A review of SME exchanges and Stocks listed thereon 01 Mar 2018

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What are SMEs?

SME stands for Small, Micro & Medium Enterprise. An SME is defined under the MSME Act, 2006, as a company whose maximum investment in its plants does not
exceed Rs 10cr. SMEs are smaller business units, which are the driving force for economic growth in India. Like any other large economy, India too has a fair share of
SMEs which constitute a bulk of the industrial base, and also contribute significantly to exports and GDP of the country. Today, Indian SMEs operate in sectors ranging
from the traditional to modern, competing with the best globally. SMEs in new sectors in the prevailing economy like IT, ITES, retailing, education, entertainment, media
and the like represent the new and modern face of India.

What is an SME Exchange and when was the concept introduced in India?
An SME Exchange is a trading platform of a recognized stock exchange, with nationwide trading terminals authorised by SEBI to list securities (shares) of corporates
from the MSME sector. The framework for SME platforms to serve small and medium-sized enterprises on stock exchanges was established by SEBI vide its circular
dated 18-May-2010. In 2011, BSE and NSE received approval for setting up their respective SME platforms, and subsequently BSE SME and NSE Emerge were launched.
As of today, a total of 228 companies have been listed on BSE SME exchange, and 45 of these have already been migrated to the mainboard exchange. Similarly, ~ 121
companies currently trade on NSE Emerge, and only two of these have till date been migrated to mainboard NSE exchange.

What are the criteria for a company to be listed on the SME exchanges?
A private limited company, proprietary firm or a partnership firm firstly needs to be converted into a Public Limited Company to be listed on the BSE SME Exchange or
NSE's Emerge. Both the exchanges have their own eligibility criteria for SME listings, apart from the requirement of compulsory dematerialisation of securities and 100%
underwriting.
I. Parameters for listing on the BSE SME Exchange are:
- Minimum net tangible assets of Rs 3cr
- Minimum net worth of Rs 3cr
- Post-issue paid up capital of at least Rs 3cr and not exceed Rs 25cr;
- The minimum application and trading lot size should be at least Rs 1 lakh
II. Parameters for listing on NSE’s SME platform, namely Emerge:
- The post-issue paid up capital not to exceed Rs 25cr;
- The company should be operational for at least three years
- The company should have positive cash accruals (EBDT) from operations for at least two financial years, with a positive net worth
- There should be no petition for winding up against the applicant company

What benefits attract MSMEs to go public?

Although the major benefit of being listed on an SME exchange for corporates is the ease of availing funds for growth of its business, there are several other attractive
propositions which have boosted the number of listings on both the SME platforms in India. Major benefits include:

1. Ease of access to capital and financing opportunities: SMEs, by virtue of the nature and working patterns of their industry were unable to tap markets to raise
equity and debt to fund their projects. Some of these viable greenfield projects are unable to be implemented or executed owing to limited availability of funds. With
the easing of IPO norms for SMEs, they found a solution for the fund-raising problem. SME listing provides an avenue to raise capital through equity infusion for
growth-oriented SMEs

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2. Sourcing debt also becomes easier: Listing gives recognition and a sense of safety to lenders owing to corporate governance requirements. This helps listed SMEs
raise debt with ease. Further, listed securities can be collateralised by the promoter to secure loans which can be then be infused in the business.
3. Lesser regulatory controls: As against an IPO on the mainboard exchanges, an SME IPO has many relaxations in norms in terms of regulatory supervision and
controls, both at the time of the launch of the IPO and on routine compliance under the listing agreement and regulations.
4. Enhanced visibility and credibility: Listing provides SMEs with the benefit of greater credibility and enhanced financial status, leading to higher valuation of the
company on one hand, and improved customer-client credibility on the other. Even banks and financial institutions prefer to fund a listed SME as against an unlisted
one.
5. Option for inorganic growth opens up: Equity financing provides growth opportunities like expansion, mergers and acquisitions, being cost-effective and tax-
efficient mode.
6. Migration to mainboard helps the SME get rid of the SME tag: One of the major attractions of SME IPOs remains the provision of migration to the mainboard
exchanges. Any company listed at the SME platform, after crossing the threshold of Rs 10cr capital may migrate to the mainboard exchange, and upon crossing the
Rs 25cr threshold has to mandatorily migrate to the main exchange. These companies, however, need to be traded for a minimum period of two years on the SME
platforms before they can migrate to the mainboard
7. Market making requirements: The merchant bankers to the issue will undertake market making through a stock broker who is registered as a market maker with the
SME exchange. The merchant bankers shall be responsible for market making for a minimum period of three years. The market makers are required to provide a
two-way quote for 75% of the time in a day. There will not be more than 5 market-makers for a scrip. The exchange shall prescribe the minimum spread between the
bid and ask price. During the compulsory market-making period, the promoter holding shall not be eligible in the offering to market makers. These regulations give
SMEs an edge, and induce investors to participate in such stock trading and increase the liquidity of the stock. Despite this requirement, there is no trade on some
days in about 20-25% of stocks listed on SME exchange.

