Microcaps You Can Buy Today - 1

4 MICROCAPS
YOU CAN CONSIDER

BUYING TODAY
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TABLE OF CONTENTS
Page
Introduction 3
Stock # 1
6
Renaissance Jewellery Ltd
Stock # 2
10
Puravankara Projects Ltd
Stock # 3
14
Tara Jewels
Stock # 4
18
Graphite India
Introduction | 2
Introduction
The BSE Sensex has seen its fair share of ups and downs in 2016, and is just about
2.5% higher than its level at the start of the year. And based on the valuations the
broader markets are trading at, it wont be a bad idea to park some money in stocks
for the long term.
In fact, how about giving your investments that extra edge by taking an exposure in
Microcaps.
For it is doing precisely this that can mean the difference between good returns and
great returns for your stock investments!
To give you a head start, weve created this special report just for our subscribers.
This report is aimed at those subscribers who joined us recently on our long term
wealth building journey through Microcap Millionaires.
We hope the new members have had a chance to go through the Microcap Millionaires
guide which gives a detailed step-by-step explanation of how to go about investing
under this service.
In case you havent had a chance to do the same yet, you can do so by clicking here.
The service rests on three simple principles as espoused by the father of value
investing, Benjamin Graham himself.
The individual investor should act consistently as an investor and not a

speculator. He should be able to justify every stock purchase he makes
by impartial, objective reasoning that gives him the satisfaction that he
is buying the stock with a significant margin of safety.
The investor should have a definite selling policy for all his common
3 | Introduction
stock investments, corresponding to his buying techniques and lastly,
Investor should always have a minimum percentage of his total portfolio

in common stocks and a minimum percentage in bond equivalents.
He then recommended at least 25% of the total at all times in each
category. In other words, under no condition should stock holdings
go above 75% of the total portfolio and the same applies for bond
equivalents.
As can be seen, the MCM report will include stock recommendations and it will also
give the subscribers suggestions on how best to use the flexibility of increasing or
reducing exposure to equities based on the overall market conditions. Please note
that based on the current valuation levels of the overall market, a strong case can be
made for money to be distributed equally between stocks and bonds in the ratio of
50:50.
In other words, if a subscriber is starting out now and wants to set aside money for
Microcap Millionaires, he should ideally distribute equally between stocks and bonds.
The next question that is likely to come up is what are the stocks that can be bought
and how many of them? We think this is where the report will be extremely useful.
In this report, we have put together a one-page synopsis of the top stocks that we
think every new subscriber should make a part of the equity portion of the Microcap
Millionaires group of stocks.
Therefore, if you are starting out, theres no better stocks to start your wealth building
journey through Microcap Millionaires than the ones we are covering in this report.
Do note that as per the rules, when the exposure to stocks and bonds is roughly in
the same proportion, the total number of stocks in the Microcap Millionaires group
of stocks should be no more than 14-15. Consequently, the new subscribers will
still be few stocks short. As a result, our recommendation would be to keep the
remainder of the money in fixed deposits and the same can be moved into stocks as
we recommend more companies over the coming months.
Introduction | 4
Also, do note that in order to keep the group of stocks adequately diversified; limit
your exposure to any one stock to not more than 3%-4% of the total exposure to
Microcap Millionaires. In other words, if a subscriber is starting with a corpus of Rs
100 (including both fixed deposits and stocks), investment in any one stocks should
not be more than Rs 3-4 per share. This allocation will of course vary from person
to person. For something that works best for you, we recommend you talk to your
investment advisor.
We think this is enough background for a subscriber to be able to begin his Microcap
Millionaires journey. Therefore, do go through the synopsis of all the stocks that weve
put together below and get off to a great start.
5 | Introduction
Stock # 1
BUY
Renaissance Jewellery Limited is an India-based company engaged in the manufacture

