Hidden Gems Flash Back Report - July'16 PDF

FLASH BACK REPORT
JAN’14 – JUL’16
DATE – 01ST AUGUST 2016
www.saralgyan.in
Saral Gyan Capital Services

FROM THE DESK OF OUR RESEARCH TEAM
Dear Member,
We are pleased to share Hidden Gems - Flash Back Report with performance
update of Hidden Gems stocks since inception. We have also reviewed Hidden
Gems stocks released in the year 2014, 2015 and 2016 (till July) with our Buy, Sell
and Hold advice. This report includes company’s Mar’16 / Jun’16 quarter results,
recent updates and developments with our views and recommendation on our
Hidden Gems stocks released during last 2.5 years. We have also included few
Hidden Gems stocks which must be considered as portfolio stocks by long term
investors for decent appreciation in next 3 to 5 years.
We have witnessed strong rally in small cap index with significant increase in prices of small cap stocks
since March this year. Small Cap Index has rose by 24.9% since 1st March 2016 and by 4% since
beginning of this year. However, we suggest our members to continue to stay invested in good quality
companies for long term to reap higher returns. Long term outlook is bullish for equities, we are
confident that Indian equities will continue to outperform all other asset class in coming years.
Government initiatives on reforms and positive developments on GST bill passage, increasing disposable
income with 7th pay commission, good monsoon across country with expected rise in rural consumption,
inflation under control with crude trading 50$ per barrel are some of the major positives which will
drive earning growth of Indian companies in coming quarters. Hence, its logical to stay invested in those
businesses which are available at reasonable valuations and expected to grow at healthy pace delivering
better returns than any other asset class during next 2 to 3 years.
www.saralgyan.in Saral Gyan Capital Services

FROM THE DESK OF OUR RESEARCH TEAM
One of the important key to successful investing is to pick the right business at decent valuations. Once
you buy shares, you own a part of company’s business. We at Saral Gyan recommends good businesses
to buy and any change in our stock views will be based on strong structural trend and not any short
term movement. We request all our members to follow our flash back report to get a complete view
and update on our Hidden Gems stocks.
During last couple of years, we kept on suggesting our members to buy/accumulate 3 high quality small
cap stocks – i) Cera Sanitaryware, ii) Wim Plast and iii) Acrysil. Our members can continue to hold these
companies. However, as we find better investment opportunities with reasonable valuations from our
Hidden Gems category compared to these stocks, we suggest our members to start accumulating the
same keeping time horizon of at least 2 to 3 years. Below are the Hidden Gems stocks which you can
consider to accumulate going forward for 2x to 3x returns during next 3 to 5 years.
1. Control Print Ltd Best Buy Price Range: Rs. 260 – 285
2. Stylam Industries Ltd Best Buy Price Range: Rs. 320 – 350
3. Prima Plastics Ltd Best Buy Price Range: Rs. 155 – 175
We suggest our members who are not holding these stocks to invest in them with initial allocation of
1% to 2% (Control Print can be added at current levels, Prima Plastics and Stylam in case of fall in stock
prices by 10-15%). Allocation can be increased to 3%-4% only in case of fall in stock prices of these
companies fall by 25-30% from current levels during any severe market correction with long term view
(2 to 5 years). Best Buy / Accumulate range for these companies is mentioned above.
Team – Saral Gyan.

PAST PERFORMANCE AT A GLANCE
RECOM- SMALL CAP SMALL CAP
MENDED PRICE ON RETURN ON INDEX INDEX RETURN
DATE SCRIP PRICE 31 JULY’16 31 JULY’16 CLOSING 31 JULY’16
5-Sep-10 Sri Adhikari Brothers 41.75 414 891.6% 9912.14 24.2%
3-Oct-10 Superhouse 63.5 168.85 165.9% 10403.65 18.3%
7-Nov-10 De Nora 75.5 360.95 378.1% 11044.44 11.5%
19-Dec-10 Piccadily Agro* 17.97 20.9 16.3% 9184 34.0%
16-Jan-11 National Plastic 22.7 48.15 112.1% 8993.84 36.9%
21-Feb-11 ABM Knowledgeware* 30.5 110 260.7% 8128.91 51.4%
27-Mar-11 Camlin Fine Sciences* 6.05 95 1470.2% 8001.63 53.8%
17-Apr-11 Sumedha Fiscal 23.25 14.96 -35.7% 8808.16 39.8%
29-May-11 Cravatex* 350 228 -34.9% 8109.86 51.8%
26-Jun-11 Puneet Resins 36.45 36 -1.2% 7922.38 55.4%
24-Jul-11 WPIL 182.5 384.75 110.8% 8463.49 45.4%
30-Aug-11 Wim Plast 185 2579.3 1294.2% 7131.48 72.6%
* Indicates Bonus/Split adjusted price

30-Sep-11 Sanghvi Movers 109 279.9 156.8% 6881.08 78.9%
27-Oct-11 Kovai Medical Center 107 716.2 569.3% 6899.15 78.4%
27-Nov-11 Sundaram Brake Lining 147 339.5 131.0% 6049.36 103.5%
24-Dec-11 Cera Sanitaryware 157 2358.7 1402.4% 5614.9 119.2%
29-Jan-12 Indag Rubber* 30.94 185.9 500.8% 6491.69 89.6%
29-Feb-12 Superhouse 48.2 168.85 250.3% 6859.97 79.4%
31-Mar-12 Mayur Uniquoter* 55.95 421.5 653.4% 6629.38 85.7%
30-May-12 Bharat Gears 70.5 95.85 36.0% 6307.15 95.2%
30-Jun-12 Mazda 93 342.85 268.7% 6543.75 88.1%
22-Jul-12 Premier Explosives 70.5 377.6 435.6% 6675.35 84.4%
5-Aug-12 Roto Pump* 18.9 54.95 190.7% 6545.7 88.1%
30-Sep-12 Basant Agro Tech 3.85 6.6 71.4% 7017.89 75.4%
* Indicates Bonus/Split adjusted price