What does migration from SME exchange to mainboard exchange mean? What is the eligibility criteria for migration? What are its benefits?
On meeting the requisite criteria and receiving an application, the trading of shares is shifted from the SME exchange (BSE SME / NSE Emerge) to the mainboard
exchange (BSE / NSE). The eligibility criteria for migration of shares is as follows:
1. To move up to the mainboard, the SME exchange companies have to ensure that their paid-up capital exceeds Rs 10cr, but is below Rs 25cr. In this case
however, a special resolution is to be passed, wherein non-promoter shareholders should consent with 2/3rd majority or,
2. In cases where the post-issue paid-up capital is likely to exceed Rs 25cr, the SME exchange companies shall migrate to the mainboard.

The major benefit of this migration is to come into the limelight and get a recognition of being listed on the mainboard exchange. Upon migration, we have observed
that trading volumes fall, but the risk of a drastic fall in share price owing to continuous selling pressure recedes. Further, retail investors can now participate in
investment of such shares as the lot size requirement (of >Rs.1 lakh) is no longer applicable, and the per-transaction value comes down.

The table below provides us with a view on the stocks that have migrated to the mainboard till date, and how they have performed post migration. The returns here
are CAGR and absolute, and portray that 27 of the 45 stocks migrated have given compounded positive returns post migration, and ~30 of the 45 stocks have given
an overall compounded positive return since being listed on the SME exchange.