of diamond studded jewellery which is majorly exported to the United States and
Hong Kong. The company's product portfolio includes rings, earrings, pendants,
bracelets, necklaces, bangles, moneyclips, tie pins, and cuff links. The company, apart
from its core Jewellery business, has its own Home Retail Brand with 31 Stores across
India.
The company operates through eight manufacturing units, including six units at
SEEPZ-SEZ in Mumbai, one unit at SEZ in Mumbai, and one 100% export oriented unit
(EOU) unit at Bhavnagar in Gujarat, all in India. The company's subsidiaries include
Renaissance Jewelry New York Inc., Verigold Jewellery (UK) Limited, N. Kumar Diamond
Exports Limited, Renaissance Jewellery Bangladesh Private Limited, Renaissance
Adrienne LLC, VGJA Inc, Housefull International Limited, and Housefull Supply Chain
Management Limited.
The company recorded a moderate growth of 3.4% in total sales over the previous
year. The EBIDTA margin (incl. other income) improved from 5.9% in FY'15 to 6.3% in
FY'16. The company recorded a PAT growth of 19% over the previous year.
USA continues to be the main market for the company for the Jewellery business. While
the overall sales have increased over the last 5 years, sales to USA as a proportion
has reduced from about 85% in FY'11 to about 57% in FY'16. Middle east and Asia
now accounts for 37% of the total revenue.
The company believes that the "Click and Mortar" model will survive in the longer term.
The company is also experiencing that online sales margins are higher than physical
store margins. The company proposes to strengthen the online platform that will
Renaissance Jewellery Ltd | 6

ultimately benefit the physical store sales as well. Select physical stores will also be
opened to complete the "Click and Mortar" business. The company believes that the
same will enable it to reach out faster to Tier 2 and Tier 3 towns. The average number
of products available for its customers will be more than 3 fold for its customers.
Financials at a glance (Consolidated)

(Rs m) FY12 FY13 FY14 FY15 FY16
Net sales 9,517 9,519 12,222 12,764 13,196
Sales growth (%) 10.4% 0.02% 28.4% 4.4% 3.4%
Operating profit 673 463 621 752 828
Operating profit margin (%) 7.1% 4.9% 5.1% 5.9% 6.3%
Net profit 335 148 295 398 474
Net profit margin (%) 3.5% 1.6% 2.4% 3.1% 3.6%
Balance Sheet
Fixed assets 897 897 914 782 774.9
Investments 17 1 1 1 6
Current assets 5,387 6,274 8,263 8,244 9189
Others 204 175 193 230 259
Total Assets 6,505 7,347 9,371 9,257 10,230
Net worth 3,129 3,249 3,739 3,990 4,614

Loan funds 2,733 2,419 3,420 2,719 2,487
Current liabilities 657 1,681 2,209 2,570 3,122
Others (14) (2) 3 (23) 7
Total liabilities 6,505 7,347 9,371 9,256 10,230
7 | Renaissance Jewellery Ltd

Valuations

Net sales (Rs m) 9,517 9,519 12,222 12,764 13,196
PAT (Rs m) 335 148 295 398 474
No. of shares (m) 19.1 19.1 19.1 19.1 19.1
EPS (Rs) 17.6 7.7 15.4 20.9 24.8
Price to earnings (x) 7.2 16.4 8.2 6.1 5.1
Price to sales (x) 0.3 0.3 0.2 0.2 0.2
Price to book value (x) 0.8 0.7 0.6 0.6 0.5
*Adjusted basis
Market Data
Current Price (Rs) 127

52 week H/L 184/99
NSE symbol RJL
BSE code 532923
No. of shares (m) 19.1
Face value (Rs) 10
FY16 dividend/share (Rs) 2.0
Free float (%) 25.0%
Market cap (Rs m) 2,423
Average 52-week liquidity (Rs m) 4.6
Price to sales* (times) 0.2
Price to earnings* (times) 5.7
Price to book^ (times) 0.5
Debt to Equity^ (times) 0.5
Dividend yield (FY16 at current prices) 1.6%
Promoter pledging (% of Total Equity) NIL

*Based on trailing 12-month consolidated numbers
^Based on Audited Consolidated Balance Sheet as at March 31, 2016
Renaissance Jewellery Ltd | 8