630-Oct-12 Tide Water Oil* 1936.13 5628.55 190.7% 7043.62 74.8%
25-Nov-12 Acrysil 105 542.05 416.2% 7057.11 74.4%
25-Dec-12 Bambino Agro 49 135.9 177.3% 7348.99 67.5%
31-Jan-13 TCPL Packaging 70 716.7 923.9% 7074.07 74.0%
10-Mar-13 Orient Bell 62.5 159.1 154.6% 6333.78 94.4%
30-Jun-13 Butterfly 330 162.8 -50.7% 5643.53 118.1%
AVERAGE RETURNS 2010 - 2013 HIDDEN GEMS: 370.2% SC INDEX: 68.8%
Since inception, we have released 58 Saral Gyan Hidden Gems stocks reports (30 between Sept’10 to
Jun’13 and later 11 in 2014, 11 in 2015 and 6 in 2016 so far).
We are delighted to share that our Hidden Gems till June 2013 have given as on date average returns of
370.2% compared to average returns of 68.8% of small cap index i.e. outperformance of whopping
301.4%. Moreover, 24 out of 30 Hidden Gems stocks recommended during first 3 years have given
more than 100% returns and 20 out of 24 have given returns in the range of 200% to 1700%.

2014 PERFORMANCE AT A GLANCE
RECOM- PRICE RETURNS SMALL CAP SC INDEX STOCK SARAL GYAN
MENDED ON 31 ON INDEX RETURN ON STATUS VIEWS
DATE SCRIP PRICE JULY’16 31 JUL’16 CLOSING 31 JUL’16  
1-Jan-14 Balaji Amines 48.55 294.4 506.4% 6649.16 85.1%   HOLD
28-Feb-14 Atul Auto* 141.2 469.55 232.5% 6445.04 91.0%   B.O.D
28-Apr-14 Flex Foods 32.5 90.7 179.1% 7617.28 61.6%   SELL
31-May-14 Rane Brake Linings 200 587 193.5% 9015.7 36.5%   HOLD
29-Jun-14 Gulshan Polyols 191.65 362.75 89.3% 10022.29 22.8%   B.O.D
29-Jul-14 Dynemic Products 46 65.6 42.6% 9966.64 23.5%   SELL
31-Aug-14 Anil 275.7 272.5 -1.2% 10264.4 19.9%   SELL
29-Sep-14 Asian Granito 98.35 219.15 122.8% 10667.67 15.4%   SELL
31-Oct-14 Patels Airtemp 146.3 152 3.9% 10930.95 12.6%   HOLD
30-Nov-14 Control Print* 162.6 297.8 83.1% 11270.79 9.2%   BUY
28-Dec-14 Acrysil 597.8 542.05 -9.3% 10894.89 13.0%   HOLD
AVERAGE RETURNS 2014 HIDDEN GEMS: 131.2% SC INDEX: 35.5%
B.O.D – Buy on Dips * Indicates Bonus/Split adjusted price

31-Jan-15 Plastiblends 236.7 424.8 79.5% 11467.36 7.3%   B.O.D
28-Feb-15 Jenburkt Pharma 322.7 367 13.7% 11494.48 7.1%   HOLD
22-Mar-15 Mold-Tek Packaging 218.5 207.9 90.3% 11309.60 8.8%   HOLD
9-May-15 SMS Pharma* 53.44 95.7 79.1% 10829.06 13.7%   HOLD
7-Jun-15 Dai-ichi Karkaria 220.6 391.75 77.6% 10851.50 13.4%   BUY
5-Jul-15 Visaka Ind 128.15 160.75 25.4% 11303.58 8.9%   HOLD
9-Aug-15 Simmonds Marshall 89.05 66.65 -25.2% 12104.47 1.7%   SELL
6-Sep-15 Chemfab Alkalies 94.4 213.9 126.6% 10605.24 16.1%   HOLD
11-Oct-15 Ultramarine Pigment 83.35 139.45 67.3% 11348.58 8.5%   HOLD
8-Nov-15 Pokarna 1086.25 854.35 -21.3% 11052.33 11.4%   B.O.D
6-Dec-15 Coral Laboratories 553.5 478.85 -13.3% 11557.52 6.5%   HOLD

10-Jan-16 Nitin Spinners 74.65 72.6 -2.7% 11467.36 2.6%   B.O.D
07-Feb-16 TCPL Packaging 493 728.95 47.9% 11494.48 2.4%   B.O.D
13-Mar-16 Zenith Fibres 103.6 139.9 35.0% 11309.60 4.1%   HOLD
10-Apr-16 Indo Borax & Chem 313.1 361 15.3% 10829.06 8.7%   HOLD
08-May-16 Stylam Industries 217.8 495.6 127.5% 10851.50 8.5%   HOLD
12-Jun-16 Prima Plastics 152.3 212.5 39.5% 11303.58 4.1%   B.O.D
17-Jul-16 Emmbi Industries 109.5 117 6.8% 11979.69 2.8%   HOLD
We are pleased to inform you that our Hidden Gems stocks continue to outperform small cap index by
wide percentage points every year since inception. Hidden Gems stocks released in 2014, 2015 and
2016 have given average returns of 131.2%, 45.4% and 38.5% compared to small cap index average
returns of 35.5%, 9.4% and 11.6% respectively. We have reviewed these stocks and suggested
necessary action with Buy / Sell / Hold advice under Saral Gyan views & recommendation section to
ensure that your investments in Hidden Gems continue to outperform major indices going forward.

FLASH BACK – JAN’14 (01/01/14)
Balaji Amines Ltd Returns at CMP: +506%
 Net profit of Balaji Amines rose 98.30% to Rs 23.34 crore in the quarter ended March
2016 as against Rs 11.77 crore during the previous quarter ended March 2015.
QUARTERLY RESULTS
ANALYSIS
 Sales rose 12.27% to Rs 166.46 crore in the quarter ended March 2016 as against Rs
148.27 crore during the previous quarter ended March 2015.
 Dividend payment of Rs. 2.00 per share in July 2016, dividend payout at CMP is 0.67%
RECENT UPDATES &
DEVELOPMENTS  Promoters holding in the company is increased marginally from 54.39% to 54.42% in last
one year.
SARAL GYAN  We find company’s valuation reasonable at current levels. Company revenue growth is
VIEWS & expected to remain robust with good demand. We suggest our members to continue to hold
RECOMMENDATION Balaji Amines.