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CMP as on 27- Return Post Total Return Return Post Total Return Annualized Total Annualized PAT
Name of scrip
02-2018 Migration (Abs) (Abs) Migration (CAGR) (CAGR) Income Rs Cr Rs Cr
Suyog Telematics Ltd 393.00 -21% 1472% -19% 96% 84.9 20.9
SRG Housing Finance Ltd 301.90 383% 1410% 67% 64% 30.3 8.0
Vishal Fabrics Ltd 666.55 163% 1381% 3729% 115% 851.4 19.6
Oceanaa Biotek industries Ltd 147.70 463% 1377% 350% 99% 51.7 7.9
Gala Global Products Ltd 352.00 103% 1367% 943% 179% 70.7 2.4
Ashapura Intimates Fashion Ltd 476.95 84% 1092% 25% 66% 321.9 64.9
B.C. Power Controls Ltd 162.15 66% 801% 491% 74% 377.7 3.1
Dhabriya Polywood Ltd 130.65 -22% 771% -26% 90% 134.8 7.1
Rudra Global Infra Products Ltd 212.00 18% 685% 104% 119% 8.0 -0.2
Jiya Eco-Products Ltd 135.20 50% 612% 248303% 111% 79.8 9.2
Ceinsys Tech Ltd 209.90 -4% 425% -25% 64% 124.2 2.9
Atishay Ltd 83.85 8% 424% 7% 63% 20.2 1.9
Captain Polyplast Ltd 150.75 144% 403% 55% 47% 126.4 5.5
RCI Industries & Technologies Ltd 183.90 3% 360% 2% 45% 2,166.4 35.9
Kushal Ltd 160.60 435% 359% 107% 40% 2,981.1 171.1
Veto Switchgears & Cables Ltd 225.05 208% 350% 49% 33% 245.2 29.1
Jupiter Infomedia Ltd 80.10 226% 301% 54% 28% 1.8 1.0
Oasis Tradelink Ltd 107.85 20% 260% 19% 42% 494.1 5.4
AGI Infra Ltd 192.00 32% 256% 1769% 54% 113.5 12.4
Akme Star Housing Finance Ltd 105.05 108% 250% 203% 53% 6.2 3.1
India Finsec Ltd 34.50 441% 245% 104% 30% 6.4 0.9
Vibrant Global Capital Limited 65.05 13% 242% 51799% 44% 7.5 0.5
Tiger Logistics (India) Ltd 212.65 34% 222% 16% 30% 294.9 8.6
Karnavati Finance Ltd 30.40 79% 204% 186% 44% 1.6 0.8
Ultracab (India) Ltd 91.50 -32% 154% -29% 32% 49.7 0.9
Mishka Exim Ltd 25.00 -18% 150% -49% 42% 10.8 -0.3
Sanco Industries Ltd 37.85 -64% 110% -56% 21% 146.4 4.1
Sangam Advisors Ltd 35.95 221% 63% 51% 9% 1.5 0.5
Chemtech Industrial Valves Ltd 19.20 16% 28% 77% 6% 56.8 -2.3
Comfort Commotrade Ltd 11.56 -3% 16% -2% 3% 105.0 4.1
Aanchal Ispat Ltd 17.35 25% -13% 36% -4% 409.2 1.1
Anubhav Infrastructure Ltd 9.03 -18% -40% -22% -15% 0.7 0.0
Silverpoint Infratech Ltd 8.06 7% -46% 3% -13% 0.5 -0.1
Funny Software Ltd 6.96 -53% -50% -71% -22% 1.4 0.1
VCU Data Management Ltd 12.12 -21% -52% -22% -15% 6.4 1.4
Looks Health Services Ltd 16.45 -5% -59% -3% -14% 2.2 0.4
Amsons Apparels Ltd 3.69 -56% -63% -62% -27% 2.9 0.0
Sunstar Realty Development Ltd 6.61 -86% -67% -97% -20% 2.5 0.8
Lakhotia Polyesters (India) Ltd 8.76 4% -75% 2% -25% 18.8 0.0
Satkar Finlease Ltd 3.34 52% -81% 23% -32% 0.7 0.0