Rs 100 invested 5 years back is now
200
RENAISSANCE Rs 151
Sensex Rs 169
160
120
80
40
-
Nov-11 Feb-13 May-14 Aug-15 Nov-16
Stock price performance
RENAISSANCE Index*
Over 1-Year 31.1% 4.0%
Over 3-Years 35.6% 9.4%
Over 5-Years 9.1% 9.3%
#BSE Sensex
* Sensex Returns over 1 yr are compounded annual averages
Annexure for Renaissance Jewellery Ltd:

Shareholding (%, Sept-16)
Category (%)
Promoters 74.4
Institutions 0.3
Non-Institutions 0.0
Others 25.3
Total 100.0
9 | Renaissance Jewellery Ltd

Stock # 2
BUY
Puravankara Projects Limited (PPL) is in the business of development and construction

of residential and commercial properties. The company has projects across Bengaluru,
Kochi, Chennai, Coimbatore, and Pune. It has completed 48 residential projects
and 2 commercial projects which in total span across 23.54 million square feet.
Presently, the company has 24.87 million square feet / 17,895 units of projects under
development, with an additional 22.73 million square feet in projected development.
The company commenced its operations in Mumbai and has established significant
presence in the metropolitan cities of Bangalore, Kochi, Chennai, Coimbatore,
Hyderabad, Mysore and overseas in Dubai, Colombo, and Saudi-Arabia. The company
has pioneered the use of automated construction technologies to deliver apartments
in the shortest tenures in India.
Going further, the company expects to accelerate property development to 2x by

the year 2020. It has an annual sales plan of 13.3 million square feet to be achieved
in 2020. The company intends to launch 13 million square feet of properties across
5 years in Mumbai and roll out 21 million square feet in new projects launches in
Bengaluru in five years. The company has its focus on five cities with the largest
sectoral opportunities namely- Bengaluru, Chennai, Hyderabad, Mumbai and Pune.
This will enrich the company's brand and accelerate sales in the coming years.
Puravankara Projects Ltd | 10

Financials at a glance
(Rs m, Consolidated) FY12 FY13 FY14 FY15 FY16
Net sales 8,142 12,459 13,102 16,777 15,507
Sales growth (%) 35.8% 53.0% 5.2% 28.0% -7.6%
Operating profit 3,889 5,768 4,756 3,858 3,503
Net profit 1,314 2,282 1,598 1,376 674
Balance Sheet
Fixed assets 726 869 923 1,239 1,179
Investments 1,232 1,385 706 695 7,394
Current assets 21,025 28,142 35,430 39,024 47,791
Others 10,924 10,302 15,421 16,755 4,114
Total Assets 33,907 40,698 52,480 57,713 60,478
Net worth 16,873 18,995 21,733 22,607 23,053

Non- Current Liabilities 3,100 9,047 9,518 13,673 13,930
Current liabilities 13,934 12,656 21,229 21,433 23,495
Valuations
Net sales (Rs m) 8,142 12,459 13,102 16,777 15,507
PAT (Rs m) 1,314 2,282 1,598 1,376 674
No. of shares (m) 213.42 213.42 237.15 237.15 237.15
EPS (Rs) 5.5 9.6 6.7 5.8 2.8
Price to sales (x) 1.1 0.7 0.8 0.6 0.7
* Adjusted basis
11 | Puravankara Projects Ltd

Market Data
52 week H/L 65.7/41.15
NSE symbol PURVA
BSE code 532891

Face value (Rs) 5.0
Promoter pledging (% of Total Equity) 0.0%
^Based on Audited Consolidated FY16 numbers

*Based on trailing twelve month consolidated numbers
Puravankara Projects Ltd | 12

180
Puravankara Projects Rs 56
Sensex Rs 156
140
100
60
20
Nov-11 Jul-13 Mar-15 Nov-16

Puravankara Projects Index#
Over 1-Year -28.8% 4.0%
Over 3-Years 17.9% 9.4%
Over 5-Years -10.9% 9.3%