FLASH BACK – FEB’14 (08/02/14)
Atul Auto Ltd Returns at CMP: +232%
 Net profit of Atul Auto rose 25.72% to Rs 10.85 crore in the quarter ended March 2016 as
against Rs 8.63 crore during the previous quarter ended March 2015.
QUARTERLY RESULTS
ANALYSIS
 Atul Auto started conceiving the expansion near Ahmedabad for additional installed
capacity of 60,000 vehicles per annum at an estimated Capex of INR 1500 Mn. However,
RECENT UPDATES & company will be able to cater the growth with current capacity of 60,000 vehicles per
DEVELOPMENTS annum for next 2 years
 Atul Auto has also done the strategic tie-ups with all leading banks and NBFC’s to provide
retail financing its 2 wheelers.
 With increase in urbanization activities and product offering for all 4 fuel variants,
company domestic as well as exports is expected to increase significantly. Moreover, crude
SARAL GYAN oil prices below 50$ per barrel, pick up in rural demand with good monsoon across country
VIEWS & and expected interest rate cut by RBI in coming quarters with will give further boost to
RECOMMENDATION company's 3-wheeler sales. We suggest our members to continue to hold Atul Auto in their
portfolio with long term perspective. Members who are not holding Atul Auto can add the
stock on dips with maximum allocation of 3% with time horizon of 1 to 2 years.

FLASH BACK – APR’14 (28/04/14)
Flex Foods Ltd Returns at CMP: +179%
 Net profit of Flex Foods rose 23.16% to Rs 2.34 crore in the quarter ended March 2016 as
QUARTERLY RESULTS
ANALYSIS
 Sales rose 40.69% to Rs 23.20 crore in the quarter ended March 2016 as against Rs 16.49
crore during the previous quarter ended March 2015.
 The company has recommended dividend of Rs. 2.50 per share (25.00%) for the year
RECENT UPDATES &
ended March 31, 2016, record date for the same is 11 August 2016. Dividend payout at CMP
DEVELOPMENTS
is 2.8%
SARAL GYAN  We advised our members to book complete profits between price range of Rs. 65 to 70 in
VIEWS & our last update. Members who are holding the stock can book complete profits at current
RECOMMENDATION levels.

FLASH BACK – MAY’14 (31/05/14)
Rane Brake Linings Ltd Returns at CMP: +193%
 Net profit of Rane Brake Lining rose 117.63% to Rs 10.49 crore in the quarter ended June
2016 as against Rs 4.82 crore during the previous quarter ended June 2015.
QUARTERLY RESULTS
ANALYSIS
 Sales rose 17.16% to Rs 121.30 crore in the quarter ended June 2016 as against Rs
103.53 crore during the previous quarter ended June 2015.
 The company’s overall India OEM sales and Aftermarket sales registered a healthy growth
of 16% and 29% respectively during the quarter. The robust growth in the Aftermarket
segment is attributed to increase sales of Asbestos-free linings and favourable pull in
RECENT UPDATES & northern and southern region.
DEVELOPMENTS
The company undertook various cost reduction initiatives resulting in favourable material
cost & reduced operational cost. Moreover, the company’s better cash generation and
internal accruals helped to repay long term loans and significantly reduce finance costs.
 Rane Brake Linings is reasonably valued at current levels, hence we suggest our members
SARAL GYAN to continue to hold this stock. With recent development, we believe company will continue
VIEWS & to deliver robust bottom line in coming quarters which can bring further appreciation in
RECOMMENDATION stock price. Moreover, any decrease in interest rates going forward will be a positive for the
company as well as for the sector.

FLASH BACK – JUN’14 (29/06/14)
Gulshan Polyols Ltd Returns at CMP: +89%
 Net profit of Gulshan Polyols rose 26.68% to Rs 7.55 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 Gulshan Polyols has diversified its product portfolio by venturing into new businesses like
starch derivatives such as MDP, DMH, Liquid Glucose as well as Liquor bottling and
RECENT UPDATES & manufacturing, thereby increasing client footprint.
DEVELOPMENTS
 The company is conducting trial run of maize based processing plant at Muzaffarnagar in
Uttar Pradesh and aims to start commercial production of Starch powder in Q2FY17.
 Considering diversification into various businesses with ongoing expansion, we expect

SARAL GYAN Gulshan Polyols to deliver robust growth during next 2 years.
VIEWS &
RECOMMENDATION  As valuations at current price looks attractive for long term investors, we suggest to add
Gulshan Polyols on dips with maximum portfolio allocation of 3%.

FLASH BACK – JUL’14 (29/07/14)
Dynemic Products Ltd Returns at CMP: +43%
 Net profit of Dynemic Products rose 27.08% to Rs 2.44 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 Sales increased 14.98% to Rs 38.60 crore in the quarter ended March 2016 as against Rs
RECENT UPDATES &

 No major updates or developments in the company.
DEVELOPMENTS
SARAL GYAN  We advised our members to book complete profits between price range of Rs. 65 to 70 in
VIEWS & our last update. Members who are holding the stock can book complete profits around same
RECOMMENDATION levels in near future.

FLASH BACK – AUG’14 (31/08/14)
Anil Ltd Returns at CMP: -1%
 Net profit of Anil declined 10.65% to Rs 16.45 crore in the quarter ended March 2016 as
QUARTERLY RESULTS
ANALYSIS
RECENT UPDATES &

DEVELOPMENTS
 Anil Ltd has not performed up to our expectations, company is having significant debt on
SARAL GYAN its books with no major attempt by management to reduce it during last 2 years which may
VIEWS & impact margins in case of sluggish demand. Hence, we suggested our members to exit from
RECOMMENDATION the stock last year. In case, if you are still holding the stock, we suggest you to sell your
holding at current levels.

