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2 Mid-Cap 400 152
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This is the Àrst edition of Mid Cap 400 after the thriving success of
its previous two editions in the form of Mid Cap 250. After receiving
thousands of feedback from our readers this year we are featuring 400
Mid Cap companies in order to illustrate a better picture of Mid Cap
segment. A lot has changed in the year gone by. More and more small
cap companies are joining mid cap segment while many mid cap com-
panies graduated to large cap companies. It is not easy to track the real
growth of these companies as most of the companies are driven by
ambitions, meticulous planning and unprecedented hunger to achieve
the vision of being a signiÀcant part of new world order.
Mid Cap companies are often known as the next Blue Chip compa-
nies. The mid-cap segment of the stock market is, thus, being increas-
ingly perceived as an attractive investment segment with high growth
potential. The determination to win, the craving to succeed and the
urge to reach to the full potential are the keys that unlock the doors to
excellence for Indian companies. Most of the CEOs conÀrm that suc-
cess is not measured by the accomplishment but by the risks and chal-
lenges encountered to achieve the success. To reach a greater height a
company needs to have fundamentally great depth.
Responsible management is a powerful way to grow a company.
CEOs must learn to how to carve success from failures. It is not what
happens to us, it is what we choose to do about what happens that
makes the difference in how our lives turn out. Leadership is the chal-
lenge to be something more than average.
To understand the growth potential of a company, look not only at
what the company has already achieved, but also at what it aspires to.
Where the willingness is great, the difÀculties cannot be great. A true
company is motivated by the desire to achieve, not by the desire to beat
others. Competition is a by-product of productive work, not its goal.
Most of the Mid Cap fund managers and analysts feel that Mid Cap
companies could under perform in the short term but eventually the
fundamentally strong companies likely to deliver a superior perform-
ance in the long-term and grow into a blue chip company. With Indian
economy growing consistently around 9 per cent we will see more and
more of these companies graduating to Large Cap companies. All they
need is a long term protean vision and hunger to perform globally
which I have seen in the most of CEOs whom I interviewed.
Before signing off I would like to convey my sincere thanks to
Deepak Jhangiani, Project Facilitator who provided valuable sugges-
tions to fashion this book in an attractive manner. The contribution
of art director Sachin Muley, graphic designer Vijay Gawale, Pankaj
Wankhede, Sandesh Surve, Vipin, Satish and Umesh is highly appreci-
ated to make the cover design, illustrations and content presentation
eye catching and providing a different ambience. I also extend my grat-
itude to SS Dhillon who worked relentlessly to make this project a suc-
cessful endeavour. I also thank the space selling team Chirag Waghela
in Mumbai, Anand Singh in Pune, Rakesh Bhat and Ashish Chopra in
Delhi, Samuel Smiles in Hyderabad, NK Vishwanatha in Bangalore,
Sumeet Roy in Kolkata and L Balaji & K Sundara Raman in Chennai
and all others who contributed to carve this magniÀcent treasure trove
called Mid Cap 400 for the investors.
Ravishankar Panda
 APW PRESIDENT
Elijah A Elias
MD, APW President
S M A RT S O L U T I O N S
Expanding Reach Through
Quality Products & Services
APW President operates in the four segments: Networking Enclosures; General
Electronics; Telecommunications; Special Products (Contract Manufacturing)
along with it has marketing rights of Avocent’s KVM products
A
PW President Systems is a market leader in the networking
enclosure systems. APW President is expanding its capacity
and looking forward to grab the major chunk in the
telecom segment where it envisages a huge scope. The company
is expanding its reach and looking for multifold growth in the
near future. Elijah A Elias, Managing Director of the company
recounts the journey from the humble start to the present status
and share his future plans and strategies with Mid Cap 400.
Excerpts:
Tell us about the journey called APW President.
The pedigree of APOW President goes back to 1976 when two
IIT Alumni decided quitting the job and venture into the business.
They first sought such a business which requires less investment
and less paperwork like government permission, etc. They chose
to set up enclosure manufacturing business. At that time it was a
very small operation. Later on when we got success and decided
to expand our business we got advices from friends and well
62
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MH Ashraff
M D, Tata Coffee
wishers that we should always have control on our business. In
1996 we went for the joint venture with APW in order to expand
our business infuse more money and get a global recognition of
our products. So, we went public in 1996 offering 30 per cent
of equity to the investors. Though it was a worst possible to go
public as 1996 was really not a time to go public. But, it was
a small size issue we got about 700 investors who bought our
issues and in that 200 were our own employees. After that we
were traded rarely in the stock market. Initially, we didn’t qualify
for BSE because of our issue size so we were listed with Pune and
Bangalore stock exchanges. Later on because of recommendation
of Pune exchange we were transferred to BSE though there was no
trade made except for one or two, between 1996 to 2005. Firstly
our shares were allowed only for trading. The whole idea of going
to public was to get some valuation of our company and shares
specially for those times when some promoters want to quit then
we can do proper valuation of their holdings. But, till date it never
happened. In brief we don’t enjoy being a public company because
 it requires a lot of statuary requirements which have to be fulfilled.
We could have devoted that time, energy and resources to more
constructive works.
How did you fare over the years?
We are working on all the aspects like product innovation, getting
new technologies, increasing our sales and distribution network,
software development and implementation, etc. Right from the
beginning we didn’t take profit instead we went on investing to
fuel the growth. We went for IPO in 1996 for Pune and Bangalore
expansion in order to meet the growing demands in telecom sector.
But, telecom boom never happened at that time as we expected. It
is happening now. Fortunately our Pune unit which was producing
other products subsidized our losses. We neither made profit nor
losses. Even during dotcom burst our losses were minimal (Rs 19
lakh). Otherwise we always have made profits since inception and
maintained 25 per cent CAGR. Also, over the years we didn’t pay
Are you planning to sale this software as a product?
dividends to the investors and went on investing all our resources for
growing the capacity and getting new technologies. In the processWe can. Actually we are looking for such a method to diversify our
we kept on reinventing ourselves. portfolio by creating a new department. This software certainly can
How do you maintain qual-
ity of your products?
We are developing
such an infrastructure for We are preferred because we can deliver
our company so that any
foreign investor cannot products according to customers’ specification.
say that we are inferior in This flexibility has won many clients for us.
comparison to the best in
the industry. Even now we
are among the best and we
provide world class quality
of products. We cater all the
major MNCs and Indian
majors in telecom like
Vodafone Siemen, Nokia,
Airtel, Bharti, Hutch, etc.
who set very high standards
for their products. We
have to compliment them
so we cannot compromise
with the quality. There are
only two companies in the
market which can handle such a large volume. Both are Bangalore
based. One is APW President and other is German company Rittal.
We are preferred because we can deliver products according to
customers’ specification unlike Rittal which does not deviate much
from its own specifications. This flexibility has won many clients
for us.
Tell us about your customer base.
We have a very broad customer base as we are operating on four
different segments. All of them not contribute equally in terms of
numbers. These four segments are IT, Telecom, General Electronics
and Special Products which includes contract manufacturing. We
have about 33,000 customers in our database and about 800 of
them at any point of time are active. As we are not dependent on any
particular segment we always have been in advantageous position.
Most of our distributors are our ex employees. We encourage such
initiatives and provide the necessary assistance to such people.
Mostly such dealers or distributors remain loyal and as they want to
remain in a comfort zone they don’t tend to expand their reach and
stay dependent on us. This has helped us to grow better.
Tell us about your product oriented marketing software SAM.
We have developed quite a number of software over the years.
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Our philosophy always has been if you have proper framework
within which people can work and know what he has to do, how
he has to do without facing any difficulty. In this an average person
can do above average work. Because of this system today one of our
sales manager posted in Sri Lanka started his career as a canteen boy
and grew to become a sales manager. Through this software called
SAM we can regulate our sales proceedings from inception level to
invoicing level. We can supervise the whole process and can provide
inputs to our sales people as and when required. The employee also
can track his own target and the work he has done. One can prepare
proposals and invoicing through this software on the spot. This
software has created a paperless environment. In the orientation
level itself we provide the computer assisted management tools for
easy flow of work which they cannot get any other place. This whole
software has made our complete sales cycle and production cycle
very effective and efficient.
help other organizations
to create a professionally
managed sales system. As
it can be operated by even
a foot soldier who is not
proficient with computer
operation it brings a
unique, efficient and easy
execution of the whole
job. It enables people to
work better.
Elijah A Elias How has the expansion
contributed to your tar-
MD, APW President get business growth?
With in two months
after moving to the
new building which has
doubled our space we are completely filled up. Adding one more
shift and optimizing the production we can increase our present
capacity of Rs 3.5 crore a month Rs 4.5 crore a month. After that
it will not be feasible to expand the capacity further as our product
size is large. For further expansion we have to look for more space
like buying some sick factory, etc.
How are you catering to the SME segment to boost further
growth?
For us SME is emerging market. This segment contributes
significantly to our revenues. Often we do not know the end
customers because of involvement of distributors. In future we are
planning to make some prototypes for this segment and put into
exhibitions during July-August.
What initiatives are you taking to enhance your domestic reach?
We are expanding the channels under our distributors. We feel
this as a key very essential for further growth. We have in excess of
200 partners which encompasses the entire country.
Which have been thrust areas in the four segments in which you
operate?
Off course it is the telecom segment which contributes the most
and has very good growth potential. Contract manufacturing is also
growing because of the infrastructure we have. We are also providing
our services to the global majors. We are maintaining a balance
between our production and contract manufacturing because
in the contract manufacturing the constant flow of work is not
available. z
Mid-Cap 400 63
152
 ASTRAL POLYTECHNIK