*BSE Sensex
Returns over 1 yr are compounded annual averages
Annexure for Puravankara Projects Ltd:

Category (%)
Promoters 75.0
DII 2.4
FII 14.9
Others 7.6
Total 100.0
13 | Puravankara Projects Ltd

Stock # 3
Tara Jewels
BUY
Tara Jewels is an India-based integrated player in the jewelry industry. The company
is engaged in designing, manufacturing, and retailing of jewelry with a wide product
portfolio. Its portfolio of products includes studded gold, platinum, and silver jewelry.
Apart from this, the company's services include personalized jewelry, recycling of
jewelry, customized jewelry and purity testing.
On the geographical front, the company operates stores across metros, tier I, tier II,
and tier III cities in India. Apart from India, the company offers its range of over 50,000
designs across over 20 countries in 5 continents. It provides products to retailers
across Australia, Canada, China, New Zealand, Russia, South Africa, the United States,
the United Kingdom as well as the rest of Europe.
The company has three manufacturing facilities spread across approximately 53,000
sq ft and is one of the largest studded jewelry exporters from India since 2001. It has
been a pioneer in jewelry manufacturing with known patented technologies.
In mid-2006, Tara Jewels Holdings, Inc. established its first United States diamond and
gemstone wholesale jewelry division by partnering with M. Fabrikant & Sons Inc., and
thereby formed Fabrikant-Tara International. After achieving this in the international
market, the company set up its India jewelry retail business in 2010 under the brand
name Tara Jewellers to offer customers certified diamond and hallmarked gold
jewellery.
Tara Jewels | 14
(Rs m, Consolidated) FY12 FY13 FY14 FY15 FY16
Net sales 13,991 16,355 16,954 17,353 18,013
Sales growth (%) 22.8% 16.9% 3.7% 2.4% 3.8%
Net profit 525 737 504 437 254
Balance Sheet
Fixed assets 810 803 1,160 1,129 1,205
Investments 12 31 37 37 50
Current assets 9,440 10,689 11,686 12,211 14,866
Others 40 130 70 42 86
Total Assets 10,302 11,653 12,953 13,419 16,208
Net worth 2,773 4,929 5,404 5,846 6,100

Loan funds 3,390 3,305 3,861 4,100 4,744
Current liabilities 4,097 3,397 3,661 3,452 5,327
Non-current Liabilities 43 23 27 21 37
Valuations
Net sales (Rs m) 13,991 16,355 16,954 17,353 18,013
PAT (Rs m) 525 737 504 437 254
No. of shares (m) 18.0 24.6 24.6 24.6 24.6
EPS (Rs) 21.3 29.9 20.5 17.7 10.3
Price to sales (x) 0.05 0.06 0.06 0.06 0.06
*Adjusted basis
15 | Tara Jewels
Market Data
52 week H/L 66.7/30.6
NSE symbol TARAJEWELS
BSE code 534756
Face value (Rs) 10
FY16 dividend/share (Rs) nil
Market cap (Rs m) 992
Dividend yield (FY16 at current prices) N.A.

* Based on trailing 12-month standalone numbers
^Based on Audited Standalone Balance Sheet as at March 31, 2016
Tara Jewels | 16
Tara Jewels
160
Tara Jewels Rs 18
Sensex Rs 138
120
80
40
-
Dec-12 Mar-14 Jul-15 Nov-16
Tara Jewels Index#