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Kavita Fabrics Ltd 7.10 -10% -82% -4% -29% 5.2 0.1
eDynamics Solutions Ltd 3.00 -49% -88% -27% -36% 1.3 0.1
VKJ Infradevelopers Ltd 1.48 -53% -94% -30% -47% 4.1 0.1
Bronze Infra-Tech Ltd 0.85 -98% -94% -72% -42% 0.6 -0.0
Anshu's clothing Ltd 1.39 -69% -95% -32% -42% 2.4 -11.0
(Source: Capitaline, HDFCSec)
How do investors benefit from SME exchanges? Where do they need to be careful?
SME exchanges not only enable small businesses to raise funds with ease, but also allow the risk-seeking investors to take calculated calls on businesses they feel can
grow enough to satiate their return requirements. Key attractions for the investors would include the following:
1. Easier liquidity and exit: Through SME exchanges, PE investors can easily enter and exit their investments. Seed stage is when funds are most required for any
business, and that is when the PE investors step in. However, one of the concerns regarding such an investment is the absence of the possibility to liquidate
investments whenever desired. Such investments generate superior returns, but include additional risks of liquidity and volatility (due to circuit limits, large lot
size and limited depth on certain days). Listing would provide liquidity to shareholders, and at the same time, would offer exit options to venture capital and
private equity investors.
2. Tax benefits: It is known to all investors that the tax benefit entailed in a transaction involving exchange-traded securities is higher than the unlisted securities.
Although the benefit of 0% taxation on long-term capital gains has been withdrawn as per the proposal made in Budget 2018, the benefit for STT paid exchange-
traded securities prevails. The long-term capital gains are taxed at 10%, whereas the short-term capital gains are taxed at 15% for STT-paid securities, as against
the normal 20% for long-term and 30% for short-term gains.
3. Well managed companies can deliver superior returns: A good corporate governance-bearing company can reward investors in this segment for the risks taken.
Small capex can yield high growth organically for such companies. Also, at times, a small but strongly positioned player may fetch premium valuations for
buyouts and may deliver good returns to patient investors.
4. Tax benefits to flow in for smaller players: SME business with revenues <Rs 250cr would benefit from the concessional tax rate announced in the current year’s
budget. This can draw higher investment in such small businesses from various groups of investors looking to benefit from this concessional tax rate.
5. Average number of shareholders in all SME companies is ~265, while the median number is ~185. This low number has its own implication on liquidity, volatility,
and depth, which in turn affect the impact costs on entry/exit of a large number of shares.
6. Regulatory requirements: As compared to the listing/compliance norms for a mainboard listed company, a SME company has to face lower levels of regulations.
Key differences include the minimum number of subscribers (50 in SME vs 1000 in mainboard), IPO underwriting (Mandatory with minimum 15% subscription by
merchant banker in SME vs non-mandatory in mainboard), offer document vetting (by exchange in SME vs SEBI in mainboard), result declaration (bi-annually in
SME vs quarterly in mainboard). However absence of regular disclosures could result in a lopsided awareness of the company’s current businesses and prospects
impacting minority shareholders’ interest at times.
Which are the companies to track from the currently listed SMEs?
It would be unfair to make a list based on a single criteria. In view of the same, we have formulated and presented the following tables:
1. Qualified Institutional Buyers’ interest w.r.t. any initial offering instills confidence in such company and the industry to which it belongs. The following table
enlists the companies whose IPOs attracted QIBs and also lists down the current QIP holdings in such companies. The list further contains companies which
initially missed QIB’s radar but later the QIB’s bought/upped their stake in said companies.

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Sr No Company Name Industry QIB Subscription Institutional Holding (%) Listing Date
1 Mitcon Consultancy & Engineering Services Ltd Miscellaneous 0.0 37.1 01-11-2013
2 Opal Luxury Time Products Ltd Miscellaneous 1.2 28.4 12-04-2013
3 Jash Engineering Ltd Engineering 2.5 16.1 11-10-2017
4 Thejo Engineering Ltd Engineering 0.0 13.7 18-09-2012
5 Shanti Educational Initiatives Ltd Miscellaneous 0.0 12.8 14-06-2016
6 Max Alert Systems Ltd Miscellaneous 0.0 12.1 13-07-2012
7 Vaksons Automobiles Ltd Trading 0.0 10.0 16-10-2015
8 HEC Infra Projects Ltd Construction 0.0 7.6 30-03-2016
9 Perfect Infraengineers Ltd Engineering 0.0 6.7 20-11-2015
10 SSPN Finance Ltd Finance & Investments 0.0 6.7 26-03-2015
11 InfoBeans Technologies Ltd Computers - Software 0.0 6.3 02-05-2017
12 Anisha Impex Ltd Trading 0.0 5.4 18-03-2014
13 Momai Apparels Ltd Textiles - Products 0.0 4.9 16-10-2014
14 Worth Peripherals Ltd Paper 21.1 4.1 27-09-2017
15 CMM Infraprojects Ltd Construction 4.3 3.5 12-10-2017
16 Globalspace Technologies Ltd Computers - Software 0.0 3.4 07-08-2017
17 Bohra Industries Ltd Fertilizers 0.0 3.1 05-04-2017
18 Manav Infra Projects Ltd Construction 0.0 2.5 18-09-2017
19 Valiant Organics Ltd Chemicals 0.0 2.1 14-10-2016
20 Tejnaksh Healthcare Ltd Healthcare 0.0 1.8 27-10-2015
21 Prime Customer Services Ltd Trading 1.0 1.6 31-03-2017
22 CHD Chemicals Ltd Trading 0.0 1.4 01-04-2016
23 Chemtech Industrial Valves Ltd Trading 1.2 1.1 31-01-2014
24 Ajooni Biotech Ltd Miscellaneous 4.1 1.0 02-01-2018
25 Sanghvi Brands Ltd Miscellaneous 3.5 1.0 22-11-2017
26 Lexus Granito (India) Ltd Ceramics - Tiles 2.7 0.9 23-08-2017
27 Cadsys (India) Ltd Computers - Software 3.6 0.9 04-10-2017
28 Majestic Research Services & Solutions Ltd Miscellaneous 1.0 0.4 14-12-2016
29 JLA Infraville Shoppers Ltd Trading 0.0 0.4 12-11-2014
30 SKS Textiles Ltd Textiles - Products 3.6 0.3 19-01-2018
31 Jointeca Education Solutions Ltd Computers - Software 0.0 0.3 04-09-2012
32 B.C. Power Controls Ltd Cables - Power 2.1 0.3 14-03-2014
33 SVP Housing Ltd Construction 0.2 0.2 27-03-2015
34 SecUR Credentials Ltd Miscellaneous 1.8 0.2 13-11-2017
35 Steel City Securities Ltd Finance & Investments 0.0 0.2 17-02-2017
36 RKEC Projects Ltd Construction 2.5 0.1 09-10-2017
37 Globe International Carriers Ltd Miscellaneous 0.0 0.1 19-10-2016
38 Jhandewalas Foods Ltd Food - Processing 21.7 0.1 12-01-2018
39 RCL Retail Ltd Food - Processing - Indian 0.0 0.1 16-10-2012
40 ICE Make Refrigeration Ltd Engineering 17.6 0.0 08-12-2017
41 SMVD Poly Pack Ltd Plastics Products 2.8 0.0 26-12-2017

