Provogue (India) Ltd - 532647

Name of Company	Provogue (India) Ltd
BSE Code	532647
NSE Code	PROVOGUE
ICICI Code
Established	1997
My Take	Dislike
Headquarters	Mumbai
Promoters	Nikhil Anupendra Chaturvedi, Salil Anupendra Chaturvedi, Rakesh Rawat, Deep Subash Gupta, Nigam Patel, Akhil Anupendra Chaturvedi, Anisha Chaturvedi, Veena Gupta, Vandana Vaidh, Anish Chhabra
Story	Provogue is a textile/clothing brand which sells across multiple Provogue stores. It’s subsidiary Prozone is a chain of malls which are being built. Dislike because of pledged shares – otherwise seems to be a good company, but I don’t buy companies with pledged shares unless I am very sure of the company’s financial position.
Sector	Retail
Sub-sector
Website	www.provogue.net
Positives	Reserves have increased from 235 Cr to 709 Cr from FY07 to FY11. Regular dividend paying company – can expect 0.8% to 1% dividend yield.
Negatives	Debt has increased from 55 to 246 Cr from FY07 to FY11.  Promoters hold 45% out of which 33% is pledged. So, essentially promoters hold 12%.
Peers
News
Price @ blogged	25 (22-Jan-12)
Cost of company	286 Cr market cap for a 33.41 Cr NP in FY ending Mar ' 11 makes it 8.56 times. This is for a company with 246.24 Cr debt and 709.81 Cr reserves
Group
Growth	Good growth company.