Over 1-Year 15.6% 4%
Over 3-Years -26.7% 9.4%

# BSE Sensex
Annexure for Tara Jewels:

Category (%)
Promoters 60.1
DII 0
FII 0.9
Others 39.0
Total 100.0
17 | Tara Jewels
Stock # 4
Graphite India
BUY
Graphite India Ltd (GIL) is the largest Indian producer of graphite electrodes by total
capacity. Its manufacturing capacity of 98,000 tons per annum is spread over four
plants at Durgapur (54,000 MT post expansion), Bangalore (13,000 MT), Nashik (13,000
MT) and Nurnberg in Germany (18,000 MT). GIL accounts for roughly 10% of capacity
among leading global electrode manufacturers. (Excluding Chinese producers). The
company has over 40 years of technical expertise in the industry.
Electrodes are critical to the Electric Arc Furnace (EAF) steel making process, with no
substitutes available. Share of EAFs route in global steel production is ~26%. EAF route
is preferable over traditional blast furnace method due to relatively lower production
costs & capex requirements, operational flexibility and it generates less carbon
emissions. Similarly, this industry has significant entry barriers due to technology
intensive nature of operations. GIL has a diversified client base and includes major
steel companies such as Essar Steel, Steel Authority of India, Tata Steel, Nucor Group,
Saudi Iron & Steel, and United Steel.
The company recorded a subdued performance during the year FY16. Revenue
from operations decreased by 9% YoY and profits growth came in flat. The decline
in revenue was primarily driven by lower sales price realization while maintaining
the volume, due to excess capacity and fierce competition. The global demand for
graphite electrodes has remained subdued owing to limited incremental demand for
steel. Furthermore, falling iron ore prices have made the Electric Arc Furnace route
less economical as compared to the Blast Furnace route in the recent past. Reduction
in input costs has compensated to some extent the fall in electrode prices. However,
the reduction was not sufficient to compensate for the falling price of finished goods
which resulted in stagnant margins. The companys Graphite and Carbon Segment
Graphite India | 18
continues to be the main source of revenue and profit, accounting for about 91% of
the total revenue.
One must note that though the graphite electrode industry is not sensitive to steel
prices, it is impacted by the volume of steel production through the EAF method.
Looking beyond the current slowdown, GIL is well positioned to benefit from the
growing demand for graphite electrodes over long term. In addition, the capital
structure of GIL remains robust and provides financial flexibility for future.

Net sales 19,124 19,488 20,093 17,107 15,324
Sales growth (%) 32% 2% 3% -15% -10%
Net profit 2,125 1,344 1,299 576 615
Balance Sheet
Fixed assets 7,297 7,154 6,997 6,494 5,912
Investments 1212 284 421 1023 3763
Current assets 18512 21901 20333 18188 13624
Others 136 180 214 245 1,265
Total Assets 27157 29518 27964 25950 24563
Net worth 16,557 17,119 17,593 17,464 17,511
Loan funds 5,934 7,028 4,231 3,041 3,023

Current liabilities 3937 4380 5210 4593 3257
Others 729 992 931 853 772
19 | Graphite India
Valuations
Net sales (Rs m) 19,124 19,488 20,093 17,107 15,324
PAT (Rs m) 2,125 1,344 1,299 576 615
No. of shares (m) 195.4 195.4 195.4 195.4 195.4
EPS (Rs) 10.9 6.9 6.6 2.9 3.1
Price to sales (x) 0.8 0.7 0.7 0.8 0.9
* Adjusted basis
Market Data
52 week H/L 88.70/64.20
NSE symbol GRAPHITE
BSE code 509488
No. of shares (m) 195
Face value (Rs) 2
Free float (%) 34.8

*Based on trailing 12-month standalone numbers
^Based on Audited Consolidated Balance Sheet as at March 31, 2016
Graphite India | 20
Graphite India
200
GRAPHITE Rs 101
Sensex Rs 156
165
130
95
60
Nov-11 Feb-13 May-14 Aug-15 Oct-16

GRAPHITE Index*
Over 1-Year 2.0% 3.7%
Over 3-Years -0.9% 9.4%
Over 5-Years 0.1% 9.3%