FLASH BACK – SEP’14 (29/09/14)
Asian Granito Ltd Returns at CMP: +123%
 Net profit of Asian Granito India rose 30.34% to Rs 5.67 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 Sales declined 4.60% to Rs 225.75 crore in the quarter ended March 2016 as against Rs
 Asian Granito has recently launched Premium Grestek - Glazed Vitrified Tiles and New
RECENT UPDATES & Grestek Marvel - Premium Color Body tiles for wall and floor. These products are fresh in
DEVELOPMENTS this segment with touch of Italian choices. It consists of natural wood patterns, natural
stone designs, metallic and special effect surfaces with color and decor options
 At CMP of Rs. 219, stock is trading at trailing PE multiple of 36 and looks expensive
compared to other players from the same sector / industry based on fundamentals.
SARAL GYAN
VIEWS &  We suggest our members to book complete profits in Asian Granito at price range of 220 -
RECOMMENDATION 225 and take exposure in Cera Sanitaryware from the same sector with long term
perspective.

FLASH BACK – OCT’14 (31/10/14)
Patels Airtemp Ltd Returns at CMP: +4%
 Net profit of Patels Airtemp (India) rose 11.45% to Rs 1.85 crore in the quarter ended
March 2016 as against Rs 1.66 crore during the previous quarter ended March 2015.
QUARTERLY RESULTS
ANALYSIS
 Promoters have increased their shareholding in the company, promoters stake in the
company as on Jun’15 quarter is 47.38%
RECENT UPDATES &
DEVELOPMENTS
 Dividend paid by the company for FY15-16 is Rs. 2.20, dividend yield at current market
price is 1.5%
 With expected uptick in capital goods sector going forward, we believe Patels Airtemp will
perform better in terms of overall revenue and earning growth compared to last financial
SARAL GYAN year.
VIEWS &
RECOMMENDATION  Stock is currently trading at trailing PE multiple of 10.50 and looks reasonably valued, we
suggest our members to continue to hold the stock.

FLASH BACK – NOV’14 (30/11/14)
Control Print Ltd Returns at CMP: +83%
 Net profit of Control Print rose 84.86% to Rs 7.08 crore in the quarter ended March 2016
as against Rs 3.83 crore during the previous quarter ended March 2015.
QUARTERLY RESULTS
ANALYSIS
 In FY16, the company spent approx. 22-25 crores for a new facility in Assam and the same
is now operational. The company will get tax benefits and will probably not require any
major capex for the next 3-4 years.
RECENT UPDATES &
DEVELOPMENTS  Control Print share has recently listed on NSE and now trades in both the exchanges BSE
and NSE, this is a positive development. Current market share of the company in coding and
marking industry is currently at 18 to 19% levels and management aims to reach 25% mark
in couple of years.
 Company is expected to perform better with expected increase in demand of consumables

and spares. Consumables and spares are relatively higher margin products which will help
SARAL GYAN company to maintain operating margins with increase in installation base going forward.
VIEWS &
RECOMMENDATION  Stock is trading at trailing PE multiple of 18 and looks reasonably valued considering
higher revenue and earning estimates in coming quarters. One can invest in Control Print
with initial allocation of 2% and increase only in case of fall in stock price by 15-20%.

FLASH BACK – DEC’14 (28/12/14)
Acrysil Ltd Returns at CMP: -9%
 Net profit of Acrysil declined 10.42% to Rs 1.29 crore in the quarter ended March 2016 as
QUARTERLY RESULTS
ANALYSIS
 Acrysil has acquired additional 13% stake in Homestyle Products Ltd recently. Acrysil now
holds 87% stake in UK based kitchen sinks distribution company, Homestyle Products Ltd
RECENT UPDATES & through its UK based subsidiary, Acrysil UK Ltd.
DEVELOPMENTS
 In FY15-16, sales of the company have grown by 92% on YoY basis to Rs 48.17 crores.
We believe that company has reported very good growth on the back of acquisition in UK.
 Considering significant exposure of the company in UK market through its subsidiary, we

believes company’s exports growth and margins may remain under pressure in near term.
SARAL GYAN However, long term prospects of the company look good.
VIEWS &
RECOMMENDATION  The stock is currently quoting at around 25 times FY16 consolidated post-tax earnings. We
suggest our members to continue to hold Acrysil in their portfolio, any fresh investment is
not suggested in the stock.

Plastiblends Ltd Returns at CMP: +79%
 Net profit of Plastiblends India declined by 20.28% to Rs 8.41 crore in the quarter ended
June 2016 as against Rs 10.55 crore during the previous quarter ended June 2015.
QUARTERLY RESULTS
ANALYSIS
 Sales rose 11.76% to Rs 143.12 crore in the quarter ended June 2016 as against Rs
 During FY16, management spent approx 75 crores for setting up new production facility
in Gujarat. Due to commercialization of new facility, the company’s depreciation and
financial charges have increased and impacted PBT, down by 20% to Rs 12.41 crores.
RECENT UPDATES &
DEVELOPMENTS
 Moreover, the company is continuing to focus on introduction of new high performance
and specialty masterbatches and the same could result in margin expansion in the coming
years.
 Company has delivered good top line growth, however bottom line got impacted mainly on
account of new facility. We believe as the capacity utilization at the new facility improves the
SARAL GYAN company’s profitability will improve in coming quarters.
VIEWS &
RECOMMENDATION  Growth prospects of the company looks bright. Company has delivered consistent profit
growth of 15.8% over 5 years. Company is currently trading at trailing PE multiple of 15.5
and looks attractive as a long term investment opportunity.

