If you get interested in a company and you read the annual report, you will have done more than 98% of the people on Wall Street. And if you read the footnotes in the annual report you will have done more than 100% of the people on Wall Street.
Recently the official websites of the stock exchanges have started providing the soft-copy of the annual reports for downloads. As the same has begun from this year itself, thus not all the annual reports are available on the websites, but the same is expected to be made available for most of the companies as the time elapses. At present the annual reports are available for about 30% of the companies.
The complicated way:
1) Using BSEINDIA website: Search for the stock on Bse India >> Select Annual Reports from bottom right corner (where the snapshot of financials is given) >> Select your annual report.
2) Using NSEINDIA website: Search for the stock on Nse India >> Select Annual Reports from extreme bottom of the page >> Select your annual report.
The Easier Way:
Use Dalal-Street Screener at: http://www.screener.in
To make it easy for you we have set up a small application which searches for the annual reports both at BSE India and NSE India as well as other sources and provide the download link 🙂 . Also, the search feature on both the above sites (BSE and NSE) is too buggy; to solve the same you can search for any part of the name OR even the script code (eg. 532701 for BSE Listed Company or MANGCHEFER for NSE Listed Company) on Dalal-Street Screener.
Do share any other site if any which provides free annual reports through comments. Also please leave your feedback for Dalal-Street Screener or any queries through comments.
PS: Earlier the link for the above web-application was http://reader.dalal-street.in. The same has been moved and integrated with our Screener app to provide even better functionality.
Riddhi Siddhi Gluco Biols is the largest producer of Starch & starch derivatives in India. The company has a market share of more than 25%.The most interesting thing about the growth of this company is – the promoters have build everything in just 20 years. They started from scratch in 1990 and today they control 25% market share and do a turnover of 750 Cr+. They now have three strategically located plants spread across different areas so that they can cater to customers across the County in the most efficient manner.
Starch & starch derivatives find application in diverse industries like – Paper, Textile, Pharmaceuticals, Adhesives, and Confectionery etc. Hence the characteristics of this industry is more like FMCG industry i.e.. the demand is ever increasing. The industry is expected to grow @ 15%+ for next few years. Riddhi Siddhi has been growing consistently with CAGR of 30% for last 5 years.
In India the per capita consumption of Starch is quite low as compared to the developed nations. The consumption is picking up every year. Another opportunity area is – as of now only 40 types of applications are done with Starch in India, while worldwide more than 1000 applications are there. So the company has a potential to do lot of value addition and grow.
If one analyses the past 10 year track record of the company, the company has had a wonderful CAGR of 27.58%. Very few companies can claim such growth rates. Operating profits & Net Profit CAGRs are even better.
A close look at the Balance Sheet of last ten year also gives some interesting insights –
- The company had been growing by way of debt till the year 2005 and the balance sheet was quite leveraged. Debt equity was as high as 3.62.
- In 2006, the company got equity participation from one of the biggest company in this business – Roquette. The French major took a 15% stake in the company.
- Since then the debt problems reduced and the debt equity ratio has been steadily decreasing. The debt equity ratio is now expected to be close to 1 now.
In year 2008 & 2009, the company had a couple of tough years. Since then the company has been witnessing strong topline and operating margin growth. They have been using the cash flows in expanding the swiftly reducing the debt to make the Balance Sheet stronger. In 2009 & 2010, due lower interest costs, the increased operating profits are making direct impacts at Net Profit levels. This trend is expected to continue.
People feel that this business is cyclical. But a closer analysis of P/L for last 10 years reveals that the margins remain between 13-16%. So we should use these margins for calculating the fair value.
- For Year 2011, we expect the company to do a turnover of close to 900 Cr.
- At operating margins of close to 15%, the company may be able to post a Net Profit of 60-65 Cr, resulting into an EPS of 53-58.
- At CMP of 285, the stock is available at a forward PE of less than 5.50
- The company has a strong BV of 175.
- Company has paid a dividend of Rs 5/share.
There were recent articles in media that the French partner of the company – Roquette (already holding close to 15%) wants to increase its stake to 51%. If so, it could lead to value unlocking and better future prospects.
with your support and good wishes, we are being able to open our new Branch Office at Lucknow.
“Mittal & Co.” – members of UPSE (Uttar Pradesh Stock Exchange) and business associates of “Asit C. Mehta”, has been encouraging value investing since seventies and entered the brokerage business in 1982 (yeah, this is our 28th year). With the support of our esteemed clients, teamwork of most enthusiastic employees and hard work done by everyone, the good has just got better.
You are invited to join us at this wonderful moment.
Investing in the heart of the city has become easier now.
We will soon be posting the pictures of the new office for our readers who might not be able to join us on the opening ceremony.
Keep your wishes coming,
from whole team of “Mittal & Co.”
Hahaha, awesome video, something that’s very true. and missed by many investors.
Promoter’s Holding form a very important part in the stock analysis. Stocks with large Promoter Holding generally shows that a business is run by a family.
The factor that usually works in favour of companies with large promoter holdings is the fair amount of confidence in the promoters. The reason is that promoters are holding a significant chunk of their stock and low free float always helps the stock rally up.
Thus when it was analysed by Business Line and Money Control, stocks with the large Promoter Holding (50%-80%) clearly out-performed the stocks with the lower Promoter Holding.
We would like to share a list of changes in Promoter Holding during the quarter. The names are interesting and surely worth a look:
Continue reading Changes in Promoter Holding
Dear readers, it has been more than a month since we last posted. Sorry for such a long wait.
While we were on official tours, audits and working on presentations, the world kept changing. A budget was presented, RPG group proposed the merger of its listed finance companies, Google Finance introduced many new features, Michael Jackson died mysteriously and much more. We will discuss about some of these events in upcoming posts.
Also, during this time, we were working on a new stock screener for our readers. We tried collecting past five years data of around 3500 companies. We are planning to release it within this week. Will love to have your views on it.
CHI Investments has hit an another upper circuit closing at Rs.44.25. What a wonderful ride it is going on.
We recommended CHI Investments on 15th May on this blog, when its price was Rs.25.
CHI Investments may reach Rs.70 in near future and the old investors should start reducing their average costs (and enter into other value picks). However, we still recommend in holding a major part of the stock for a long term.
The real beauty of the stock is that it is still discounted at around 85% as KEC (forming 50% of its portfolio) too has seen a similar price rise. Seeing the recent trend, it wont be hard for the stock to reach the optimum levels and reduce the discounting.
Keep circuiting up CHI Investments!
More than 50 quarterly results are announced these days, how to keep track of them ? We use the RSS Feeds created by us to scan through the results. Dad uses the RSS Feeds in Firefox Bookmarks bar and once in a day goes through the list of the latest results.
Continue reading The results season has arrived – start the scan
The evaluation process by banks are one of the most comprehensive evaluations and can be used to evaluate almost any company. The presentation below tries to cover this process in few slides. The various topics covered include evaluation of companies, management rating, economics, risks and cash flow study.
Continue reading An Insight of a Term Loan Evaluation by a Bank
Formal education will make you a living; self-education will make you a fortune. – Jim Rohn
DAD had been into the markets for more than past 25 years. He successfully surfed the tides when others struggled. Being a broker cum investor for more than past 25 years, he has more experience than many books might teach. Below are his “5 Trading Mantras” which you probably have never read in any book of investing.
Continue reading “5 Trading Mantras” from Dad