# BSE Sensex
Annexure for Graphite India:

Category (%)
Promoters 65.2
DII 7.4
FII 12.5
Others 14.86
Total 100.0
21 | Graphite India
Also, do note that in order to keep the group of stocks adequately diversified; limit
your exposure to any one stock to not more than 3%-4% of the total exposure to
Microcap Millionaires. In other words, if a subscriber is starting with a corpus of Rs
100 (including both fixed deposits and stocks), investment in any one stocks should
not be more than Rs 3-4 per share. This allocation will of course vary from person
to person. For something that works best for you, we recommend you talk to your
investment advisor.
We think this is enough background for a subscriber to be able to begin his Microcap
Millionaires journey. Therefore, do go through the synopsis of all the stocks that weve
put together below and get off to a great start.
Graphite India | 22
Conclusion
We hope youve had a good look at all the stocks.
We would like to add that the investment opportunity outlined in the report may
not be a one-time thing after all. It is a process where if the track record is anything
to go by, could lead to great returns over the long term period. However, the
process is a marathon and not a sprint. There will be downs and there will be ups.
The idea is to stick to the rules that we have highlighted in the guide and theres no
reason why you wont add considerably to your wealth over the long run.
With this, we come to the end of the report. In case you have any queries, please
feel free to write into us.
Warm Regards
Team Equitymaster
23 | Conclusion
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aa 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in

this Research Report.
bb Equitymaster has financial interest in Graphite India, Tara Jewels, Puravankara Projects and
Renaissance Jewellery.
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Disclosures under SEBI (Research Analysts) Regulations | 24

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25 | Disclosures under SEBI (Research Analysts) Regulations

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Disclosures under SEBI (Research Analysts) Regulations | 26

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27 | Disclosures under SEBI (Research Analysts) Regulations

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4 MICROCAPS

YOU CAN CONSIDER

The individual investor should act consistently as an investor and not a

Investor should always have a minimum percentage of his total portfolio

Renaissance Jewellery Limited is an India-based company engaged in the manufacture

Renaissance Jewellery Ltd | 6

Financials at a glance (Consolidated)

Net worth 3,129 3,249 3,739 3,990 4,614

Total liabilities 6,505 7,347 9,371 9,256 10,230

7 | Renaissance Jewellery Ltd

(Rs m) FY12 FY13 FY14 FY15 FY16

Current Price (Rs) 127

NSE symbol RJL

BSE code 532923

No. of shares (m) 19.1

Face value (Rs) 10

FY16 dividend/share (Rs) 2.0

Free float (%) 25.0%

Market cap (Rs m) 2,423

Average 52-week liquidity (Rs m) 4.6

Price to sales* (times) 0.2

Price to earnings* (times) 5.7

Price to book^ (times) 0.5

Debt to Equity^ (times) 0.5

Dividend yield (FY16 at current prices) 1.6%

Promoter pledging (% of Total Equity) NIL

Renaissance Jewellery Ltd | 8

Stock price performance

Over 3-Years 35.6% 9.4%

Over 5-Years 9.1% 9.3%

Annexure for Renaissance Jewellery Ltd:

9 | Renaissance Jewellery Ltd

Puravankara Projects Limited (PPL) is in the business of development and construction

Going further, the company expects to accelerate property development to 2x by

Puravankara Projects Ltd | 10

Net worth 16,873 18,995 21,733 22,607 23,053

Total liabilities 33,907 40,698 52,480 57,713 60,478

11 | Puravankara Projects Ltd

NSE symbol PURVA

BSE code 532891

Face value (Rs) 5.0

FY16 dividend/share (Rs) 0.78

Free float (%) 25.0%

Market cap (Rs m) 10,245

Average 52-week liquidity (Rs m) 11.4

Price to sales* (times) 0.7

Price to earnings* (times) 24.6

Price to book^ (times) 0.4

Debt to Equity^ (times) 1.1

Dividend yield (FY16 at current prices) 1.8%

Promoter pledging (% of Total Equity) 0.0%

^Based on Audited Consolidated FY16 numbers

Puravankara Projects Ltd | 12

Stock price performance

Over 3-Years 17.9% 9.4%

Over 5-Years -10.9% 9.3%

Annexure for Puravankara Projects Ltd:

13 | Puravankara Projects Ltd

Net worth 2,773 4,929 5,404 5,846 6,100

PAT (Rs m) 525 737 504 437 254

No. of shares (m) 18.0 24.6 24.6 24.6 24.6

EPS (Rs) 21.3 29.9 20.5 17.7 10.3

Price to earnings (x) 1.9 1.3 2.0 2.3 3.9