Jenburkt Pharma Ltd Returns at CMP: +14%
 Net profit of Jenburkt Pharmaceuticals declined 23.53% to Rs 1.95 crore in the quarter
ended June 2016 as against Rs 2.55 crore during the previous quarter ended June 2015.
QUARTERLY RESULTS
ANALYSIS
 Sales rose 1.79% to Rs 22.23 crore in the quarter ended June 2016 as against Rs 21.84
crore during the previous quarter ended June 2015.
RECENT UPDATES &  Promoters have decrease their shareholding in the company marginally from 45.77% (as
DEVELOPMENTS on Sept 2015) to 45.65% (as on June 2016) in last 3 quarters.
 Company’s results were below our estimates during last 2 quarters. However, we suggest
our members to continue to hold the stock as we expect improvement in earnings in 2nd half
SARAL GYAN of this financial year, last 3 years profit CAGR is 20.2% with ROE of 30.3%. Company is
VIEWS & currently trading at trailing PE multiple of 16.4 and looks fairly valued at current price.
RECOMMENDATION
 We suggest our members to continue to hold Jenburkt Pharma, any fresh investment is
not suggested in the stock.

FLASH BACK – MAR’15 (22/03/15)
Mold-Tek Packaging Ltd Returns at CMP: +90%
 Net profit of Mold-Tek Packaging rose 75.54% to Rs 7.25 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
crore during the previous quarter ended March 2015
 Recently, company has received LOI for setting up 2 new plants to supply pails to the
upcoming new plants of M/s. Asian Paints Limited.
RECENT UPDATES &
DEVELOPMENTS  The capacity of the Company's plants will start at 3500 tons of polymer processing per
annum in 2019 and would reach 14000 tons per annum in 2024, subject to company’s
pricing, service & quality.
 Recent expansion plans of the company to meet the requirement of its major client Asian
Paints Ltd gives strong earning visibility in coming years.
SARAL GYAN
VIEWS &  We suggest our members to continue to hold Mold-Tek Packaging Ltd in their portfolio
RECOMMENDATION with time horizon of 2 to 3 years. Any fresh investment is not suggested in the stock at
current levels.

SMS Pharmaceuticals Ltd Returns at CMP: +79%
 Net profit of SMS Pharmaceuticals rose 25.05% to Rs 12.93 crore in the quarter ended
QUARTERLY RESULTS
ANALYSIS
 SMS Pharmaceuticals had made SMS Lifesciences India Private Limited its wholly owned
RECENT UPDATES & subsidiary by acquiring it's 100% Equity Shares (i.e. Rs. 1,00,000/- paid up share capital) as
DEVELOPMENTS on April 01, 2016.
 SMS Pharmaceutical top line growth was below our estimates in last 2 quarters, however
SARAL GYAN we expect company to deliver robust growth in coming quarters.
VIEWS &
RECOMMENDATION  We suggest our members to stay invested in SMS Pharmaceuticals. We do not suggest any
fresh investment in the stock.

Dai-ichi Karkaria Ltd Returns at CMP: +78%
 Net profit of Dai-ichi Karkaria rose 116.67% to Rs 2.99 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 Company has received Environmental Clearance from State Level Environment Impact
Assessment Authority, Government of Gujarat, vide its letter dated April 18, 2016, for
RECENT UPDATES & setting up manufacturing unit of Synthetic Organic Chemicals at GIDC - Dahej, Bharuch.
DEVELOPMENTS
 Demand for specialty chemicals and polymers is on the rise and Dai-ichi Karkaria, being
the segment leader, will be a major beneficiary.
 Future prospects of the company looks bright with management focus on an innovative
and sustaining product portfolio which includes APGs, APEO free-based products, high-
SARAL GYAN performance rayon additives, new generation pigments, cost-effective PPDs, cationic poly-
VIEWS & acrylamides for de-oiler applications in oilfields and new PPDs for lube oils.
RECOMMENDATION
 Dai-ichi Karkaria offers good long term investment opportunity at current levels. Hence,
suggest Buy on the stock at current market price with portfolio allocation of 2%.

Visaka Industries Ltd Returns at CMP: +25%
 Net profit of Visaka Industries rose 22.03% to Rs 16.62 crore in the quarter ended June
QUARTERLY RESULTS
ANALYSIS
 Sales declined 3.18% to Rs 307.70 crore in the quarter ended June 2016 as against Rs
 The Company is focusing strongly on V-Next product business for the future. Numerous
advantages make the product widely endorsed and appreciated by architects and customers
RECENT UPDATES &
worldwide, many of them are replacing plywood which is a 20,000 crore industry. This
DEVELOPMENTS
provides a great long term opportunity to V-Next products (VBoard, V-Designer Board, V-
Plank, V-Premium, V-Panel).
 There is likely to be an upward surge in housing and infrastructure sector resulting in

higher utilization levels for company’s asbestos cement product business coupled with
SARAL GYAN strong growth momentum in V-Boards segment.
VIEWS &
RECOMMENDATION  We suggest our members to continue to hold Visaka Industries in their portfolio. We
expect better returns on investment from the stock in next 12 to 18 months.

FLASH BACK – JUL’15 (09/08/15)
Simmonds Marshall Ltd Returns at CMP: -25%
 Net profit of Simmonds Marshall declined 22.61% to Rs 0.89 crore in the quarter ended
QUARTERLY RESULTS
ANALYSIS
RECENT UPDATES &

DEVELOPMENTS
SARAL GYAN  We were expecting revenue growth of 20% plus on back of various initiatives taken by the
VIEWS & company. However, company has continuously disappointed in terms of its earnings. Hence,
RECOMMENDATION we suggest our members to exit from the stock between price range of 70 to 75.