MH Ashraff
Sandeep Engineer M D, Tata Coffee
MD, Astral Polytechnik
I N T E RV I E W

Excellence Is A Journey
Not A Destination
After setting many milestones in CPVC pipes and Àtting, Astral Polytechnik
is now in the expansion mode and bringing in most of the major global
brands into the Indian market

A
stral Polytechnik, established in 1999, is engaged in
commercial production of CPVC pipes and fittings.
Astral Polytechnik has an equity venture with Speciality
Process LLC of USA and technical collaboration with Lubrizol
Inc. (Formerly known as BF Goodrich) a fortune 500 company
of USA to manufacture Flowguard and Corzan CPVC plumbing
system for hot and cold water distribution as well as industrial
applications. The company sales its products under three
categories: Astral Flowguard CPVC, Astral Corzan and Astral
Aquarious. The company is equipped with state of art production
facilities at Ahmedabad and Himachal Pradesh to manufacture
plumbing systems from half inch to six inches with all kinds
of necessary fittings. Leading from the front Sandeep Engineer,
Managing Director, Astral Polytechnik shares his strategic plans
and vision with Mid Cap 400. Excerpts:
How has been the decade long journey for Astral Polytechnik?
The decade long journey has really been a life teaching
experience for us. We have steadily reached one milestone after
another in this competitive market scenario by adding innovative
products that were hitherto not marketed or manufactured in
India. Our milestones speak for itself as below:
1999 – First to introduce CPVC pipes and fittings in India.
2000 – First to introduce world class solvent cement for
CPVC and PVC pipes and fittings.
2000 – First plumbing product manufacturer to run a
systematic national level plumber training programs.
2001 – First to set up a full fledge CPVC pipes and
manufacturing facility in India.
2002 – First to introduce CPVC industrial plumbing system
for transportation of chemicals, corrosive material/

128

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 liquids replacing SS and FRP. and infrastructure industry.
2004 – First to introduce lead free/tin-based PVC pipes and
fittings. (In conformity with WHO standards). What is your present overall plant capacity? What are your
2005 – First company to present to Indian consumers a concept plans to increase this capacity?
of lifetime plumbing solution protecting valuable The present overall plant capacity is 9,074 MT and we have
investments against joint leaks and corrosion. plans to increase it to 18,479 MT.
2007 – First company to avail “NSF” approval in India (We What kind of investment is required for this expansion? How
have already applied). are you going to raise this fund?
2007 – First to manufacture CPVC based BlazeMaster fire We will require about Rs 55 crore for this expansion. Of the
sprinkler system in India and fifth in the world. Rs 55 crore, Rs 34 crore is raised from IPO and the balance from
2007 – Recipient of National Excellence Award For SME term loan and internal accruals.
instituted by Corporation Bank
The journey of excellence has just begun. Because for us, What initiatives are you taking to enhance your overseas pres-
excellence is a journey not a destination. ence?
We already have techno-commercial tie-ups with leading
Which factors helped you to register a consistent performance players in our field. They are Lubrizol, Spears, IPS (all of them
in the recent times? from the US), Hunter Plastics of UK, IPEX of Canada and
We have taken the benefit of the upward rise in the infrastructure Euratech of Malaysia. All these corporations have carved a niche
market with innovative and qualitative products by reaching out in their respective markets and we are into a tie-up with them to
all possible projects and establishing our brand there. We have manufacture/trade their products in India and also explore the
a very dedicated team of markets overseas.
professionals who have set
the target for consistent What was your export
performance. revenue in the first
We want to grow economically, uplift the standards three quarters of this
Off late, which have been financial year? How are
the thrust areas for Astral of living of our employees, better return on you hedging yourself
Polytechnik?
Our major thrust areas
investments and to be a responsible entity in the against the losses due to
stronger Rupee?
have been expansion society. Our export is minimal
of our existing plant (Rs 1 crore), but we are
capacity, modernizing our importing the main
plant with the latest state
of art machineries and Sandeep Engineer raw material — CPVC
resin. Hence, we are
equipments. Also, we are Managing Director
Astral Polytechnik
taking the benefit of
tying up with some major Rupee appreciation.
brands in our related fields At appropriate time
to introduce their products we are doing hedging
in the Indian market. if required.
What kind of business What is your present order book position?
growth are you vying for Our present order book position is Rs 10 crore. In our
considering the growth business, we have more distributor network and fewer projects.
we see in real estate and infrastructure? Therefore, the flow of orders is always on an upward trend.
With the present upward rise in the real estate and
infrastructure industry we see a parallel rise with them. The kind What kind of top line and bottom line growth do you expect
of business that we are in goes hand in glove with the real estate in this financial year?
In the current year, we are expecting Rs 135 crore in top line
and about Rs 16 crore in the bottom line.
What is your turnover target for 2010?
About Rs 350 crore by 2010.
Tell us about the risks and challenges that lie ahead for Astral
Polytechnik?
The risks and challenges that lie ahead are those that are with
the general business scenario. We do not foresee any major risk
lying ahead of us except competition.
What is your vision for the company?
To grow economically, uplift the standards of living of its
employees, better return on investments and a responsible entity
in the society.
Any message to the investors…
We wish to take this opportunity to thank the investors in
laying faith in our company and we will see that they get the best
return on their investment. z

Mid-Cap 400 129

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 TANTIA CONSTRUCTIONS
I N T E RV I E W
Siddhartha Tantia
VP (Corporate Planning)
Tantia Constructions
T
antia Constructions is engaged in the diversified
infrastructural construction activities since 1964.
Apart from the railway infrastructure, the company has
developed core competency in roads and urban development.
Tantia’s USP is the Bridges and Flyovers Division. Having
been involved in bridges and flyovers for four decades, they
have executed number of prestigious bridges in India, Bhutan
and Bangladesh. Tantia’s list of highly satisfied clientele is
quite long, and includes - Eastern Railway, Western Railway,
North Eastern Railway, South Eastern Railway, North
East Frontier Railway, IRCON International Ltd., RITES,
Delhi Development Authority, SAIL, Central Public Works
Department, National Highways Authority of India, Delhi
State Industrial Development Corporation Ltd, Central PWD,
State PWDs, NEEPCO, HIDCO, HRBC, KMDA, KMC,
HIDCO, Kolkata Metro Railway, Kolkata Circular Railway,
etc. It has diversified its portfolio by entering into the marine
infrastructure, aviation and power transmission sectors because
they hold out significant potential for sustainable growth.
Siddharth Tantia, Vice President (Corporate Planning), speaks
to Mid Cap 400 about various projects in hands and growth
plans of the company. Excerpts:
Which have been the focus areas for Tantia Constructions in
the recent times?
Tantia Constructions focuses on creating core infrastructure
through its four divisions:
118
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Leading
From The
Forefront In
North East
Tantia Constructions, a name
to reckon with in creating
infrastructure in Eastern India, has
developed core competencies in
railway infrastructure, roads and
urban development. The company
strongly believes in achieving
results from activities that deliver
the largest good to the widest
number
1. Railways Division enjoys a reputation of turnkey railway
jobs of all kinds ranging from track work, sidings,
tunneling and electrification.
2. Bridges Division excels in complicated mega bridges
and steel girders. The division is currently executing
three bridges, each of them being over two kilometers in
length.
3. Roads Division is presently constructing over 400 km of
roads all over India.
4. Urban Environment Division caters to city-based projects
of water supply, treatment, sewerage and drainage.
Besides the above, Power Transmission and Non-metro
Airport Infrastructure are the upcoming sectors the company
is targeting.
What kind of top line and bottom line growth are you expect-
ing in this financial year?
We had a Y-o-Y top line and bottom line growth of above
40 per cent for the last two years. Since we have a strong order
book, we expect to maintain the same in the coming two
financial years.
You have a major presence in East India and have an edge over
others in terms of understanding the terrain and work experi-
ence there. How does it benefit your company?
Being headquartered in Eastern India, we have established
our relationships and have made deeper understanding of
 available resources, material, man power, work culture and large, complex and expensive projects, achieving significant
socio-political structure. In addition to this, people are still savings in both time and cost. However, tendering and
quite wary of the North East. Thus we stand to gain in terms negotiation and finally maturing into a contract compared to
of both better knowledge and lesser competition. conventional procurement contracts are typically much more
complicated in addition to cost thereof because of the need to
Tell us about the projects in hand and those in the pipeline. anticipate all possible contingencies that could arise in long-
Presently we have around Rs 450 crore ADB funded sewerage term contractual relationship.
and drainage projects in Kolkata, various state highway The government constraints, political environment,
projects in Bihar, Mizoram, transmission line projects in West market conditions, macroeconomic stability, institutional
Bengal, bridge projects in Bihar, Bengal, Andhra Pradesh, quality, the legal system, large contract negotiation cost,
Assam, Mizoram, UP and various other infrastructure projects performance enforcement, assurance of good maintenance and
through out the country. Also we are executing the widening past experience with PPPs are some of the factors need to be
of Patna city roads, and also de-reservation of tram tracks and considered for making this model successful.
construction of rigid pavement in Kolkata.
India is spending heav-
What is your current or- ily on the infrastruc-
der book position? ture. What kind of
Presently we have growth are you looking
an order book of Project execution at fundamental levels has been for Tantia Construc-
approximately Rs 1,600
crore. the tradition of our company. We believe in being tions in the next five
years?
Are you planning conservative, steady growth and creating sustainable We are a major player
for any diversifica- valuation for shareholders over the years to come. in the infrastructure
development market.
tion to real estate,
SEZ, etc.? With a boom in the
The company intends
to focus on creating core
Siddhartha Tantia construction industry
we hope to more than
Vice President (Corporate Planning) double our turnover in
infrastructure and enter Tantia Constructions
into BOOT space. the next five years.
What is your view on What are the growth
Public Private Partner- drivers for Tantia Constructions?
ship? What is required Capability, opportunity and growth. Our company has a
to make this model suc- proven capability in infrastructure and construction through the
cessful? projects — over 200 of them — we have executed successfully.
Public Private The opportunity was provided by the massive investment in
Partnerships (PPP) are the best method available to deliver infrastructure. Both these factors have led to over 40 per cent
year-on-year growth for Tantia Constructions.
What is your turnover target for 2010?
Our turnover target for 2010 is Rs 800 crore.
What kind of risks and challenges do you expect to face to
achieve this target?
In today’s scenario, the main challenge facing construction
industry is manpower, the attrition levels and the re-training
required. We have taken necessary steps to prevent the same.
Fortunately, we have a dedicated team of managers who have
been with us since last 10 years, and they are committed to the
growth of the company. Machinery and material are available
in plenty. Managing and motivating our human resources is the
key to achieving targets.
What is your vision for the company?
To become the leading contractor in Eastern India and to
achieve long-term goodwill through:
„ Profit for shareholders
„Satisfaction to customers
„ Enthusiasm without ego in self
„ Training colleagues and co-workers
„ Clarity with vendors and subcontractors

