Marg Projects and infrastructure - 513648

Name of Company	Marg Projects and infrastructure
BSE Code	513648
NSE Code	Not listed
ICICI Code
Established	1993
My Take	Dislike
Headquarters	Chennai
Promoters	GRK Reddy, VP Rajni Reddy, G Raghava Reddy(promoters of Marg Group)
Story	Started in 1993 and changed name from Marg holdings and financial services.
Sector	Construction
Sub-sector	Construction and real-estate
Website	http://www.margprojects.com
Positives	Shows zero loan on books, near 52 week low. 54% promoter holding with no pledged. Exponential growth in revenue and profit.
Negatives	No knowledge of what this company is doing. Bad website, no major public shareholders. Even Marg Ltd – the other listed entity is overly values and shares have been pledged.
Peers
News
Price @ blogged	40 (12-Oct-10)
Cost of company	23 Cr for a 2.66 Cr profit making company makes good sense. But looking at the wavering profits and revenues –unbelievable company – we need to see the way forward.

Meghmani Organics - 532865

Name of Company	Meghmani Organics
BSE Code	532865
NSE Code	MEGH
ICICI Code
Established
My Take	So-So
Headquarters	Ahmedabad
Promoters	Patel family
Story	Family owned business which listed in 2007. A good business sustained mainly by exports.
Sector	Chemicals
Sub-sector	Pigments and agro chemicals
Website	http://www.meghmani.com
Positives	For the past 3 years, 12-15% OPM and around 6-8% NPM. Dividends for last 3 years – yield around 1.5% at current price. Price has not been very volatile (after Mar 2008, has been range-bound). 49% promoter holding, none pledged. at 9 times, cheeap compared to MNC peers
Negatives	Now at 52 week high. FY10 debt is at 250 Cr compared to 61 Cr profit. Does not show reserves suddenly for FY10. No holding > 1% in public category. MNC peers listed below are more profitable have better technology.
Peers	BASF, Clariant, Ineos Abs
News	Raised 100 Cr thru NCD's
Price @ blogged	22.05 (13-Oct-10) at 52 week high
Cost of company	560 Cr market for a FY10 profit of 61 Cr makes it around 9 times.

J.Kumar infraprojects - 532940

Name of Company	J.Kumar infraprojects
BSE Code	532940
NSE Code	JKIL
ICICI Code
Established	1980
My Take	Dislike
Headquarters	Mumbai
Promoters	Jagdishkumar M Gupta
Story	Listed in 2008.
Sector	Infrastructure(Construction)
Sub-sector	Transportation (roads, airports), irrigation, buildings
Website	http://www.jkumar.com/
Positives	3 years of dividends from 2008. Regular profits from 2008. Good NPM (Close to L&T's) at 8-9%.
Negatives	Promoters have pledged 14% of the total shares, promoters stake have come down to 55% (from 60 odd)- ideally bringing control of 40% shares to the promoters. 54Cr of loans in FY10 when the profit was 70 Cr.
Peers	L&T, Punj Lloyd
News
Price @ blogged	258.20 (6-Oct-10)
Cost of company	717 Cr market cap for a FY10 NP of 70 Cr. Slightly > 10 times.

Paper Products - 509820

Name of Company	Paper Products
BSE Code	509820
NSE Code	PAPERPROD
ICICI Code
Established
My Take	Like
Headquarters
Promoters	Huhtamaki (One of world's largest packaging company based out of Finland)
Story	Unilever, Nestle, Cadbury and Colgate are its customers. FY is from Jan to Dec.
Sector	Packaging
Sub-sector	Flexible and hard packaging
Website	http://www.pplpack.com/
Positives	Regular dividend payer(for the last 60 years),can expect 3% dividend yield at current prices. Promoters hold 64%, none pledged. HDFC AMC owns over 4%. Near zero debt. Regularly profit making company. Good reserves at 240 Cr.
Negatives	Around 5 % NPM. Not much growth can be expected in revenues and profit.
Peers
News
Price @ blogged	60 (9-Oct-10)
Cost of company	376 Cr market cap for a FY09 profit of 37 Cr makes it around 10 times. There is not much upside as this company does not have any growth plans.

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.