	3.56	2.3
Linaks Micro	1.95	4.27	1.95	0.85

The only company in this sector with a medium to large size is Bharath Electronics.

Company	CEPS *	EPS *	P/C	P/E
Rama Vision	0.4	0.08	11.7	58.5
Delta Magnets	2.81	0.5	9.09	51.1
Deltron	0.99	0.99	39.49	39.49
SV Electricals	0.45	0.45	22.51	22.51
ECE Industries	5.03	3.56	14.74	20.83
Centum Electron	8.54	2.55	5.37	18
Bharat Elec	123.59	108.33	10.96	12.51
Guj Poly AVX	1.5	0.38	2.16	8.53
Ruttonsha Int	4	2.31	4.25	7.36
Zicom Security	10.7	3.65	2.46	7.21
Hind Rectifiers	9.05	7.46	4.25	5.15
Cosmo Ferrites	5.72	3.29	1.92	3.33
Genus Power	3.64	3.3	2.25	2.48

Bharath cost 12-13 times. Companies that cost more than BEL seem to be very costly. More analysis may be needed. But These dont seem to be worth the price.

Company Name	Net Profit	Debt
Asian Electroni	-79.26	168.6
BCC Fuba	-0.37	5.77
Bharat Elec	861.47	0.41
Centum Electron	3.39	37.92
Circuit Systems	0.2	14.88
Cosmo Ferrites	4.18	16.51
Delta Magnets	0.84	15.19
Deltron	0.11
ECE Industries	2.09	1.63
Fine-line Circ	0.07
Genus Power	54.77	300.2
Guj Poly AVX	0.55	1.84
Hind Rectifiers	10.12	7.25
Incap	-0.44	6.17
Integrated Tech	-1.24	6.32
JCT Electronics	-19.86	353.27
Linaks Micro	-0.87	29
Rama Vision	0.35	0.57
Ruttonsha Int	1.49	7.85
Samtel (India)	0	2
Samtel Color	-83.93	298.49
Shree Pacetroni	0.16	3.29
SV Electricals	1.03
Zicom Security	14.58	63.75

From the debt, Asian electronics, JCT, Samtel Color and BCC may not even be able to run profits each year. that too with unsustainable debts. BEL is a PSU with very low debt. Genus and Zicom are companies which have good aspirations, but huge debt may bring its performance down during the bad years - so, need to watch the performance.

Engineering and Capital goods

Source: religare report, please click to maximize the below picture

Cummins, Siemens, Suzlon, Techno Electric (not sure 

• BTG (Boiler, Turbine, Generator)
• Thermax, BHEL, BGR Energy
• T&D equipment
• Siemens, ABB, Crompton
• T&D EPC
• KEC, JSL (Jyothi Structures), KPTL (Kalpataru Power Transmission)
• Diversified Infra
• L&T, Punj Llyod, Voltas
• Consumer durable
• Bajaj Electricals, Havells, Crompton, Voltas

Shipping companies in India

Companies that are linked with ships and sea are

• Ports (most are govt owned)
• Companies which own/operate ships
• Companies that build/repair ships
• Logistic companies that handle/transport shipments
• Offshore drilling
• Dredging and port building

According to Wikipedia and analyzing bse website, these are shipping companies in India:

• GE Shipping
• Varun Shipping
• Mercator Lines
• Shreyas Shipping
• Shipping Corporation of India
• Chowgule steam ships
• BVM Shipping
• New Patiala Transport Co.
• Anchor Marine Services from Navi Mumbai
• Ankit Maheshwari & Co., Pune
• Interocean Group
• Pratibha Shipping Co. Ltd.
• Perfect Xpress Logistics. Cochin.

Offshore companies

• Seamec
• Great Offshore

Shipyard comapnies

• ABG shipyard
• Bharti shipyard
• Pipavav shipyard

Ports

• Mundra ports
• Essar ports
• Ports authority of India

The above is not a consolidated list. In case I missed something, please comment.

Also these companies are not subject to great competition. Anyone cannot start a port. Most of these companies are heavily debted as capital required is high. Risks are also huge ranging from pirates to natural disasters. Environmental problems could also cost the companies money (example oil spills). 

Lubricant Companies

India is the 6^th largest lubricant market in the world. Automobile accounts for most of the lubricant sales.