Any message to your investors…

We believe in being conservative, steady growth and creating
sustainable valuation for the shareholders over the years
to come. z

Mid-Cap 400 119

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 Knowledge Partner 001

Tata Coffee
Tata Coffee (TCL) is the largest Coffee Plantation Company
in Asia with estates located in Coorg, Hassan and Chickmagalur Quarterly Trends (Rs. Crore)
districts of Karnataka. Currently the company is present in all Dec - 07 Sep - 07 Jun - 07 Mar - 07 Dec - 06
segments of the Coffee product matrix i.e., Pure Filter, Mixed
Net Income 250.91 80.71 59.78 77.53 64.51
filter, Pure Instant, and Mixed Instant Coffee catering to the
Other Income 0.69 1.25 1.32 0.65 0.13
needs of all coffee consumers. The area under Coffee is around
Operating Profit 45.18 7.60 6.73 13.43 10.15
8,000 hectares producing over 9,000 MT of Coffee annually. The
Interest 18.38 2.63 2.10 1.69 4.81
company also grows Pepper and Cardamom in its Coffee Estates.
Gross Profit 27.49 6.22 5.95 12.39 5.47
The company’s Timber resources include Rosewood, Silver Oak
Depriciation 7.48 2.80 2.65 2.06 1.87
and other miscellaneous trees. TCL has initiated setting up of a
PBT 19.94 3.47 3.23 13.86 3.34
JV Company with its Russian partners for marketing its Instant
Tax 7.24 1.15 1.20 3.68 -0.19
Coffee in Russia. Tata Coffee is working on expanding a revamped
PAT 12.70 2.32 2.04 10.18 3.52
version of its Mr Bean outlets. For the quarter ended Sept’07 the
Equity 18.68 18.68 18.68 18.68 18.68
company has posted a growth of 19.98 per cent in net sales to Rs
OPM(%) 18.00 9.41 11.25 17.31 15.72
80.71 crore from Rs 67.27 crore in the corresponding quarter
NPM(%) 5.04 2.83 3.33 13.01 5.44
previous year. The net profit stood at Rs 2.32 crore from Rs 2.6
crore, registering a decrease of 10.77 per cent.
Annual Trends (Rs. Crore)
FY07 FY06 FY05
Product Mix (Top 3) (Year = Mar 2007) Net Sales 263.65 186.03 197.47
Product Name Sales Qty UoM Sales Product Other Income 5.82 5.74 4.64
Value Mix
Operating Profit 39.23 32.54 29.91
Instant Coffee 4684.00 MT 109.91 41.53 Interest Cost 12.25 5.44 3.94
Cured Coffee 8785.00 MT 62.21 23.50 Gross Profit 32.80 32.83 30.61
Tea (Made) 7235.00 MT 39.86 15.06 Depreciation 7.44 6.38 5.69
PBT 23.07 25.30 24.21
Tax Charges 7.52 5.16 2.42
Raw Material Mix (Top 3) (Year = Mar 2007) Reported Net Profit 20.23 22.32 28.70
Raw Material Name UoM Qty Cost of Raw Material Cash Flow from operating Activity 46.03 11.94 38.26
Goods Mix Equity 18.68 12.47 12.47
Coffee Lakhs MT 8594 46.11 99.64 EPS (Rs.) 10.83 17.90 23.02
Cash EPS (Rs.) 14.82 23.02 27.58
Others N.A. - 0.16 0.35 Cash Flow from Operations per share 24.65 9.57 30.68
Tea (Green Leaf) Lakhs Kgs 28963642 - - Eq. Dividend (%) 65.00 65.00 65.00
OPM (%) 14.87 17.49 15.14
Investor Returns RONW (%) 5.97 12.10 16.83
FY07 FY06 FY05 FY04 FY03 ROCE (%) 7.07 11.19 14.63
Debt/Equity 0.57 0.53 0.14
Rights Issue N.A. 1:2 N.A. N.A. N.A. Exports as percent of Total Sales 51.78 49.96 60.42
Splits N.A. N.A. N.A. N.A. N.A. Net forex Earning 71.30 36.06 109.47
Dividend (%) 65 65 65 50 50 Book Value 181.43 147.92 136.73
Bonus ratio N.A. N.A. N.A. N.A. N.A.

High / Low Trends • BSE Code: 532301 • NSE Code: TATACOFFEEEQ

• CMP: Rs. 233 • F.V: Rs. 10
2007 2006 2005 2004 2003 • 52 Week H/L : Rs. 347/210 • PE (x) : 21.48
BSE 154/120 418/250 385/250 305/115 170/60 • Dividend Yield (%) : 2.58
NSE 331/228 418/250 385/250 305/115 170/60

Balance Sheet Trends (Rs. Crore)

Liabilities 2007 2006 2005 2004
Equity 18.68 12.47 12.47 12.47
Reserves 320.69 173.51 160.74 141.30
Loans 192.13 138.91 56.03 78.42
Others 0.00 0.00 0.00 0.00
Assets
Net block 239.45 189.03 93.50 95.28
Investments 187.05 10.77 22.94 49.82
Working Cap 104.48 123.54 110.09 83.93
Others 0.50 1.54 2.73 3.16

• Registered Ofce: Pollibetta, Kodagu, Karnataka - 571215

Tel: 5588437, 5594102, 5594103 Fax: 91-80-5598817 E-mail: plpbt@tatacoffee.com
• CEO: MH Ashraff • Business Group: Tata Group • Industry: Plantations - Tea & Coffee

Mid-Cap 400 155 152

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COMPANY ANALYSIS 002

RSWM
RSWM is a progressive and growth oriented company
with business interests in Yarn, Fabrics, Garments and Denim. Quarterly Trends (Rs. Crore)
The company operates around 3,60,000 spindles and produces Dec - 07 Sep - 07 Jun - 07 Mar - 07 Dec - 06
1,00,000 MT of yarn per year and has state-of-the-art garment
Net Income 299.69 296.73 256.25 298.19 275.25
unit for global customers with a capacity to deliver 13,000 units
Other Income 1.31 1.97 3.74 4.47 2.07
daily. RSWM exports to over 60 countries across Europe, South
Operating Profit 27.89 30.09 25.33 31.00 28.57
Africa, Australia, Korea, Belgium, Singapore, Italy, Egypt and the
Interest 10.66 10.51 8.28 6.43 4.95
Gulf countries. Recently, the company approved the de-merger of
Gross Profit 18.54 21.55 20.79 29.04 25.69
its strategic investment division into Bhilwara Technical Textiles.
Depriciation 17.56 16.45 14.03 12.70 11.82
Further the company raised its stake in Cheslind Textiles to
PBT 0.98 5.10 6.76 26.97 13.87
66.46 per cent, through an open offer made to the shareholders
Tax 0.58 2.21 1.71 4.53 4.77
of Cheslind. For the quarter Sep’07, company’s gross sales surged
PAT 0.40 2.89 5.05 22.44 9.10
22 per cent to Rs 296.73 crore, whereas operating expenses grew
Equity 23.15 23.15 23.15 23.15 23.15
by 21.34 per cent to Rs 266.64 crore. Further the operating profit
OPM(%) 9.30 10.14 9.88 10.39 10.37
grew by 28.3 per cent to Rs 30.09 crore from Rs 23.45 crore of
NPM(%) 0.13 0.96 1.94 7.41 3.28
the quarter Sep’06. The net profit stood at Rs 2.89 crore, with a
drop of 59.6 per cent from Rs 7.16 crore of quarter Sep’06.
Annual Trends (Rs. Crore)
FY07 FY06 FY05
Product Mix (Top 3) (Year = Mar 2007) Net Sales 1042.00 959.60 733.93
Product Name Sales Qty UoM Sales Product Other Income 13.25 11.06 7.95
Value Mix
Operating Profit 107.53 95.33 66.72
Blended Yarn 448.03 Lakhs Kgs 559.56 51.27 Interest Cost 25.35 21.71 14.37
Cotton Yarn 249.10 Lakhs Kgs 316.46 28.99 Gross Profit 95.43 84.67 60.30
Yarn (Viscose) 72.18 Lakhs Kgs 95.43 8.74 Depreciation 47.37 43.08 35.14
PBT 45.66 39.08 22.87
Tax Charges 20.65 11.93 2.58
Raw Material Mix (Top 3) (Year = Mar 2007) Reported Net Profit 44.07 27.08 18.41
Raw Material Name UoM Qty Cost of Raw Material Cash Flow from operating Activity 75.26 39.59 15.97
Goods Mix Equity 23.15 23.15 21.92
Fibres Poly. & Other Synth. MT 34993.00 224.00 38.18 EPS (Rs.) 19.04 11.70 8.39
Cash EPS (Rs.) 39.84 30.66 24.93
Viscose MT 19554.00 165.20 28.16 Cash Flow from Operations per share 32.51 17.10 7.28
Cotton MT 22171.00 116.25 19.81 Eq. Dividend (%) 30.00 30.00 22.00
OPM (%) 10.31 9.93 9.09
Investor Returns RONW (%) 16.77 11.92 9.28
FY07 FY06 FY05 FY04 FY03 ROCE (%) 7.34 11.15 8.19
Debt/Equity 2.74 1.45 1.35
Rights Issue N.A. N.A. N.A. N.A. N.A. Exports as percent of Total Sales 47.57 43.51 41.16
Splits N.A. N.A. N.A. N.A. N.A. Net forex Earning 278.08 354.50 223.84
Dividend (%) 30 30 22 12 Book Value 113.49 98.06 90.30
Bonus ratio N.A. N.A. N.A. N.A. N.A.