FLASH BACK – AUG’15 (06/09/15)
Chemfab Alkalies Ltd Returns at CMP: +127%
 Net profit of Chemfab Alkalis rose 294.27% to Rs 6.19 crore in the quarter ended June
QUARTERLY RESULTS
ANALYSIS
 Sales rose 32.58% to Rs 30.36 crore in the quarter ended June 2016 as against Rs 22.90
crore during the previous quarter ended June 2015.
 Chemfab Alkalies has applied for an expansion, once the company gets the clearance for
expansion, company will go ahead with the capex.
RECENT UPDATES &
DEVELOPMENTS  Company plans to double the company’s capacity in next 2 to 3 years. Company is
planning to raise the capex of Rs 50 crore next year for expansion purposes via inter
accruals. Presently company’s capacity is 100 tonnes per day and is utilized fully.
SARAL GYAN  We suggest our members to continue to hold Chemfab Alkalies in their equity portfolio for
VIEWS & medium to long term. As stock price has seen a sharp run up recently on back of planned
RECOMMENDATION expansion, any fresh investment is not suggested in the stock at current levels.

FLASH BACK – SEP’15 (11/10/15)
Ultramarine & Pigment Ltd Returns at CMP: +67%
 Net profit of Ultramarine & Pigments rose 95.92% to Rs 7.21 crore in the quarter ended
QUARTERLY RESULTS
ANALYSIS
 Promoters are continuously increasing their stake in the company by doing open market
purchases. This indicates that management is confident of bright prospects of the company
going forward. Promoters shareholding as per Jun’16 quarter is 52.54%, compared to
RECENT UPDATES &
52.35% in Dec’15 quarter, increased by 0.19% in last 6 months.
DEVELOPMENTS
 Company has paid interim dividend or Rs. 3.50 per share in March this year, dividend yield
at current market price is 2.5%
SARAL GYAN  Stock is currently trading at trailing PE of 15 and looks reasonably valued with limited
VIEWS & downside risk, we suggest our members to stay invested in Ultramarine & Pigments.
RECOMMENDATION

FLASH BACK – OCT’15 (08/11/15)
Pokarna Ltd Returns at CMP: -21%
 Net profit of Pokarna declined 59.56% to Rs 5.56 crore in the quarter ended March 2016
QUARTERLY RESULTS
ANALYSIS
 Pokarna has opted to exit CDR (corporate debt restructuring) mechanism (subject to
approval by banks) and agreed to pay the recompense amount to the banks. After exiting
from CDR, the management intends to swap the current high cost loans with much cheaper
RECENT UPDATES & foreign currency loans with flexibility in terms of planning for further capacity expansion.
DEVELOPMENTS
 The company is putting incremental capital behind Quartz business rather than spending
on granite or apparel businesses. As the company is already running quartz facility at near
to its utilization levels, we do not expect major revenue growth in FY17
 As long term growth prospects of the company’s quartz business is strong, we suggest our
members to add Pokarna with initial allocation of 2% and add more on dips with maximum
SARAL GYAN allocation of 3% keeping a horizon of 2 to 3 years.
VIEWS &
RECOMMENDATION  The stock price is currently quoting at around 9.20 times FY16 post tax adjusted earnings.
Valuation looks reasonable considering revenue growth and earning visibility of the company
during next 2-3 years.

FLASH BACK – NOV’15 (06/12/15)
Coral Laboratories Ltd Returns at CMP: -13%
 Net profit of Coral Laboratories rose 39.54% to Rs 3.67 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 Coral Labs has declared dividend @ 30% i.e. Rs. 3 per equity share of face value Rs. 10
each for FY 2015-16. Dividend payout is increased by Rs. 0.50 compared to last year.
RECENT UPDATES &
DEVELOPMENTS
 Promoters shareholding is 71.57% as on Jun’16 quarter without any change in holding
since last 7 quarters.
SARAL GYAN  Stock is trading at trailing PE of 13.6 and looks reasonable with limited downside risk
VIEWS & compared to other pharmaceutical companies operating in the same segment. We suggest
RECOMMENDATION our members to continue to hold the stock.

FLASH BACK – DEC’15 (10/01/16)
Nitin Spinners Ltd Returns at CMP: -3%
 Net profit of Nitin Spinners declined 7.64% to Rs 11.37 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 The company is undertaking major capex to add another 73,000 spindles and reach a
total capacity of 223,096 spindles. The project is expected to come on stream by March
RECENT UPDATES & 2017.
DEVELOPMENTS
 Management of the company is shifting its positioning from a commodity player to
speciality player by tilting the product mix towards value added yarns.
 Company’s robust growth prospects coupled with margin will help company to deliver
strong earnings growth in coming years.
SARAL GYAN
VIEWS &  Stock is currently trading at trailing PE of 7.6. Dividend yield at CMP is 1.4%. As valuations
RECOMMENDATION looks attractive, members who are not holding Nitin Spinners can buy the stock with initial
allocation of 1% and increase it to 2% in case of downside of 10-15% in stock price.

TCPL Packaging Ltd Returns at CMP: +48%
 Net profit of Twenty First Century Printers rose 8.53% to Rs 9.42 crore in the quarter
ended March 2016 as against Rs 8.68 crore during the previous quarter ended March 2015.
QUARTERLY RESULTS
ANALYSIS
126.97 crore during the previous quarter ended March 2015
 The company has recently set up a flexible packaging unit, company also completed the
RECENT UPDATES & set up 2nd production line at its Haridwar plant in FY16. The company spent approx 87
DEVELOPMENTS crores on growth and maintenance capex which resulted in increase of debt by almost 45
crores.
 Company continue to deliver impressive top line growth. Sales of the company for the
Mar’16 quarter have grown by 22.32% over Mar’15 quarter. For the full year the sales of the
SARAL GYAN company was up by 19.03%.
VIEWS &
RECOMMENDATION  Company is currently trading at trailing PE multiple of 17.4. Stock looks fairly valued at
current levels. We suggest our members to continue to hold the stock and consider any
significant correct to add TCPL Packaging with maximum allocation of 3% for long term.

