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| Company |
Vision Organics
|
| Market Price |
Not listed |
| Lead manager |
Fedex Securities
|
| Listing At |
Vadodara, BSE, NSE
|
| Opening/Closing |
October 19/October 21
|
| Promoters |
Jatin H Shah, Nayana Shah
|
| Associate Co. |
Aims Chemicals Pvt Ltd
|
| Managing Director |
Jatin H Shah
|
| Post-issue Stake |
64.97%
|
| Issue |
|
| Size |
Rs 415 million
|
| Price |
Rs 40 |
| On Application |
Rs 10
|
| On Allotment |
Rs 30
|
| Objective |
Expand capacity, working capital
|
| Business |
|
| Current |
PVC plasticizers manufacturing
|
| Project |
Capacity expansion
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| Location |
Vadodara
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| Project cost |
Rs 334.13 million
|
| Funded by |
Equity, term loan, internal accruals |
| Kensource projections |
(2001) |
| Sales |
Rs 1010 million
|
| Profit |
Rs 76 million
|
| Earnings per share |
Rs 7.32
|
| Forward P/E |
5 |
| Post-issue equity |
Rs 103.5 million
|
| Return on equity |
29%
|
| Comment |
Turnover growth has slowed down, poor profit margins. Industry growth is only 8-9%. Not much upside from this price
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| Rating *
|
D
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* A=Subscribe & Hold; B = Subscribe & Watch; C=Subscribe & Sell; D = Avoid; E = Buy post-listing
By Kensource Information Services Pvt Ltd.
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