High / Low Trends • BSE Code: 500350 • NSE Code: RSWMEQ

• CMP: Rs. 141 • F.V: Rs. 10
2007 2006 2005 2004 2003 • 52 Week H/L : Rs. 245/74 • PE (x) : 7.43
BSE 240/71 151/81 160/76 101/27 58/13 • Dividend Yield (%) : 2.12
NSE 232/74 151/80 157/75 101/27 59/14

Balance Sheet Trends (Rs. Crore)

Liabilities 2007 2006 2005 2004
Equity 23.15 23.15 21.92 19.88
Reserves 241.65 205.50 177.42 157.61
Loans 875.50 444.19 388.86 224.02
Others 39.38 39.38 0.00 2.50
Assets
Net block 840.62 430.67 353.48 241.07
Investments 46.46 26.78 40.76 26.23
Working Cap 290.50 253.12 192.55 134.25
Others 2.09 1.65 1.41 2.46

• Registered Ofce: Kharigram, P.O. Gulabpura, Bhilwara District, Rajasthan - 311021

Tel: 223144 223145 223146 223147/48, Fax: 223361, Email: narendermudgal@lnjbhilwara.com
• CEO: Shekhar Agarwal • Business Group: Bhilwara Group • Industry: Textiles - Spinning - Synthetic Blended

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 Knowledge Partner 003

Ramsarup Industries
Ramsarup Industries is engaged in the manufacturing of
various grades of steel wires and thermo-mechanically-treated Quarterly Trends (Rs. Crore)
(TMT) bars. The Company is also engaged in the laying of Dec - 07 Sep - 07 Jun - 07 Mar - 07 Dec - 06
power transmission lines, infrastructure contracts and power
Net Income 388.04 331.96 354.73 419.63 302.06
generation. Recently, the company has increased prices of steel
Other Income 0.04
wires in range of Rs 1000 per metric tonne to Rs 2500 per metric
Operating Profit 35.38 35.61 30.95 26.91 28.45
tonne with effect from Jan 01, 2008. Further, it has decided
Interest 7.34 9.19 7.89 7.10 5.83
to explore possibility of merging Ramsarup Lohh Udyog Ltd
Gross Profit 28.04 26.41 23.06 19.85 22.63
with the company. The company secured order amounting to
Depriciation 3.90 3.88 3.59 3.07 2.88
Rs 44 crore from North East Frontier Railways for wire. Adding
PBT 24.14 22.53 19.47 16.78 19.74
to this, it secured order from Essar steel (Hazira SEZ) – Rs 7.4
Tax 8.16 7.81 6.94 5.46 5.88
crore, Reliance Petroleum (SEZ) – Rs 6.24 crore and Reliance
PAT 15.98 14.72 12.54 11.32 13.87
Energy (Rosa Power Project) – Rs 22 crore. For the quarter-ended
Equity 17.50 17.50 17.50 17.50 17.50
Sept’07, the top line of the company grew by 21.99 per cent to
OPM(%) 9.11 10.72 8.72 6.41 9.41
Rs 331.96 crore as against Rs 272.12 crore in the corresponding
NPM(%) 4.11 4.43 3.53 2.69 4.59
quarter last year whereas, bottom line reported robust growth by
80.17 per cent to Rs 14.72 crore from Rs 8.17 crore.
Annual Trends (Rs. Crore)
FY07 FY06 FY05
Product Mix (Top 3) (Year = Mar 2007) Net Sales 1306.03 1018.00 877.55
Product Name Sales Qty UoM Sales Product Other Income 1.22 0.73 0.56
Value Mix
Operating Profit 98.28 63.01 43.21
G I Wires, Iron Wires, TMT Bars, Rods Interest Cost 22.30 16.46 13.76
& Other Iron & Steel Products 319019.00 MT 1280.41 98.03 Gross Profit 77.20 47.28 30.01
Contracts - - 17.83 1.36 Depreciation 11.34 8.34 6.64
By Products 4507.00 MT 5.06 0.38 PBT 61.56 38.94 20.44
Tax Charges 18.00 10.10 7.42
Raw Material Mix (Top 3) (Year = Mar 2007) Reported Net Profit 43.56 27.80 13.68
Raw Material Name UoM Qty Cost of Raw Material Cash Flow from operating Activity -0.88 7.18 -43.97
Goods Mix Equity 17.50 17.50 5.65
Wire Rods/HB Wires/Billets/ EPS (Rs.) 24.78 15.77 23.88
Cash EPS (Rs.) 31.41 20.54 36.08
Ingots/Slab/Square Bars MT 226244.00 908.77 96.73 Cash Flow from Operations per share -0.50 4.10 -77.86
Lead/Zinc MT 1768.00 30.65 3.26 Eq. Dividend (%) 20.00 20.00 5.00
OPM (%) 7.52 6.18 4.92
Investor Returns RONW (%) 23.98 19.54 24.15
FY07 FY06 FY05 FY04 FY03 ROCE (%) 42.35 29.94 34.50
Debt/Equity 0.15 0.30 0.89
Rights Issue N.A. N.A. N.A. N.A. N.A. Exports as percent of Total Sales 5.47 1.44 2.18
Splits N.A. N.A. N.A. N.A. N.A. Net forex Earning 42.53 -35.96 18.60
Dividend (%) 20 20 5 2.5 2.5 Book Value 103.31 80.69 98.87
Bonus ratio N.A. N.A. N.A. N.A. N.A.

High / Low Trends • BSE Code: 532690 • NSE Code: RAMSARUPEQ

• CMP: Rs. 188 • F.V: Rs. 10
2007 2006 2005 2004 2003 • 52 Week H/L : Rs. 300/115 • PE (x) : 7.57
BSE 280/126 160/63 • Dividend Yield (%) : 1.06
NSE 284/115

Balance Sheet Trends (Rs. Crore)

Liabilities 2007 2006 2005 2004
Equity 17.50 17.50 5.65 5.65
Reserves 163.69 124.37 50.93 26.62
Loans 239.23 151.45 155.66 108.12
Others 4.46 4.46 45.61 10.95
Assets
Net block 104.49 62.04 55.94 34.60
Investments
Working Cap 320.03 235.11 201.16 115.86
Others 0.36 0.63 0.75 0.87

• Registered & Corporate Ofce: Hastings Chambers, 1st Floor, 7C, Kiran Shanhar Roy Road, Kolkata, West Bengal - 700001
Tel: 22421200, Fax: 22421888, E-mail: info@ramsarup.com/company@ramsarup.com
• CEO: Ashish Jhunjhunwala • Business Group: N.A. • Industry: Steel - Wires