Zenith Fibres Ltd Returns at CMP: +35%
 Net profit of Zenith Fibres rose 47.02% to Rs 2.47 crore in the quarter ended March 2016
QUARTERLY RESULTS
ANALYSIS
 The company’s increased focus on developing new grades of Polypropylene fibres for
RECENT UPDATES & critical and new applications which cannot be replaced by polyester or other man-made fibre
DEVELOPMENTS is expected to augur well for the company in coming years.
 Zenith Fibres is a debt free company with lean balance sheet. Overall, the financial
performance of the company has been good in terms of growth, profitability, return ratios
SARAL GYAN and cash flows from operations in last 5 years.
VIEWS &
RECOMMENDATION  We suggest our members to continue to hold Zenith Fibres in their portfolio. Any fresh
investment at current levels is not suggested in the stock.

FLASH BACK – MAR’16 (10/04/16)
Indo Borax & Chemicals Ltd Returns at CMP: +15%
 Net profit of Indo Borax & Chemicals rose 51.98% to Rs 3.45 crore in the quarter ended
QUARTERLY RESULTS
ANALYSIS
 Company has increased installed capacity of boron products by 5,600 MT per annum.
RECENT UPDATES &
With recent expansion, the installed capacity of boron products is increased by 38.89%
DEVELOPMENTS
from 14,400 MT per annum to 20,000 MT per annum.
 As company’s capacity expansion is already completed, we believe company will post

decent growth sales and profits in coming quarters with rise in demand of its products.
SARAL GYAN
VIEWS &  As per our estimates, Indo Borax can deliver PAT of 14.35 crores for full financial year
RECOMMENDATION 2016-17 on consolidated basis, annualized EPS of Rs 44.70 with forward P/E ratio of 8.1X for
FY16-17. We suggest our members to continue to hold the stock.

Stylam Industries Ltd Returns at CMP: +127%
 Net profit of Stylam Industries rose 75.80% to Rs 3.85 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 Recently, the government imposed a heavy anti dumping duty on imports of medium
density fibre board (MDF), mainly used in decorative furniture. Anti-dumping duty on
plain MDF Board is valid for five years. This is positive for domestic players in laminate &
RECENT UPDATES & plywood segment as companies will be able to improve their margins going forward.
DEVELOPMENTS
 With no import of MDF from China, Vietnam and Indonesia will augur well for companies
like Stylam Industries which increased its focus on domestic markets with significant
increase in capacity expansion will be the direct beneficiary going forward.
 Company’s growth prospects are strong in medium to long term considering recent
capacity expansion, expected passage of GST bill and imposing of Anti-dumping duty by
SARAL GYAN Govt for next 5 years.
VIEWS &
RECOMMENDATION  Stylam Industries has delivered astonishing returns of 127% within 3 months since our
recommendation. As valuations at current levels looks stretched, we do not suggest any
fresh investment in the stock at current levels.

Prima Plastics Ltd Returns at CMP: +39%
 Net profit of Prima Plastics rose 135.86% to Rs 4.05 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 As per management, new plant in Andhra Pradesh is to be commissioned in October,

2016. This plant will cater to the Eastern and Southern Regions of India.
RECENT UPDATES &  The African operation is adding capacity by approx. 50% in this year. The same will be
DEVELOPMENTS funded by their internal accruals. Moreover, the company is adding a plant in Central
America (Guatemala). The Company expect this project to be commissioned in November
2016. This Company is setting up this project in a Joint Venture format having 90% share
of Prima and a local partner will have 10% share.
 Considering good demand for plastic moulded products, recent ongoing expansion, stable
crude prices and reasonable and high earning visibility, we find Prima Plastics as a good long
SARAL GYAN term investment opportunity.
VIEWS &
RECOMMENDATION  As stock price has seen a sharp run up of more than 30% in last few weeks, we suggest
to add stock below 200 levels with initial allocation of 1% and buy more on dips with
maximum portfolio allocation of 3%.

Emmbi Industries Ltd Returns at CMP: +7%
 Net profit of Emmbi Industries rose 28.82% to Rs 3.71 crore in the quarter ended March
QUARTERLY RESULTS
ANALYSIS
 Emmbi Industries gets recognition as R & D Centre by Ministry of Science & Technology
in the month of April this year. As per management, the recognition enables Emmbi
Industries to avail number of fiscal incentives, the primary one being the ability to claim
RECENT UPDATES & Weighted Deduction of 200% of the company’s total R&D expenditure
DEVELOPMENTS
 Company has started construction of Positive Pressure Integrated Clean Room Facility for
Food and Pharmaceutical Grade FIBC Packaging. This facility will help company to
produce the Food & Pharma Grade products for the Export Market.
 Considering increase in sales contribution from high margin value added product, better
working capital control with increasing share of domestic sales, tax benefits to company’s R
SARAL GYAN & D facility during next 3 years and higher earning visibility in FY17-18 with upcoming food
VIEWS & and pharmaceutical grade FIBC packaging facility, we suggested buy at Rs. 110.
RECOMMENDATION
 We suggest our members to continue to hold the stock, those members who have not
invested in the company can invest with 1%-1.5% allocation around 110-115 levels.

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enhance the visibility of innovative public companies in micro, small & mid cap space. Our reports, Hidden Gems & Value
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SARAL GYAN SUBSCRIPTION SERVICES
NUMBER OF SUGGESTED 1 YEAR
INVESTMENT MARKET CAP / SELECTION
RECOMMEND- ALLOCATION SUBSCRIPTION
SERVICE HORIZON INDEX CRITERIA
ATIONS * PLAN
Small / Micro Growth / Value

Rs. 7,500
1 - 3 Yrs Cap (BSE Small 12 per year (Mkt Cap < Rs. 500 10% - 25%
Know More | Sample ($155)
Cap) Crs)
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Mid Cap Rs. 5,000
1 - 3 Yrs 12 per year (Mkt Cap: Rs. 1,000 20% - 40%
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- 10,000 Crs)
Technical Analysis /
Mid Cap Not Rs. 2,500
3 Months 12 per year Recent
Know More | Sample (BSE - 500) Applicable ($55)
Developments
Across Market 12 - 18 Portfolio Long Term 10 - 15 Rs. 15,000