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42 ANI Integrated Services Ltd Engineering - Turnkey 5.5 0.0 20-11-2017

43 Chemcrux Enterprises Ltd Chemicals 27.8 0.0 28-03-2017
44 Total Transport Systems Ltd Miscellaneous 21.8 0.0 07-08-2017
45 Super Fine Knitters Ltd Textiles - Products 12.7 0.0 02-02-2017
46 Surevin BPO Services Ltd Computers - Software 7.2 0.0 09-08-2017
47 DRA Consultants Ltd Miscellaneous 6.6 0.0 13-10-2016
48 Commercial Syn Bags Ltd Packaging 5.6 0.0 14-07-2016
49 Vasa Retail and Overseas Ltd Printing & Stationery 5.2 0.0 06-02-2018
50 RMC Switchgears Ltd Electric Equipment 5.1 0.0 14-03-2017
51 Vidli Restaurants Ltd Hotels 3.6 0.0 15-02-2016
52 Manas Properties Ltd Construction 2.7 0.0 30-03-2017
53 Transwind Infrastructures Ltd Engineering - Turnkey 2.7 0.0 12-07-2017
54 Beta Drugs Ltd Pharmaceuticals 2.4 0.0 12-10-2017
55 Ambition Mica Ltd Miscellaneous 2.1 0.0 29-11-2017
56 OFS Technologies Ltd Computers - Software 1.9 0.0 14-01-2016
57 IRIS Business Services Ltd Computers - Software 1.8 0.0 11-10-2017
58 Rithwik Facility Management Services Ltd Miscellaneous 1.7 0.0 11-01-2018
59 Geekay Wires Ltd Cables - Power 1.6 0.0 24-08-2017
60 R J Bio-Tech Ltd Miscellaneous 1.5 0.0 25-09-2013
61 Kaarya Facilities & Services Ltd Miscellaneous 1.3 0.0 27-10-2017
62 Women's Next Loungeries Ltd Textiles - Products 1.2 0.0 21-04-2014
63 Manomay Tex India Ltd Textiles - Products 1.2 0.0 28-03-2017
64 Trident Texofab Ltd Trading 1.1 0.0 05-10-2017
Institutional holding is as per latest half year or post allotment disclosure whichever is later. (Source: Capitaline, HDFCSec)