Mid-Cap 400 157 152

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COMPANY ANALYSIS 004

Avaya GlobalConnect
Avaya GlobalConnect provides a comprehensive suite of
solutions for contact center, BPO and end-to-end converged Quarterly Trends (Rs. Crore)
communications. It also shares strategic alliances with IBM, HP, Dec - 07 Sep - 07 Jun - 07 Mar - 07 Dec - 06
Netsol, HCL Infosystems and Servion. Avaya diversified into
Net Income 138.48 133.41 139.15 162.43 140.39
manufacturing multiple access radios and point-to-point digital
Other Income 0.32 2.77 0.68 0.34 0.44
radios for supplies to Railways, DoT, etc. It has a distribution
Operating Profit 12.39 8.97 16.50 15.63 15.60
network of 58 business partners comprising systems integrators,
Interest -1.02 -1.27 -1.19 -0.29 -1.07
value-added resellers and channel partners. Recently, it has
Gross Profit 13.73 13.01 18.37 16.26 17.11
entered into a partnership with the Japanese company OKI
Depriciation 2.72 2.59 2.49 2.58 2.70
Electric Industry to provide IP enabled voice solutions to SMEs.
PBT 11.01 10.42 15.87 13.68 14.40
During Sept’07, the company reported sales of Rs 133.41 crore
Tax 4.15 3.86 6.58 4.20 4.49
as compared to Rs 154.91 crore, a decline of 13.88 per cent. The
PAT 6.86 6.57 9.29 9.48 9.91
increase in stock adjustment to Rs 8.05 crore and increase in
Equity 14.23 14.23 14.23 14.23 14.23
employee expenses by 18.08 per cent pushed the operating profit
OPM(%) 8.94 6.72 11.85 9.62 11.10
downwards by 49.44 per cent to Rs 8.97 crore. The net profit
NPM(%) 4.93 4.82 6.64 5.82 7.03
stood at Rs 6.57 crore with a decline of 49.46 per cent from Rs
13 crore reported in the corresponding period last year.
Annual Trends (Rs. Crore)
FY07 FY06 FY05
Product Mix (Top 3) (Year = Mar 2007) Net Sales 836.63 435.24 323.79
Product Name Sales Qty UoMSales Product Other Income 9.15 2.73 1.60
Value Mix
Operating Profit 76.42 47.94 44.09
Other Services - 399.51 47.12 Interest Cost 0.21 0.11 0.47
Telephone Instruments 136223.00 Numbers 145.98 17.21 Gross Profit 85.36 50.56 45.22
EPABX Lines 231496.00 Numbers 99.79 11.77 Depreciation 15.48 10.51 10.63
PBT 68.02 39.24 33.97
Tax Charges 25.88 21.45 14.45
Raw Material Mix (Top 3) (Year = Mar 2007) Reported Net Profit 47.62 33.87 24.92
Raw Mat erial Name UoM Qty Cost of Raw Material Cash Flow from operating Activity 7.37 13.29 59.65
Goods Mix Equity 14.23 14.23 14.23
Other Materials Not Reported - 28.06 43.44 EPS (Rs.) 33.46 23.80 17.51
Cash EPS (Rs.) 44.33 31.18 24.97
Printed Circuit Boards Numbers 11438.00 24.72 38.27 Cash Flow from Operations per share 5.18 9.34 41.91
Cabinets Numbers 1261.00 8.51 13.17 Eq. Dividend (%) 67.50 45.00 45.00
OPM (%) 9.13 11.01 13.61
Investor Returns RONW (%) 22.33 19.10 16.53
FY07 FY06 FY05 FY04 FY03 ROCE (%) 32.81 22.52 22.95
Debt/Equity 0.00 0.01 0.01
Rights Issue N.A. N.A. N.A. N.A. N.A. Exports as percent of Total Sales 25.54 3.77 2.05
Splits N.A. N.A. N.A. N.A. N.A. Net forex Earning -238.42 -225.05 -207.53
Dividend (%) 67.5 45 45 45 25 Book Value 149.79 124.56 105.91
Bonus ratio N.A. N.A. N.A. N.A. N.A.

High / Low Trends • BSE Code: 500463 • NSE Code: AVAYAGCLEQ

• CMP: Rs. 203 • F.V: Rs. 10
2007 2006 2005 2004 2003 • 52 Week H/L : Rs. 414/195 • PE (x) : 6.05
BSE 414/210 520/204 531/283 383/180 281/85 • Dividend Yield (%) : 3.46
NSE 414/210 545/200 530/275 395/187 312/86

Balance Sheet Trends (Rs. Crore)

Liabilities 2007 2006 2005 2004
Equity 14.23 14.23 14.23 14.23
Reserves 198.97 163.06 136.52 118.91
Loans 0.40 0.99 2.00 24.17
Others 0.00 0.00 0.00 0.00
Assets
Net block 21.87 30.96 25.75 29.69
Investments 15.09 9.09 9.09 0.09
Working Cap 176.64 138.23 117.91 127.54
Others 0.00 0.00 0.00 0.00

• Registered Ofce: 72, Kalpataru Synergy, Opp. Grand Hyatt, Vakola, Mumbai, Maharashtra - 400055
Tel: 56617272/30630000 Fax: 55045888, Email:
• CEO: Niru Mehta • Business Group: MNC Associate • Industry: Telecommunications - Equipment

158

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COMPANY ANALYSIS 203

Allsec Technologies
Allsec Technologies is a third party BPO Company offering
both voice and non-voice services on a blended delivery platform. Investor Returns
It has expertise in BFSI, Tech Support, Quality Assurance and FY07 FY06 FY05 FY04 FY03
HR Processing domains. It has three wholly owned subsidiaries: Rights Issue N.A. N.A. N.A. N.A. N.A.
Allsectech Inc, USA, B2K Corp Pvt. Ltd. The principal market of Splits N.A. N.A. N.A. N.A. N.A.
the company is concentrated in the USA, and export constitutes Dividend (%) 50 50 N.A. N.A. N.A.
around 95 per cent of the revenue. Further, it proposes to expand Bonus ratio N.A. N.A. N.A. N.A. N.A.
its 150 seats operation to 750 seats by Jan’08. For the quarter
ended Dec’07, the net sales declined by 15.50 per cent to Rs Last Five Quarters
23.01 crore from Rs 27.23 crore in the corresponding quarter last
year. In line with this, net loss reported at Rs 6.76 crore. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 23.01 28.15 25.90 27.56 27.23
High / Low Trends Oper. Profit -3.17 -0.75 5.24 8.02 7.99
2007 2006 2005 2004 2003 Net Profit -6.76 -1.77 4.57 6.99 6.96
Equity 15.24 15.24 15.24 15.24 15.23
BSE 377/116 299/142 305/111
EPS -4.44 -1.16 3.00 4.59 4.57
NSE 374/115 298/160 307/118

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY04
Product Name Sales Qty UoM Sales Product
Value Mix Sales 113.28 92.26 57.55 41.45 24.94
I T Enabled Services - 113.28 100.00 Oper. Profit 32.62 26.72 16.35 11.55 -10.21
PAT 28.13 21.64 11.86 7.38 -16.50
Equity 15.24 12.09 8.82 17.68 4.36
EPS 18.46 17.90 13.44 4.18 -37.88
B.V 109.60 58.59 20.36 6.24 -23.88

• Registered Ofce: 7H Century Plaza, 560-562 Anna Salai, Teynampet, Chennai (Madras), Tamil Nadu - 600018
Tel: 22447070, Fax: 22447077, E-mail: investorcontact@allsectech.com
• CEO: R Jagadish • Business Group: Not Applicable • Industry: IT Enabled Services

Everest Industries 204

Everest Industries was incorporated in the year 1934 as
Asbestos Cement Ltd with its first manufacturing facility at Investor Returns
kymore in Madhya Pradesh. Today the company is well known for FY07 FY06 FY05 FY04 FY03
providing a range of solutions for all building construction needs. Rights Issue N.A. N.A. N.A. N.A. N.A.
Its daily turnover is of Rs 303 crore with 5 major production Splits N.A. N.A. N.A. N.A. N.A.
facilities. The company has also captured growth export market Dividend (%) 40 30 50 325 30
in Europe, Africa, Australia & Asia. For the quarter ended Bonus ratio N.A. N.A. N.A. N.A. N.A.
Sept’07, the net sales of the company dropped by 7.55 per cent
to Rs 57.42 crore as against Rs 62.11 crore reported a year ago. Last Five Quarters
However, the net profit surged by 33.33 per cent to Rs 1.72 crore
as compared to Rs 1.29 crore a year ago. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 69.04 57.42 80.16 82.64 78.71
High / Low Trends Oper. Profit 3.27 1.96 9.59 5.25 3.60
2007 2006 2005 2004 2003 Net Profit 6.94 1.72 5.32 2.66 0.38
Equity 14.80 14.80 14.80 14.80 14.80
BSE 153/83 228/96 228/120 152/55 127/23
EPS 4.69 1.16 3.59 1.80 0.26
NSE 152/81 248/90 225/122 153/55 128/23

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoMSales Product
Value Mix Sales 303.38 252.58 227.75 199.48 209.92
Fibre Cement Products 396483.00 Metric Tonnes 306.73 94.14 Oper. Profit 28.48 43.03 35.87 27.15 25.84
Other Materials (Traded) - 10.64 3.26 PAT 11.66 31.13 19.17 59.57 9.51
Prefab - 8.42 2.58 Equity 14.80 14.80 14.80 14.80 14.80
EPS 7.88 21.03 12.95 40.25 6.42
B.V 90.89 87.06 72.95 64.38 59.21

• Registered Ofce: Gate No.152, Lakhmapur,, Taluka Dindori, Nasik, Maharashtra - 422202
Tel: , , , Fax: , E-mail: info@everestind.com/compofcer@everestind.com
• CEO: ML Gupta • Business Group: ACC Group • Industry: Cement - Products/Building Materials

306

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 205

Sathavahana Ispat
Sathavahana Ispat was incorporated in the year 1989. The
company is engaged in manufacturing and selling of pig iron, which Investor Returns
is used in the manufacture of steel and foundry grade pig iron used FY07 FY06 FY05 FY04 FY03
in making castings. The company has pig iron and metallurgical Rights Issue N.A. N.A. N.A. N.A. N.A.
coke manufacturing capacity of 210,000 MT and 150,000 MT Splits N.A. N.A. N.A. N.A. N.A.
respectively. As a part of forward integration, the company has Dividend (%) 10 5 12 12 6
planed to invest Rs 86 crore for expanding metallurgical coke facility Bonus ratio N.A. N.A. N.A. N.A. N.A.
by 150,000 TPA and co-generation power facility by 10 MW at
Kudithini plant. For the quarter ended Sept’07 net sales decreased by Last Five Quarters
22.42 per cent y-o-y to Rs 61.5 crore while the company reported a
5.94 per cent y-o-y decline in net profit to Rs 6.33 crore. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 82.08 61.50 74.60 59.96 60.12
High / Low Trends Oper. Profit 14.83 12.28 6.37 8.80 4.86
2007 2006 2005 2004 2003 Net Profit 9.68 6.33 5.30 -1.22 3.32
Equity 26.30 26.30 26.30 26.30 26.30
BSE 86/27 39/15 54/21 54/17 36/5
EPS 3.68 2.41 2.02 -0.46 1.26
NSE 86/27 33/31