Lube	Notes
Castrol	Largest market share, owned by Castrol UK (subsidiary of BP)
Servo	Owned by IOCL.
MAK	BP’s lube marketing in Indian sub continent and middle east
Veedol	Owned by tide water
HP lube	Owned by HP, brands like Lal Ghoda and Milcy
Esso	Owned by Exxon Mobil USA
Penzoil	Owned by Shell
Gulf	Owned by Gulf oil India (Hinduja group)

Buying IOCL, HPCL, BPCL, etc would not make much sense if you like the lubricants as the lubricants are a small part of their sales.
Andre Yule and company holds 26% stake in Tide water, thus you can indirectly hold Tide water by buying Andrew Yule.

	Last Price	Market Cap. (Rs. cr.)	Sales Turnover	Net Profit	Total Assets
Castrol	542.90	13,424.86	2,742.90	490.30	495.00
Tide Water Oil	7,616.80	663.58	695.91	64.16	261.57

Both Castrol and Tide Water are debt free companies. Castrol is the leader and so enjoys a valuation of 26 times with a dividend yield of 4.62%. Tide water is available at 10 times with a dividend yield of 0.79%.

Spirits (Brewers, distillers, wineries) companies

Brewers prepare beer from malted barley or malted wheat. Vinification is the process of preparing wine from grapes by fermentation. So, the cost of raw materials for these companies are dependent on agricultural output, rains, commodity prices, etc. Spirits include Vodka, Scotch, whiskey, rum, etc.
Indian whiskeys sell huge quantities – three of them are in the top 10 spirit brands by units sold. Almost 60% of India’s liquor sales (liquor sales in India annually is approx 250 mi units) are whiskey. In other countries wine and beer are more popular. Wine and beer are growing more popular in India. United Spirits is way ahead in the whiskey and white spirits with 110 mi units(Bagpiper and McDowell). In 2010, Offcer’s choice overtook McDowell as the second largest whiskey in India. Both Seagram and Royal Stag owned by French group Pernod Ricard is probably fourth and fifth with around 20 mi units. Thus United spirits is way ahead of competition but others are still catching up – some are catching up fast.

United Spirits bought Shaw Wallace spirits division, which makes Royal Challenge whisky and director’s special whisky. SABMiller owns the Royal Challenge beer which sells less and is mainly in Andhra Pradesh. This gave a very big addition to the UB group marketshare.
Top 5 Indian beers are Kingfisher, Haywards, Royal Challenge (AP, UP and Orrissa), Kalyani Black label(Eastern India as well as Delhi) and Kings(Goa) in that order.

SABMiller is the second biggest competitor to UB group in the beer market. UB group has little less than 50% market share, while SABMiller has less than 30%. Fosters and haywards 5000 are the biggest brands for SABMiller in India.

Company	price	bse code	nse code	Marketcap	high	Low
Pioneer Distilleries Ltd.	52.9	531879	PIONRDIS	70.89	94	41.4
Ravi Kumar Distilleries Ltd.	22.65	533294	RKDL	54.36	93.95	21.15
Associated Alcohols & Breweries Ltd.	26	507526	ASOCALCHOL	23.4	40	23.1
Som Distilleries & Breweries Ltd.	195	507514	Not traded	536.25	215	40.7
G M Breweries Ltd.	107.15	507488	GMBREW	100.72	132.9	71.1
Globus Spirits Ltd.	143.2	533104	GLOBUSSPR	283.54	197.4	96.45
Jagatjit Industries Ltd.	68	507155	Not traded	313.48	130	62
Empee Distilleries Ltd.	99	532920	EDL	188.1	178	92.15
Radico Khaitan Ltd.	128.95	532497	RADICO	1709.88	185.95	116.65
United Spirits Ltd.	1077.3	532432	UNITDSPR	14091.08	1683.8	895.65

United Spirits is the largest spirits company in the world. by volume.

Jagatjit Industries was established in 1944. This Delhi based IMFL company produces food products like malted beverages, milk products, etc as well in Punjab. It also manufactures glass products.

Associated Alocohols and breweries are owned by Kedia group.

