Hi @ankitgupta Did you get a chance to look at Satin Credit? This looks like an MFI with very good fundamentals and promoter and a bit undiscovered and so low valuations compared to its peer SKS. Can you offer your opinion on this please?
Posts in category Value Pickr
Renaissance Jewellery (10-12-2015)
I full appreciate your point. US and UK subsidiary of company account for 72% of Renaissance sales. I have earlier mentioned about companies products being listed on amazon.com. Also both the subsidiary are subjected to local US and UK laws. Financial details about UK Subsidiary is available on privco.com/ (some need to pay for access 
)
Can you point me to some bankers, who would be ready to talk about the company?
Arman Financial Services Ltd (10-12-2015)
Thanks a lot for clarification Ankit. I thought, i heard HFC 
Arman Financial Services Ltd (10-12-2015)
Hi Prashant,
They are planning to venture into SME financing with loan size of 50,000 to 5,00,000 post incorporation of the MUDRA bank and not housing finance. However, it is still few years away and they are awaiting clarity on regulatory front. Also, the MFI business is in Namra Financial which is 100% subsidiary of Arman while the two wheeler business is in standalone Arman.
Alembic & Alembic Pharma (10-12-2015)
Alembic Pharmaceuticals said that Rhizen Pharmaceuticals has entered into an exclusive, worldwide license agreement with Novartis for the development and commercialization of Rhizen's inhaled dual P13K-delta gamma inhibitor and its closely related compounds for various indications.
Under the terms of the agreement, Rhizen will receive an upfront payment and is eligible to receive development, regulatory and sales milestones payments. In addition Rhizen is also eligible to receive tiered royalties on annual net sales, the company said.
The lead compound is a novel, potent, and selective dual P13K-delta gamma inhibitor with demonstrated anti-inflammatory and immuno-modulatory activity in preclinical systems and models representative of respiratory diseases. With a favorable ADME and PK profile and high therapeutic index in animals, the inhaled dual P13K-delta gamma inhibitor holds promise in the treatment of human airway disorders, it added.
Rhizen Pharmaceuticals is an innovative, clinical-stage biopharmaceutical company focused on the discovery and development of novel therapeutics for the treatment of cancer, immune and metabolic disorders. Since its establishment in 2008, Rhizen has created a diverse pipeline of proprietary drug candidates targeting several cancers and immune associated cellular pathways. Rhizen is headquartered in La-Chaux-de-Fonds, Switzerland.
Dynemic Products (10-12-2015)
Would appreciate if you can share more detail...
Thanks.
Ajanta Pharma (10-12-2015)
I think Ajanta unlike Alembic or Torrent is a fairly predictable business.
Management has indicated that co would grow between 15-20% for fy 16 and going by half yearly figures it seems on track. It could have eps figures between 42-46 by my estimates. (It has done 20.89 per share for half year ended sep 2015 on consolidated basis as per their results available on bse.)
Also looking at the balance sheet statement given with q2 results co is net cash. (no debt)
The good news could be recent spate of approvals in namenda, and monteleukast tablets. It earlier also had a couple of approvals (I think risperidone was there earlier). Now over next year or two I expect the US business to become the growth engine once the expanded capacities come into place and some more USFDA approvals come through. Till that time growth may remain in the 20% or thereabouts range.
What I like about Ajanta is its clean balance sheet, calibrated growth plans and management smarts.
I think as a great business it has proven itself over past few years.
disc: Had exited above 1600 plus (no problems with company as such but it seemed overvalued) levels to convert into torrent pharma and waiting to get into ajanta again. Currently no position.
Arman Financial Services Ltd (10-12-2015)
Ankit, thanks for sharing info in such a detailed way. I went through the last 2 con calls, felt good that promoter knows in out of the business very well and they took the pain to explain in detail about the process.
In Q2 con call, they mentioned that, they are trying to venture into the HFC and they hired some industry veteran to address this. Do you have any further info on that? Is MFI allowed to disperse HFC loan? I was wondering why they want to go into the market which is flooded with many institutions.
off topic: attached Religare MFI sector report. Might be helpful.India Microfinance - Sector Report 19Aug15.pdf (3.0 MB)
Disc: No investment. tracking
Ashok Alco-Chem (10-12-2015)
I quote from AR page 8 - Results of operations and the state of company affairs
The rise in the profits is due to huge demand for bauxite in the overseas market for the trading division and improved efficiency of the manufacturing vertical. Moreover in addition the chemical division also performed substantially better vis-à-vis compared to previous year 2013-14. The fall in the crude prices didn't deter the profitability of your Company.
On page 11 - Outlook AR mentions
The global metal industry, to which your Company's Trading Division caters to, has been experiencing a reasonable growth rates over the last few quarters in terms of capacity addition wherein the existing demand there from is expected to be fairly resilient.
I have not dug deeper but this looks counter intuitive on the face of it. Global metal industry in not at all in good shape. Look at the stock prices of some of the biggest Aluminum producers in the world
Charts from - finance.yahoo.com
Monte Carlo Fashions Ltd – Branded Apparel Stock at Good Valuation (10-12-2015)
Nice writeup. I have few concerns though, so please provide insights into below mentioned queries:
1. Their business is highly dependent on winter wear, though 50% sales come from cotton segment. Majority of their sales & profits are in third quarter (Current one).
2. Debt is increasing yearly, even though they have cash from IPO, which can be used to reduce debt.
3. Yes, they have good brand pull, but majority of sales comes from institutional demand where profit margins are less. (In my company, dress is mandatory, we get monte carlo sweaters every year as part of dress)
Cheers!