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoM Sales Product
Value Mix Sales 243.20 181.63 176.95 129.42 72.00
Pig iron 157363.00 MT 284.59 99.86 Oper. Profit 31.21 9.85 44.07 29.52 10.17
Metallurgical Coke 272.00 MT 0.22 0.07 PAT 14.04 0.29 26.40 21.96 4.21
Slag 8218.00 MT 0.16 0.05 Equity 26.30 26.30 26.30 26.30 26.30
EPS 5.34 0.11 10.04 8.35 1.60
B.V 34.80 30.63 31.09 22.42 15.37

• Registered Ofce: 314, Sri Rama Krishna Towers, Nagarjuna Nagar, Ameerpet, Hyderabad, Andhra Pradesh - 500073
Tel: 23730812 - 23730814, Fax: 23730566, E-mail: sathavahana@eth.net
• CEO: A Naresh Kumar • Business Group: Not Applicable • Industry: Steel - Pig Iron

BLB 206
BLB was incorporated in 1981. It is a part of BLB group, a
financial investment company. The company is engaged in the Investor Returns
business of stock trading and holds corporate membership of BSE, FY07 FY06 FY05 FY04 FY03
NSE and other exchanges. The main activity is jobbing and arbitrage Rights Issue N.A. N.A. N.A. N.A. N.A.
and its other services include research reports, IPO analysis, financial Splits N.A. N.A. N.A. N.A. N.A.
market education and real estate. The company is also a depository Dividend (%) 10 10 N.A. N.A. N.A.
participant with NSDL and CDSL. It has three subsidiaries namely Bonus ratio N.A. N.A. N.A. N.A. N.A.
BLB Realty Ventures, BLB Institute of Financial Markets and BLB
Global Business. For the quarter ended Dec’07, the net sales and the Last Five Quarters
net profit of the company jumped by 27.87 per cent and 760.34 per
cent to Rs 428.69 crore and Rs 30.37 crore respectively. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 428.69 456.53 410.31 335.90 335.26
High / Low Trends Oper. Profit 31.49 14.19 5.35 1.87 4.36
2007 2006 2005 2004 2003 Net Profit 30.37 13.73 7.89 0.90 3.53
Equity 5.29 5.29 5.29 5.29 5.29
BSE 69/9 27/7 21/6 10/5 11/2
EPS 5.74 2.60 1.49 0.17 0.67
NSE 70/10 24/8 21/5 10/5 11/3

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoM Sales Product
Value Mix Sales 111.94 84.62 33.19 46.14 15.55
Income From Sale Of Share & Securities - 111.94 100.00 Oper. Profit 10.31 16.67 -5.16 20.00 4.54
PAT 7.49 13.75 -8.73 9.87 1.11
Equity 5.29 5.29 5.29 5.29 5.04
EPS 1.42 2.60 -1.65 1.87 0.22
B.V 16.07 14.78 12.30 13.98 12.66

• Registered Ofce: 4764/23-A, Ansari Road, Daryaganj, New Delhi, Delhi - 110002
Tel: 23258513 23278907 32968110 329, Fax: 23283159, E-mail: investorscomplaints@gmail.com
• CEO: Brij Rattan Bagri • Business Group: Not Applicable • Industry: Finance - Investments

Mid-Cap
Dalal Street 400 Journal
Investment 307 152

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 201

Wanbury
Wanbury undertakes the manufacture and sale of
pharmaceuticals, medicines, drugs and organic chemicals. A Investor Returns
substantial portion of the production is intended for exports. FY07 FY06 FY05 FY04 FY03
Wander Ltd. founded in 1865 has now become the Formulations Rights Issue N.A. N.A. N.A. N.A. N.A.
Division of Wanbury catering the domestic market. Pearl Splits N.A. N.A. N.A. N.A. N.A.
Organics was incorporated in 1994 as a public limited company. Dividend (%) 20 20 10 N.A. N.A.
Today, bulk drug division is the largest producer of Metformin Bonus ratio N.A. N.A. N.A. N.A. N.A.
hydrochloride in the world. The gross sales of the company for
Sept’07 quarter increased by 66.51 per cent yoy to Rs 57.28 crore Last Five Quarters
while net profit increased by 58.12 per cent to Rs 6.04 crore.
Dec07 Sep07 Jun07 Mar07 Dec06
Sales 56.14 57.28 50.11 47.98 35.76
High / Low Trends Oper. Profit 5.64 8.76 7.14 6.28 2.69
2007 2006 2005 2004 2003 Net Profit 7.22 6.04 5.45 11.38 3.59
Equity 13.78 13.58 13.38 12.75 12.75
BSE 164/99 174/55 267/112 77/21 53/5
EPS 5.24 4.45 4.07 8.92 2.81
NSE 168/100

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoM Sales Product
Value Mix Sales 151.28 112.76 74.39 53.62 23.71
Bulk Drugs 4499.03 MT 92.76 61.29 Oper. Profit 21.29 16.90 11.76 5.57 4.30
Tablets 61.19 Lakhs Num. 20.06 13.25 PAT 20.83 10.73 7.01 2.63 0.97
Capsules 18.14 Lakhs Num. 12.41 8.20 Equity 12.75 12.75 9.49 1.93 3.85
Liquids (Formulations) 256.10 Kilolitres 11.98 7.91 EPS 16.34 8.42 7.39 13.66 2.52
Other Operating Income - 7.49 4.94 B.V 80.37 55.71 22.08 39.16 15.93

• Registered & Head Ofce: BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opp. Vashi Railway Station, New Mumbai,
Maharashtra - 400705 Tel: 67942222, Fax: 67942111/333, E-mail: shares@wanbury.com
• CEO: CM Bhatankar • Business Group: Not Applicable • Industry: Pharmaceuticals

Can Fin Homes 202

CFHL was promoted in 1987 by Canara Bank along with
HDFC, UTI and now NHB also. It provides long-term housing Investor Returns
loans to individuals or corporate bodies. In the open offer by FY07 FY06 FY05 FY04 FY03
CFHL, Indbank Merchant Banking Services Ltd for and on behalf Rights Issue N.A. N.A. N.A. N.A. N.A.
of Canara Bank (Acquirer) is going to acquire 43,14,246 fully paid Splits N.A. N.A. N.A. N.A. N.A.
up equity shares in CFHL at a revised offer price of Rs 78 per share Dividend (%) 25 25 25 25 25
from the earlier price of Rs 58 per share. For the quarter Dec’07, Bonus ratio N.A. N.A. N.A. N.A. N.A.
company’s interest income increased by 12.73 per cent to Rs 55.79
crore, whereas expenses dropped by 27.85 per cent to Rs 3.29 crore. Last Five Quarters
The net profit stood at Rs 6.67 crore, with a decline of 30.08 per
cent from Rs 9.54 crore of quarter Dec’06. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 55.79 56.20 52.37 50.46 49.49
High / Low Trends Oper. Profit 52.49 53.33 48.90 46.11 44.94
2007 2006 2005 2004 2003 Net Profit 6.67 8.18 3.70 5.69 9.54
Equity 20.49 20.49 20.49 20.49 20.49
BSE 88/48 68/40 60/38 57/33 56/25
EPS 3.25 3.99 1.81 2.78 4.66
NSE 88/48 68/40 57/41 57/33 59/26

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoM Sales Product
Value Mix Sales 190.01 148.04 126.95 128.78 139.75
Income From Housing Finance - 176.44 94.37 Oper. Profit 172.60 132.45 111.59 112.17 127.53
Interest - 5.35 2.86 PAT 30.10 26.95 21.12 20.70 21.58
Fees & Other Charges - 5.09 2.72 Equity 20.49 20.49 20.49 20.49 20.49
Income From Sale Of Share & Securities - 0.07 0.03 EPS 14.69 13.16 10.31 10.10 10.54
B.V 96.55 84.78 74.47 67.08 62.66

• Registered Ofce: No 29/1,1st Floor, Sri M N Krishna Rao Road, Basavanagudi, Bangalore, Karnataka - 560004
Tel: 26564259, 26565747, 26568687, Fax: 26565746, E-mail: cann@bgl.vsnl.net.in
• CEO: Venkataramaiah • Business Group: Joint Sector Holding • Industry: Finance - Housing

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COMPANY ANALYSIS 203

Allsec Technologies
Allsec Technologies is a third party BPO Company offering
both voice and non-voice services on a blended delivery platform. Investor Returns
It has expertise in BFSI, Tech Support, Quality Assurance and FY07 FY06 FY05 FY04 FY03
HR Processing domains. It has three wholly owned subsidiaries: Rights Issue N.A. N.A. N.A. N.A. N.A.
Allsectech Inc, USA, B2K Corp Pvt. Ltd. The principal market of Splits N.A. N.A. N.A. N.A. N.A.
the company is concentrated in the USA, and export constitutes Dividend (%) 50 50 N.A. N.A. N.A.
around 95 per cent of the revenue. Further, it proposes to expand Bonus ratio N.A. N.A. N.A. N.A. N.A.
its 150 seats operation to 750 seats by Jan’08. For the quarter
ended Dec’07, the net sales declined by 15.50 per cent to Rs Last Five Quarters
23.01 crore from Rs 27.23 crore in the corresponding quarter last
year. In line with this, net loss reported at Rs 6.76 crore. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 23.01 28.15 25.90 27.56 27.23
High / Low Trends Oper. Profit -3.17 -0.75 5.24 8.02 7.99
2007 2006 2005 2004 2003 Net Profit -6.76 -1.77 4.57 6.99 6.96
Equity 15.24 15.24 15.24 15.24 15.23
BSE 377/116 299/142 305/111
EPS -4.44 -1.16 3.00 4.59 4.57
NSE 374/115 298/160 307/118