3 - 7 Yrs
Know More | Sample Caps Updates per year Wealth Creation Stocks ($310)
• Suggested allocation - This is the percentage of funds that you could allocate (out of your total equity portfolio) to each category of stocks.
Please note that these allocations are purely indicative.
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FLASH BACK REPORT

DATE – 01ST AUGUST 2016

Saral Gyan Capital Services

www.saralgyan.in Saral Gyan Capital Services

www.saralgyan.in Saral Gyan Capital Services

5-Sep-10 Sri Adhikari Brothers 41.75 414 891.6% 9912.14 24.2%

3-Oct-10 Superhouse 63.5 168.85 165.9% 10403.65 18.3%

7-Nov-10 De Nora 75.5 360.95 378.1% 11044.44 11.5%

19-Dec-10 Piccadily Agro* 17.97 20.9 16.3% 9184 34.0%

16-Jan-11 National Plastic 22.7 48.15 112.1% 8993.84 36.9%

21-Feb-11 ABM Knowledgeware* 30.5 110 260.7% 8128.91 51.4%

27-Mar-11 Camlin Fine Sciences* 6.05 95 1470.2% 8001.63 53.8%

17-Apr-11 Sumedha Fiscal 23.25 14.96 -35.7% 8808.16 39.8%

29-May-11 Cravatex* 350 228 -34.9% 8109.86 51.8%

26-Jun-11 Puneet Resins 36.45 36 -1.2% 7922.38 55.4%

24-Jul-11 WPIL 182.5 384.75 110.8% 8463.49 45.4%

30-Aug-11 Wim Plast 185 2579.3 1294.2% 7131.48 72.6%

* Indicates Bonus/Split adjusted price

www.saralgyan.in Saral Gyan Capital Services

30-Sep-11 Sanghvi Movers 109 279.9 156.8% 6881.08 78.9%

27-Oct-11 Kovai Medical Center 107 716.2 569.3% 6899.15 78.4%

27-Nov-11 Sundaram Brake Lining 147 339.5 131.0% 6049.36 103.5%

24-Dec-11 Cera Sanitaryware 157 2358.7 1402.4% 5614.9 119.2%

29-Jan-12 Indag Rubber* 30.94 185.9 500.8% 6491.69 89.6%

29-Feb-12 Superhouse 48.2 168.85 250.3% 6859.97 79.4%

31-Mar-12 Mayur Uniquoter* 55.95 421.5 653.4% 6629.38 85.7%

30-May-12 Bharat Gears 70.5 95.85 36.0% 6307.15 95.2%

30-Jun-12 Mazda 93 342.85 268.7% 6543.75 88.1%

22-Jul-12 Premier Explosives 70.5 377.6 435.6% 6675.35 84.4%

5-Aug-12 Roto Pump* 18.9 54.95 190.7% 6545.7 88.1%

30-Sep-12 Basant Agro Tech 3.85 6.6 71.4% 7017.89 75.4%

* Indicates Bonus/Split adjusted price

www.saralgyan.in Saral Gyan Capital Services

630-Oct-12 Tide Water Oil* 1936.13 5628.55 190.7% 7043.62 74.8%

25-Nov-12 Acrysil 105 542.05 416.2% 7057.11 74.4%

25-Dec-12 Bambino Agro 49 135.9 177.3% 7348.99 67.5%

31-Jan-13 TCPL Packaging 70 716.7 923.9% 7074.07 74.0%

10-Mar-13 Orient Bell 62.5 159.1 154.6% 6333.78 94.4%

30-Jun-13 Butterfly 330 162.8 -50.7% 5643.53 118.1%

AVERAGE RETURNS 2010 - 2013 HIDDEN GEMS: 370.2% SC INDEX: 68.8%

www.saralgyan.in Saral Gyan Capital Services

1-Jan-14 Balaji Amines 48.55 294.4 506.4% 6649.16 85.1%   HOLD

28-Feb-14 Atul Auto* 141.2 469.55 232.5% 6445.04 91.0%   B.O.D

28-Apr-14 Flex Foods 32.5 90.7 179.1% 7617.28 61.6%   SELL

29-Jun-14 Gulshan Polyols 191.65 362.75 89.3% 10022.29 22.8%   B.O.D

29-Jul-14 Dynemic Products 46 65.6 42.6% 9966.64 23.5%   SELL

31-Aug-14 Anil 275.7 272.5 -1.2% 10264.4 19.9%   SELL

29-Sep-14 Asian Granito 98.35 219.15 122.8% 10667.67 15.4%   SELL

31-Oct-14 Patels Airtemp 146.3 152 3.9% 10930.95 12.6%   HOLD

30-Nov-14 Control Print* 162.6 297.8 83.1% 11270.79 9.2%   BUY

28-Dec-14 Acrysil 597.8 542.05 -9.3% 10894.89 13.0%   HOLD

AVERAGE RETURNS 2014 HIDDEN GEMS: 131.2% SC INDEX: 35.5%

B.O.D – Buy on Dips * Indicates Bonus/Split adjusted price

www.saralgyan.in Saral Gyan Capital Services

31-Jan-15 Plastiblends 236.7 424.8 79.5% 11467.36 7.3%   B.O.D

28-Feb-15 Jenburkt Pharma 322.7 367 13.7% 11494.48 7.1%   HOLD

22-Mar-15 Mold-Tek Packaging 218.5 207.9 90.3% 11309.60 8.8%   HOLD

9-May-15 SMS Pharma* 53.44 95.7 79.1% 10829.06 13.7%   HOLD

7-Jun-15 Dai-ichi Karkaria 220.6 391.75 77.6% 10851.50 13.4%   BUY

5-Jul-15 Visaka Ind 128.15 160.75 25.4% 11303.58 8.9%   HOLD

9-Aug-15 Simmonds Marshall 89.05 66.65 -25.2% 12104.47 1.7%   SELL

6-Sep-15 Chemfab Alkalies 94.4 213.9 126.6% 10605.24 16.1%   HOLD

11-Oct-15 Ultramarine Pigment 83.35 139.45 67.3% 11348.58 8.5%   HOLD