Allied Blenders and distributors (http://www.abdindia.com/home.asp) is a huge competition to United Spirits in Whiskey segment. Officer’s choice moved to second position ahead of McDowell. Still McDowell and Bagpiper have a huge advantage. Kishore Chhabria has Deepak Roy heading the operation of ABD – Deepak was with United Spirits. I don’t think this company is listed.
Som Distilleries and breweries is part of Som group(http://www.som-group.in/) which also owns the Som distilleries pvt limited (obviously not listed). SDBL was established in 1993 and manufactures beer for contract manufacturing and also brands its own beer. Its manufacturing unit is near Bhopal.
GM Breweries (http://www.gmbreweries.com) was setup in 1981 and has its bottling unit in Thane. This mainly focuses on country liquor and IMFL.
Based out of Haryana, Globus Spirits was established in 1992. This company manufactures country liquor, IMFL, franchisee for IMFL and bulk alcohol.
Empee Distillers (http://www.empeegroup.co.in ), setup by MP Purushothaman (a malayalee) in Chennai, has grown into south india.

Company	Brands	Region
Pioneer Distilleries Ltd.
Ravi Kumar Distilleries Ltd.	Capricorn, Konark, Chevaliar, Kada mark
Associated Alcohols & Breweries Ltd.	Licensed to manufacture and bottle Smirn off. Owned brands are small	Central India
Som Distilleries & Breweries Ltd.		Central, North India, NE India
G M Breweries Ltd.	GM Doctor, GM Santra, GM Limbu	Maharastra
Globus Spirits Ltd.	Country club (whisky), LeMans (brandy), Hannibal, White lace. Rana, Rajasthan No1 and commander (country liquor)	North india, kerala and AP
Jagatjit Industries Ltd.	Aristocrat(Vodka, whisky, rum, brandy)
Empee Distilleries Ltd.	Napolean rbandy, Old Secret rum, Victoria Rum	South India
Radico Khaitan Ltd.	8 PM, magic moments
United Spirits Ltd.	Kingfisher (beer), Bagpiper (Whiskey), McDowell (Whiskey), Signature, Four seasons and many others	All over India

company	BAL Sheet	reserves	secured loans	unsecured loans
Pioneer Distilleries Ltd.	Mar ' 10	25.36	96.97	31.05
Ravi Kumar Distilleries Ltd.	Mar ' 10	2.67	24.83	3.47
Associated Alcohols & Breweries Ltd.	Mar ' 10	33.88	15.63	9.72
Som Distilleries & Breweries Ltd.	Mar ' 10	29.87	9.22	17.98
G M Breweries Ltd.	Mar ' 11	65.2	29.66	2
Globus Spirits Ltd.	Mar ' 10	141.62	5.53	8.18
Jagatjit Industries Ltd.	Mar ' 10	130.33	76.92	80.65
Empee Distilleries Ltd.	Mar ' 10	220.02	68.15	19.6
Radico Khaitan Ltd.	Mar ' 10	560.77	244.92	201.22
United Spirits Ltd.	Mar ' 10	4660.19	2589.25	926.82

company	annual res	sales	net profit	interest	NPM	PE
Pioneer Distilleries Ltd.	Mar ' 10	46.59	3.19	2.94	6.7	22.2
Ravi Kumar Distilleries Ltd.	Mar ' 11	48.22	0.88	4.45	1.75	61.7
Associated Alcohols & Breweries Ltd.	Mar ' 11	89.4	2.24	2.33		10.4
Som Distilleries & Breweries Ltd.	Mar ' 11	183.91	15.14	2.55		35.4
G M Breweries Ltd.	Mar ' 11	231.69	21.04	2.49	8.97	4.7
Globus Spirits Ltd.	Mar ' 11	437.6	27.02	2.18	6.17	10.4
Jagatjit Industries Ltd.	Mar ' 10	701.74	7.04	22.92	1	44.5
Empee Distilleries Ltd.	Mar ' 11	871.8	20.19	14.35	2.31	9.3
Radico Khaitan Ltd.	Mar ' 11	996.46	72.8	33.53	7.23	23.4
United Spirits Ltd.	Mar ' 11	6422.72	403.04	403.05	6.3	34.9

Companies like SABMiller India and ABD nare not listed. Smaller players with no branding or small brands should be valued  less than 10 times, esp as they have heavy debt. United, Ravi Kumar and Pioneer have high debt. Som, GM and Globus are better with the debt but are not having any strong brands.