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY04
Product Name Sales Qty UoM Sales Product
Value Mix Sales 113.28 92.26 57.55 41.45 24.94
I T Enabled Services - 113.28 100.00 Oper. Profit 32.62 26.72 16.35 11.55 -10.21
PAT 28.13 21.64 11.86 7.38 -16.50
Equity 15.24 12.09 8.82 17.68 4.36
EPS 18.46 17.90 13.44 4.18 -37.88
B.V 109.60 58.59 20.36 6.24 -23.88

• Registered Ofce: 7H Century Plaza, 560-562 Anna Salai, Teynampet, Chennai (Madras), Tamil Nadu - 600018
Tel: 22447070, Fax: 22447077, E-mail: investorcontact@allsectech.com
• CEO: R Jagadish • Business Group: Not Applicable • Industry: IT Enabled Services

Everest Industries 204

Everest Industries was incorporated in the year 1934 as
Asbestos Cement Ltd with its first manufacturing facility at Investor Returns
kymore in Madhya Pradesh. Today the company is well known for FY07 FY06 FY05 FY04 FY03
providing a range of solutions for all building construction needs. Rights Issue N.A. N.A. N.A. N.A. N.A.
Its daily turnover is of Rs 303 crore with 5 major production Splits N.A. N.A. N.A. N.A. N.A.
facilities. The company has also captured growth export market Dividend (%) 40 30 50 325 30
in Europe, Africa, Australia & Asia. For the quarter ended Bonus ratio N.A. N.A. N.A. N.A. N.A.
Sept’07, the net sales of the company dropped by 7.55 per cent
to Rs 57.42 crore as against Rs 62.11 crore reported a year ago. Last Five Quarters
However, the net profit surged by 33.33 per cent to Rs 1.72 crore
as compared to Rs 1.29 crore a year ago. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 69.04 57.42 80.16 82.64 78.71
High / Low Trends Oper. Profit 3.27 1.96 9.59 5.25 3.60
2007 2006 2005 2004 2003 Net Profit 6.94 1.72 5.32 2.66 0.38
Equity 14.80 14.80 14.80 14.80 14.80
BSE 153/83 228/96 228/120 152/55 127/23
EPS 4.69 1.16 3.59 1.80 0.26
NSE 152/81 248/90 225/122 153/55 128/23

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoMSales Product
Value Mix Sales 303.38 252.58 227.75 199.48 209.92
Fibre Cement Products 396483.00 Metric Tonnes 306.73 94.14 Oper. Profit 28.48 43.03 35.87 27.15 25.84
Other Materials (Traded) - 10.64 3.26 PAT 11.66 31.13 19.17 59.57 9.51
Prefab - 8.42 2.58 Equity 14.80 14.80 14.80 14.80 14.80
EPS 7.88 21.03 12.95 40.25 6.42
B.V 90.89 87.06 72.95 64.38 59.21

• Registered Ofce: Gate No.152, Lakhmapur,, Taluka Dindori, Nasik, Maharashtra - 422202
Tel: , , , Fax: , E-mail: info@everestind.com/compofcer@everestind.com
• CEO: ML Gupta • Business Group: ACC Group • Industry: Cement - Products/Building Materials

306

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 205

Sathavahana Ispat
Sathavahana Ispat was incorporated in the year 1989. The
company is engaged in manufacturing and selling of pig iron, which Investor Returns
is used in the manufacture of steel and foundry grade pig iron used FY07 FY06 FY05 FY04 FY03
in making castings. The company has pig iron and metallurgical Rights Issue N.A. N.A. N.A. N.A. N.A.
coke manufacturing capacity of 210,000 MT and 150,000 MT Splits N.A. N.A. N.A. N.A. N.A.
respectively. As a part of forward integration, the company has Dividend (%) 10 5 12 12 6
planed to invest Rs 86 crore for expanding metallurgical coke facility Bonus ratio N.A. N.A. N.A. N.A. N.A.
by 150,000 TPA and co-generation power facility by 10 MW at
Kudithini plant. For the quarter ended Sept’07 net sales decreased by Last Five Quarters
22.42 per cent y-o-y to Rs 61.5 crore while the company reported a
5.94 per cent y-o-y decline in net profit to Rs 6.33 crore. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 82.08 61.50 74.60 59.96 60.12
High / Low Trends Oper. Profit 14.83 12.28 6.37 8.80 4.86
2007 2006 2005 2004 2003 Net Profit 9.68 6.33 5.30 -1.22 3.32
Equity 26.30 26.30 26.30 26.30 26.30
BSE 86/27 39/15 54/21 54/17 36/5
EPS 3.68 2.41 2.02 -0.46 1.26
NSE 86/27 33/31

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoM Sales Product
Value Mix Sales 243.20 181.63 176.95 129.42 72.00
Pig iron 157363.00 MT 284.59 99.86 Oper. Profit 31.21 9.85 44.07 29.52 10.17
Metallurgical Coke 272.00 MT 0.22 0.07 PAT 14.04 0.29 26.40 21.96 4.21
Slag 8218.00 MT 0.16 0.05 Equity 26.30 26.30 26.30 26.30 26.30
EPS 5.34 0.11 10.04 8.35 1.60
B.V 34.80 30.63 31.09 22.42 15.37

• Registered Ofce: 314, Sri Rama Krishna Towers, Nagarjuna Nagar, Ameerpet, Hyderabad, Andhra Pradesh - 500073
Tel: 23730812 - 23730814, Fax: 23730566, E-mail: sathavahana@eth.net
• CEO: A Naresh Kumar • Business Group: Not Applicable • Industry: Steel - Pig Iron

BLB 206
BLB was incorporated in 1981. It is a part of BLB group, a
financial investment company. The company is engaged in the Investor Returns
business of stock trading and holds corporate membership of BSE, FY07 FY06 FY05 FY04 FY03
NSE and other exchanges. The main activity is jobbing and arbitrage Rights Issue N.A. N.A. N.A. N.A. N.A.
and its other services include research reports, IPO analysis, financial Splits N.A. N.A. N.A. N.A. N.A.
market education and real estate. The company is also a depository Dividend (%) 10 10 N.A. N.A. N.A.
participant with NSDL and CDSL. It has three subsidiaries namely Bonus ratio N.A. N.A. N.A. N.A. N.A.
BLB Realty Ventures, BLB Institute of Financial Markets and BLB
Global Business. For the quarter ended Dec’07, the net sales and the Last Five Quarters
net profit of the company jumped by 27.87 per cent and 760.34 per
cent to Rs 428.69 crore and Rs 30.37 crore respectively. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 428.69 456.53 410.31 335.90 335.26
High / Low Trends Oper. Profit 31.49 14.19 5.35 1.87 4.36
2007 2006 2005 2004 2003 Net Profit 30.37 13.73 7.89 0.90 3.53
Equity 5.29 5.29 5.29 5.29 5.29
BSE 69/9 27/7 21/6 10/5 11/2
EPS 5.74 2.60 1.49 0.17 0.67
NSE 70/10 24/8 21/5 10/5 11/3

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoM Sales Product
Value Mix Sales 111.94 84.62 33.19 46.14 15.55
Income From Sale Of Share & Securities - 111.94 100.00 Oper. Profit 10.31 16.67 -5.16 20.00 4.54
PAT 7.49 13.75 -8.73 9.87 1.11
Equity 5.29 5.29 5.29 5.29 5.04
EPS 1.42 2.60 -1.65 1.87 0.22
B.V 16.07 14.78 12.30 13.98 12.66

• Registered Ofce: 4764/23-A, Ansari Road, Daryaganj, New Delhi, Delhi - 110002
Tel: 23258513 23278907 32968110 329, Fax: 23283159, E-mail: investorscomplaints@gmail.com
• CEO: Brij Rattan Bagri • Business Group: Not Applicable • Industry: Finance - Investments

Mid-Cap
Dalal Street 400 Journal
Investment 307 152

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 201

Wanbury
Wanbury undertakes the manufacture and sale of
pharmaceuticals, medicines, drugs and organic chemicals. A Investor Returns
substantial portion of the production is intended for exports. FY07 FY06 FY05 FY04 FY03
Wander Ltd. founded in 1865 has now become the Formulations Rights Issue N.A. N.A. N.A. N.A. N.A.
Division of Wanbury catering the domestic market. Pearl Splits N.A. N.A. N.A. N.A. N.A.
Organics was incorporated in 1994 as a public limited company. Dividend (%) 20 20 10 N.A. N.A.
Today, bulk drug division is the largest producer of Metformin Bonus ratio N.A. N.A. N.A. N.A. N.A.
hydrochloride in the world. The gross sales of the company for
Sept’07 quarter increased by 66.51 per cent yoy to Rs 57.28 crore Last Five Quarters
while net profit increased by 58.12 per cent to Rs 6.04 crore.
Dec07 Sep07 Jun07 Mar07 Dec06
Sales 56.14 57.28 50.11 47.98 35.76
High / Low Trends Oper. Profit 5.64 8.76 7.14 6.28 2.69
2007 2006 2005 2004 2003 Net Profit 7.22 6.04 5.45 11.38 3.59
Equity 13.78 13.58 13.38 12.75 12.75
BSE 164/99 174/55 267/112 77/21 53/5
EPS 5.24 4.45 4.07 8.92 2.81
NSE 168/100

