Asian Granito India Limited

Company Profile
Asian Granito India Ltd (AGIL), started as a ceramic tile-manufacturing unit under
the name M/s Kedia Cera Tiles Private Ltd in 1993. With the change of
management in September 2002, the company’s name was changed to M/s Asian
Granito India Ltd. With an initial vitrified tiles manufacturing capacity of 4000 sq
mts per day, today AGIL has emerged as one of the leading manufacturers of
vitrified tiles in India with a capacity of 14000 sq mts per day of vitrified tiles as on
July 2007. AGIL’s plants are set up in the ceramic zones of Dalpur, Himmatnagar &
Sabarkantha, Gujarat. AGIL caters to a wide spectrum of consumers through a vast
range of products at various price points - either made designs or customized as
per client requirement. It has the ability to provide most of the major tiling
solutions under one roof. AGIL has a subsidiary named Asian Tiles Limited (ATL),
for manufacture of ceramic tiles. ATL commenced manufacturing in 2000 with a
capacity of 2500 sq mts per day, which currently stands at 7000 sq mts per day.
To expand its product portfolio, AGIL is setting up a wall tile unit with a capacity of
3.4mn sq mts pa. The vitrified manufacturing capacity is also being expanded from
14,000 sq mts per day (5.11mn sq mts pa) to 16000 sq mts per day (5.84mn sq
mts pa). AGIL has advantage over other manufactures due to their proximity to the
raw material source (clay, quartz and feldspar are found abundant in Rajasthan
and receive imported Ukraine clay from Kandla port) and use of natural gas, which
is cheaper(~20-25%) as compared to the use of LPG for production purpose.



Objects of the issue
Setting up of wall tile unit (Rs486.86mn)
Modernization and expansion of the existing vitrified plant (Rs126.79mn)
General corporate purposes
Valuation
At the price band of Rs85-102, AGIL is expensively priced at 8.5x to 10.2x FY07
post issue diluted EPS. AGIL’s cost advantage (proximity to raw material source
and port, use of natural gas), diversified sales distribution (West-44%, South-31%,
North-20% & East-5%) are the key positives for the company. The risks include
competition from cheap Chinese imports and unorganized players, changes in the
regulatory framework for the industry and downturn in construction industry.

agro tech foods limited

Company Profile

Agro Tech Foods Limited (ATFL), established in 1986, is engaged in the business of marketing food and food ingredients to consumers and institutional customers with major focus on branded edible oils, branded foods and sourcing. ATFL is a 48% subsidiary of ConAgra Foods Inc. of USA, which is one the world’s largest food company. ITC Limited, its erstwhile promoter holds 17% currently. Sundrop, Crystal, Rath and Act II are some of the Company’s brands. It has a dominant market share and value leadership in the premium refined oil segment. ATFL’s aim is to be an innovative food company with targeted sales of Rs15bn, a profit of Rs500mn with ROIC of 14%+ by FY 2010.

During, FY07 sales of ATFL increased by 11% to Rs10.38bn and net profit jumped 2.5 times to Rs161mn. OPM stood at 2.34%. Recently, Income Tax Appellate Tribunal, Hyderabad has allowed the Company's appeal against the levy of capital gains tax on slump sale of Mantralayam undertaking of Rs128.70mn for the assessment year 1997-1998 Key Triggers New focus on high margin foods: ATFL is focusing on growing its high margin snack food business. Leveraging on the popularity of its Act II popcorn brand, ATFL has launched of new products - ACT II Corn Chips & Act II Potato Popz at attractive price points. It has also launched Lamb Weston French-Fries. A new product - Healthy World sugar control ‘Aatta’ has been recently launched. Long term clinical trials have shown that there is a reduction in the increase in Post Prandial (PP) / after meals sugar levels by more than 25% over time, if the atta is taken as part of the usual diet. The company aims to widen its product availability in over 400 locations across the top 14 towns, up from its current 120 locations. Price Breakout: ATFL has given a strong weekly price breakout accompanied with strong volumes. Further, Relative Strength Index (RSI) on a weekly basis has given an over 5 year’s breakout support the strong positive momentum in the stock. .

Public Issue of CENTRAL BANK OF INDIA

Issue Opens	July 24, 2007
Issue Closes	July 27, 2007
Issue Type	100% Book Building
Issue Size	8,00,00,000 Equity Shares
Price Band	Rs. 85.00 - Rs. 102.00
Face Value	Rs. 10/-
Lot Size	60 shares

Company Profile

Central Bank of India (CBoI), founded in 1911 was nationalized in the year 1969,

and is currently wholly owned by the GOI. CBoI is the third largest bank in India

based on number of branches. As of March 31, 2007, CBoI had 3,194 branches

(Central India 27.4%, East - 25.4%, West- 22.2%, South - 12.4%, North - 12.4%),

267 extension counters, 261 ATM’s, 34 satellite offices, 17 zonal offices and 78

regional offices in 27 states and 3 union territories. It has implemented the Core

Banking Solution (CBS) in 324 branches and 29 extension counters, covering

approximately 35.4% of their total gross deposits and advances. CBoI subsidiaries

include Centbank Financial and Custodial Services Limited’ (PAT Rs1.69mn FY07), &

Cent Bank Home Finance Limited’ (PAT Rs50.28mn FY07), CBoI has also sponsored

11 Regional Rural Banks in collaboration with the state governments of MP,

Chhattisgarh, Bihar, Maharashtra, UP and Rajasthan. It has an overseas JV bank in

Zambia (Indo-Zambia Bank Limited) with 20% ownership interest.

Going forward CBoI plans to improve customer service by implementing CBS

to

cover ~80% of the business, increase number of ATM from 261 to 500. It is looking

at entering into ATM sharing agreement with other banks and also planning to join

VISA network all by end of FY08. It proposes to leverage on the extensive branch

network and large customer base to increase CASA from current 42% and to

increase fee based income by cross selling and distributing third party products.

Objects of the issue

Augment capital to meet future capital requirement arising out of the

implementation of BASEL 2 standards and the growth in the assets

General corporate purpose. Valuation CBoI is attractively priced at 1.1x - 1.3x FY07 P/B of Rs77.6. Higher CASA, focus on increasing fee based income and acceleration in growth of loans and advances to the corporate and retail sectors would be key growth drivers for CBoI. Although the bank has brought down its net NPAs over last few years, it still stands at a high 1.7%. The CAR ratio stands at 10.4%. The key risks would be adverse movement in interest rate (HTM – 64.15%), changes in RBI policy, slow down in advances. Financial Highlights (Rs mn)