2. Companies having annualized revenues higher than Rs 70cr, PAT higher than Rs 2cr and minimum PAT margin of 2%, promoter holding of more than 50%, etc.
are some of the key fundamental checks for SMEs. Apart from we have ignored companies from industries like EPC, Infra business, Trading, Jewelry business, etc.
whose profitability may be affected easily with changing business environment. We have considered all of above and produce following list of companies which
can be tracked:
Annual Annual OP
Annual PAT CMP as Mcap as
Revenues Profit Book
(FY17 / PAT DE Promoter on 27- on 27-2-
Name Industry (FY17 / (FY17 / OPM Value P/E
FY18E Margin Ratio Holding 02-2018 2018
FY18E FY18E Rs
annualized) Rs Rs Cr
annualized) annualized)
Aarvi Encon Ltd Maint. Services 153.2 9.7 5.3 6.3% 3.5% 38.3 0.4 73.4% 98.00 144.9 27.2
ANI Integrated Services Plastic Products 62.8 12.9 7.9 20.5% 12.5% 32.1 0.4 70.9% 125.00 121.1 15.4
Bajaj Healthcare Ltd Capital goods 297.6 35.7 11.2 12.0% 3.8% 83.3 1.5 67.3% 385.00 265.6 23.6
Bella Casa Fashion Auto Ancillary 139.7 13.4 6.2 9.6% 4.4% 22.0 2.0 73.3% 202.00 202.1 32.6
Beta Drugs Ltd Textiles 41.7 7.2 5.2 17.4% 12.4% 34.5 1.7 68.9% 148.00 128.0 24.7
Bohra Industries Ltd Distributor 102.0 15.7 4.8 15.4% 4.7% 49.2 1.1 61.2% 33.10 50.5 10.5
Captain Polyplast Ltd Financial Services 106.3 13.9 4.5 13.1% 4.2% 30.3 0.9 74.5% 150.75 151.9 34.1