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoM Sales Product
Value Mix Sales 151.28 112.76 74.39 53.62 23.71
Bulk Drugs 4499.03 MT 92.76 61.29 Oper. Profit 21.29 16.90 11.76 5.57 4.30
Tablets 61.19 Lakhs Num. 20.06 13.25 PAT 20.83 10.73 7.01 2.63 0.97
Capsules 18.14 Lakhs Num. 12.41 8.20 Equity 12.75 12.75 9.49 1.93 3.85
Liquids (Formulations) 256.10 Kilolitres 11.98 7.91 EPS 16.34 8.42 7.39 13.66 2.52
Other Operating Income - 7.49 4.94 B.V 80.37 55.71 22.08 39.16 15.93

• Registered & Head Ofce: BSEL Tech Park, B-Wing, 10th Floor, Sector 30 A, Opp. Vashi Railway Station, New Mumbai,
Maharashtra - 400705 Tel: 67942222, Fax: 67942111/333, E-mail: shares@wanbury.com
• CEO: CM Bhatankar • Business Group: Not Applicable • Industry: Pharmaceuticals

Can Fin Homes 202

CFHL was promoted in 1987 by Canara Bank along with
HDFC, UTI and now NHB also. It provides long-term housing Investor Returns
loans to individuals or corporate bodies. In the open offer by FY07 FY06 FY05 FY04 FY03
CFHL, Indbank Merchant Banking Services Ltd for and on behalf Rights Issue N.A. N.A. N.A. N.A. N.A.
of Canara Bank (Acquirer) is going to acquire 43,14,246 fully paid Splits N.A. N.A. N.A. N.A. N.A.
up equity shares in CFHL at a revised offer price of Rs 78 per share Dividend (%) 25 25 25 25 25
from the earlier price of Rs 58 per share. For the quarter Dec’07, Bonus ratio N.A. N.A. N.A. N.A. N.A.
company’s interest income increased by 12.73 per cent to Rs 55.79
crore, whereas expenses dropped by 27.85 per cent to Rs 3.29 crore. Last Five Quarters
The net profit stood at Rs 6.67 crore, with a decline of 30.08 per
cent from Rs 9.54 crore of quarter Dec’06. Dec07 Sep07 Jun07 Mar07 Dec06
Sales 55.79 56.20 52.37 50.46 49.49
High / Low Trends Oper. Profit 52.49 53.33 48.90 46.11 44.94
2007 2006 2005 2004 2003 Net Profit 6.67 8.18 3.70 5.69 9.54
Equity 20.49 20.49 20.49 20.49 20.49
BSE 88/48 68/40 60/38 57/33 56/25
EPS 3.25 3.99 1.81 2.78 4.66
NSE 88/48 68/40 57/41 57/33 59/26

Product Mix (Year = Mar 2007) Financial Highlights

FY07 FY06 FY05 FY04 FY03
Product Name Sales Qty UoM Sales Product
Value Mix Sales 190.01 148.04 126.95 128.78 139.75
Income From Housing Finance - 176.44 94.37 Oper. Profit 172.60 132.45 111.59 112.17 127.53
Interest - 5.35 2.86 PAT 30.10 26.95 21.12 20.70 21.58
Fees & Other Charges - 5.09 2.72 Equity 20.49 20.49 20.49 20.49 20.49
Income From Sale Of Share & Securities - 0.07 0.03 EPS 14.69 13.16 10.31 10.10 10.54
B.V 96.55 84.78 74.47 67.08 62.66

• Registered Ofce: No 29/1,1st Floor, Sri M N Krishna Rao Road, Basavanagudi, Bangalore, Karnataka - 560004
Tel: 26564259, 26565747, 26568687, Fax: 26565746, E-mail: cann@bgl.vsnl.net.in
• CEO: Venkataramaiah • Business Group: Joint Sector Holding • Industry: Finance - Housing

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 EDITORIAL INDEX
Company Name Page
Raj Television Network . ............................. 358
Rajapalayam Mills . .................................... 247
Rajshree Sugars & Chemicals . ................. 297
Rama Newsprint and Papers . ................... 254
Ramco Systems . ....................................... 372
Ramkrishna Forgings ................................ 268
Ramsarup Industries . ................................ 157
Rane Engine Valves . ................................. 337
Rane Holdings . .......................................... 380
RayBan Sun Optics India . ......................... 321
RDB Industries . ......................................... 345
Refex Refrigerants . ................................... 366
Remi Metals Gujarat .................................. 344
Renaissance Jewellery .............................. 240
Repro India . ............................................... 381
Revathi Equipment . ................................... 278
Ricoh India . ............................................... 294
Riddhi-Siddhi Gluco Biols . ......................... 241
EDITORIAL INDEX
Rohit Ferro-Tech ........................................ 246
Roman Tarmat . .......................................... 341
Royal Orchid Hotels . ................................. 242
RPG Cables . ............................................. 385
RPG Life Sciences . ................................... 387
RSWM . ...................................................... 156
S Sunteck Realty & Infrastructure ................. 369
Saint-Gobain Sekurit India . ....................... 356
Sakthi Sugars . ........................................... 201
Salora International . .................................. 250
Sandesh . .................................................. 357
Sandur Manganese & Iron Ores ................ 340
Sangam (India) . ......................................... 230
Sanghvi Movers.......................................... 160
Sat Industries . ........................................... 397
Sathavahana Ispat . ................................... 307
Satra Properties (India) .............................. 314
Saurashtra Cements . ................................ 206
SEL Manufacturing Company .................... 303
Selan Exploration Technology . .................. 342
Seshasayee Paper & Boards . ................... 215
Setco Automotive . ..................................... 368
Shalimar Paints . ........................................ 368
Shanthi Gears ............................................ 188
Sharon Pharma Chem ............................... 291
Shasun Chemicals & Drugs . ..................... 178
Shilpa Medicare Limited ............................. 396
Shiva Cement . ........................................... 382
Shree Ashtavinayak Cine Vision ................ 269
Shrenuj & Company . ................................. 161
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Company Name Page
Shreyas Shipping & Logistics . ................... 267
Shri Lakshmi Cotsyn ................................. 203
Shringar Cinemas ...................................... 314
SI Group - India . ........................................ 326
SIEL . .......................................................... 391
Siemens Medical Sol. Diagnostics . ........... 382
SIL Investments . ........................................ 378
Silverline Technologies . ............................. 329
Sirpur Paper Mills . ..................................... 344
SMS Pharmaceuticals . .............................. 274
Solvay Pharma India . ................................ 275
South Asian Petrochem .............................. 263
Southern Petrochemicals Ind. Corp. ......... 376
Sparsh BPO Services ................................ 276
Spice Mobiles . ........................................... 365
SQL Star International . .............................. 403
Sree Rayalseema Alkalies & Allied Chem. 280
Srinivasa Shipping & Property Deve. . ....... 362
Steel Strips & Wheels ................................ 308
Stone India . ............................................... 396
Sujana Metal Products . ............................. 227
Sujana Universal Industries ....................... 202
Sulzer India . .............................................. 360
Sunil Hitech Engineers . ............................. 301
Super Spinning Mills .................................. 328
Suprajit Engineering . ................................. 383
Supreme Infrastructure India . .................... 376
Supreme Petrochem . ................................ 164
Su-Raj Diamonds & Jewellery . .................. 260
Suraj Stainless .......................................... 165
Surana Corporation Limited ....................... 264
Surana Industries . ..................................... 163
Surya Pharmaceuticals . ............................ 281
Surya Roshni . ............................................ 259
Suryachakra Power Corporation . .............. 337
Sutlej Textiles & Industries ......................... 256
Swaraj Engines . ........................................ 258
Swaraj Mazda ............................................ 217
T Wanbury . ................................................... 305
Tamilnadu Petroproducts ........................... 310
Tantia Constructions . ................................. 292
Tata Coffee . ............................................... 155
Tata Sponge Iron . ...................................... 193
Tayo Rolls Limited ...................................... 317
Technocraft Industries (India) . ................... 234
Temptation Foods . ..................................... 347
Themis Medicare . ...................................... 331
Company Name Page
Thiru Arooran Sugars . ............................... 400
Thirumalai Chemicals . ............................... 212
Timex Group India . .................................... 313
Tinplate Company of India ......................... 260
Torrent Cables . .......................................... 261
Tourism Finance Corporation of India . .......311
Tricom India . .............................................. 388
Triton Corp ................................................. 309
TTK Prestige . ............................................ 299
Tudor India . ............................................... 381
Twilight Litaka Pharma . ............................. 322
U
U P Hotels . ................................................ 370
UB Engineering . ........................................ 341
Ucal Fuel Systems . ................................... 315
Ultramarine & Pigments . ........................... 369
Universal Cables . ...................................... 235
Ushdev International . ................................ 324
Usher Agro . ............................................... 375
Uttam Sugar Mills . ..................................... 335
V
Vakrangee Softwares . ............................... 243
Valecha Engineering .................................. 224
Varun Industries ......................................... 225
Venky’s (India) . .......................................... 285
Venus Remedies . ...................................... 221
Viceroy Hotel . ............................................ 320
Videocon Appliances . ................................ 271
Vikash Metal & Power . .............................. 386
Vimta Labs ................................................. 317
Vindhya Telelinks . ...................................... 390
VIP Industries . ........................................... 220
Visaka Industries . ...................................... 295
Vishal Exports Overseas . .......................... 354
Vishesh Infotechnics................................... 394
Vishnu Chemicals . ..................................... 354
VLS Finance . ............................................. 395
W
W S Industries (India) . ............................... 334
Wendt India . .............................................. 404
West Coast Paper Mills . ............................ 162
Wheels India .............................................. 185
Z
Z F Steering Gear (India) . ......................... 287
Zenith Birla (India) . .................................... 248
Zensar Technologies ................................. 182
Zicom Electronic Security Systems ........... 320
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