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Commercial Syn Bags Ltd Containers 159.1 14.2 5.1 8.9% 3.2% 35.1 0.7 52.2% 48.00 56.7 11.2
CRP Risk Management Ltd Pharma 81.0 12.6 5.1 15.6% 6.2% 31.3 0.9 66.4% 60.00 104.9 20.8
D P Wires Ltd Containers 196.1 11.1 5.0 5.7% 2.5% 40.3 1.1 69.2% 74.00 100.4 20.1
Dynamic Cables Ltd Pharma 300.0 23.3 7.9 7.8% 2.6% 29.4 2.7 73.5% 55.50 122.2 15.4
Emkay Taps & Cutting Jewellery 49.5 22.9 14.5 46.3% 29.3% 474.9 0.1 74.8% 518.00 92.1 6.4
Focus Lighting & Fixtures Ltd Pharma 81.0 11.3 7.4 13.9% 9.1% 46.7 0.3 73.4% 171.00 57.8 7.8
Global Education Ltd KPO 32.1 12.9 7.9 40.2% 24.6% 79.5 0.1 72.5% 213.75 53.1 6.7
ICE Make Refrigeration Ltd Broking 87.9 10.7 5.1 12.2% 5.8% 25.0 1.0 73.5% 95.40 149.5 29.4
InfoBeans Technologies Ltd Education 88.5 20.1 15.5 22.7% 17.5% 32.7 0.0 73.6% 80.95 194.4 12.6
Innovative Tyres & Tubes Ltd Electronics 132.2 14.4 4.1 10.9% 3.1% 41.2 0.5 24.3% 48.55 87.4 21.4
Jalan Transolutions Iron wires 125.9 26.6 5.4 21.1% 4.3% 24.9 5.3 73.5% 55.90 81.3 15.0
Jash Engineering Ltd Fertilizers 158.0 24.4 10.1 15.4% 6.4% 93.7 0.6 53.6% 157.50 186.4 18.5
Khemani Distributors Electricals 73.8 8.0 7.1 10.8% 9.7% 27.7 0.3 55.0% 186.00 214.0 30.0
Kwality Pharmaceuticals Ltd IT 121.7 13.3 5.8 10.9% 4.8% 23.9 0.7 50.1% 58.50 60.7 10.5
Majestic Res. Serv. Pharma 40.1 14.9 9.0 37.1% 22.5% 20.9 0.0 60.1% 221.35 221.9 24.6
Nitiraj Engineers Ltd Transportation 37.8 6.8 4.0 18.0% 10.6% 94.4 0.1 66.6% 68.00 55.8 13.9
One Point One Solutions Ltd Agro products 95.8 16.1 6.3 16.8% 6.5% 40.0 1.7 65.4% 82.05 137.2 21.9
Pashupati Cotspin Ltd Logistics 221.1 24.5 7.8 11.1% 3.5% 57.0 2.9 64.9% 70.00 72.0 9.2
Radhika Jeweltech Ltd Capital goods 212.3 15.7 15.3 7.4% 7.2% 45.1 0.3 62.0% 29.65 70.0 4.6
Sarthak Metals Ltd Textiles 149.2 10.6 6.1 7.1% 4.1% 23.9 0.9 69.3% 58.00 79.5 13.1
Servotech Power Systems Ltd Containers 59.2 9.9 4.7 16.7% 8.0% 16.4 2.0 69.2% 33.65 61.6 13.0
Shanti Overseas (India) Ltd Manpower outs. 137.0 6.1 3.5 4.4% 2.6% 21.1 3.9 72.9% 42.00 31.1 8.8
Share India Securities Ltd Steel wires 110.1 17.4 8.0 15.8% 7.3% 23.6 0.9 72.7% 113.50 277.2 34.6
Silver Touch Technologies Ltd Tyres 123.0 13.5 4.1 11.0% 3.3% 42.6 0.6 57.3% 121.05 152.5 37.6
Steel City Securities Ltd Broking 54.6 15.1 9.0 27.6% 16.5% 56.1 0.0 56.8% 94.40 142.6 15.8
Sysco Industries Ltd Capital Goods 143.4 18.4 4.0 12.8% 2.8% 41.6 1.9 67.4% 47.50 37.8 9.4
Thejo Engineering Ltd Pharma 223.3 26.3 9.7 11.8% 4.4% 163.1 0.8 56.7% 560.00 192.3 19.7
Total Transport Systems Ltd Manpower Outs. 207.5 7.8 4.9 3.8% 2.4% 22.2 1.7 52.3% 51.35 73.5 14.9
Universal Autofoundry Ltd IT 79.8 7.4 1.8 9.2% 2.3% 17.3 0.9 58.7% 58.50 47.4 25.8
Valiant Organics Ltd Cooling solution 68.0 20.5 12.4 30.2% 18.2% 79.8 0.0 52.0% 852.00 310.2 25.1
Wealth First Port. Man. Ltd Wires 114.1 11.3 9.5 9.9% 8.3% 30.6 1.0 73.7% 100.00 63.9 6.7
Worth Peripherals Ltd BPO 149.4 21.1 11.4 14.1% 7.6% 37.4 0.7 73.0% 101.70 160.2 14.1
Zota Health Care Ltd BPO 78.3 13.2 8.0 16.9% 10.3% 33.1 0.1 65.6% 214.70 376.7 46.8
Annual numbers are in Rs Cr (Source: Capitaline, HDFCSec)

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Fundamental Research Analyst: Arpit Bhatt ([email protected])

HDFC securities Limited, I Think Techno Campus, Building - B, "Alpha", Office Floor 8, Near Kanjurmarg Station, Opp. Crompton Greaves, Kanjurmarg (East), Mumbai 400 042 Phone: (022) 3075 3400 Fax: (022) 2496 5066
Website: www.hdfcsec.com Email: [email protected].
Compliance Officer: Binkle R. Oza Email: [email protected] Phone: (022) 3045 3600
Disclosure:
I, (Arpit Bhatt, CA), authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. HSL has no material
adverse disciplinary history as on the date of publication of this report. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its Associate does not have beneficial
ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities Ltd. or its associate does
not have any material conflict of interest.
Any holding in stock – No
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.

Disclaimer:
This report has been prepared by HDFC Securities Ltd and is meant for sole use by the recipient and not for circulation. The information and opinions contained herein have been compiled or arrived at, based upon information
obtained in good faith from sources believed to be reliable. Such information has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy, completeness or
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