IPO Details New

COAL INDIA LIMITED
BACKGROUND AND BUSINESS
 Coal India Ltd. (CIL) is world's largest Coal Co. both in terms of production and
reserves.
 CIL produces 82% of India's coal production. In FY10, CIL produced 431.3 mn tonnes
of raw coal and as on 1st April, 2010 it has 10.6 bn tonnes of proven reserves as per
JORC Standards and 22 bn tonnes as per Indian Standards.
 92% of the production output is non-coking coal and rest 8 % is coking coal.
 CIL's coal quality is mostly of E & F grade with low calorific value (3600-4800
kcal/kg).
 Power sector is the main consumer of CIL's production with 80% sales to the sector.
 As of March 31, 2010, Coal India operated 471 mines in 21 major coalfields across
eight states in India, including 163 open cast mines, 273 underground mines and 35
mixed mines (includes both open cast and underground mines). They also operated 17
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coal beneficiation facilities with an aggregate designed feedstock capacity of 39.40
million tons per annum. Company intend to develop an additional 20 coal beneficiation
facilities with an aggregate additional proposed feedstock capacity of 111.10 million
tons per annum. 90% of CIL's output is from open cast mines whose cost of production
is less.
 CIL sells coal at approx 50% discount to global coal prices but still enjoys high margins
due to lowest cost of production among its peers.
 Besides this, They provided 85 hospitals and 424 dispensaries.
 The Indian Institute of Coal Management (IICM) operates under CIL and imparts multi-
disciplinary management development programs executives.
 Coal India's major consumers are the power and steel sectors. Others include cement,
fertiliser, brick kilns etc.
 Pre issue shareholding: 100% GoI

 Post issue shareholding: 90% GoI, 10% Public
OBJECTS OF ISSUE
1. The objects of the Offer are to carry out the divestment of 631,636,440 Equity Shares by
the Selling Shareholder.
2. To achieve the benefits of listing the Equity Shares on the Stock Exchanges.
COMPANY FINANCIALS
Particulars For the year/period ended (Rs. in Lakhs)

31-Dec-09 31-Mar-09 31-Mar-08
Total Income 52,59,229.20 46,06,406.50 38,61,669.70
Profit After Tax (PAT) 9,62,244.70 2,07,869.20 5,24,327.20
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ISSUE DETAIL
»» Issue Open: Oct 18, 2010 - Oct 21, 2010

»» Issue Type: 100% Book Built Issue IPO
»» Issue Size: 631,636,440 Equity Shares of Rs. 10
»» Issue Size: Rs. 15,199.44 Crore
»» Face Value: Rs. 10 Per Equity Share
»» Issue Price: Rs. 225 - Rs. 245 Per Equity Share
»» Market Lot: 25 Shares
»» Minimum Order Quantity: 25 Shares
»» Listing At: BSE, NSE
»» Rating Agency: CRISIL Limited and ICRA Limited
»» Grade Assigned: IPO Grade 5
»» Number of members: 135
»» Number of bidding centers: 59
»» Market cap: 219241.01
Issue Price Current Price %Gain/Loss as on 31st

March
245 347.1 41.67
TECHNICAL CHART
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*This chart shows the movement of prices and volume since the IPO has
been issued.
ANALYST TAKE
Coal India is owned by the government of India which is planning to raise around 15,000 Crore
Rs. through this IPO of Coal India. It has 63 billion tonnes of coal which makes Coal India the
world’s largest reserves of coal.
After Reliance Power IPO, this IPO is expected to be the largest.

The power needs for the country are increasing day by day. Hence Power companies are
expected to benefit. Infrastructure developments are on the rise with a stable government at the
center. However, one needs to look at the valuations of the company and how well it is placed
with regard to the competitors. Being a government controlled Navratna Company, this is found
to be having strong fundamentals. The government is also expected to offer the shares of coal
india limited at 5% discount to retail investors, hence they will benefit.
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Majority of the market experts and analysts say that this IPO should be subscribed to, and it is
even being cited that due to this IPO there might be a fall in the market. The reason is that this is
much awaited IPO and investors will take out money by selling their existing shares in the
market to apply for this IPO. Hence this IPO should be definitely subscribed to.
STRENGTHS AND RISK FACTORS
STRENGTHS
1. The largest coal producer and one of the largest reserve holders of coal in the world
2. Well positioned to capitalize on the high demand for coal in India
3. Track record of growth and cost efficient operations
4. Strong track record of financial performance
5. Strong capabilities for exploration, mine planning, research and development
6. Experienced senior management team and large pool of skilled employees
RISK CONCERNS:
1. High Employee Costs: CIL has huge employee cost of approx 36% of revenue in FY10
due to large no. of employees. CIL is trying to move its workers from unviable mines to
new projects. Even the Gratuity Liability is huge.
2. Environment Clearance Issues: There can be environment related hurdles on the

upcoming and on-going projects. The company has a very sound CSR policy. It has
policy of providing 1 employment for every 2 acre of land according to the suitability of
the displaced people. This will help company in overcoming such hurdles.
3. Naxalites problems: Company's major operational projects fall in the sates affected by
Naxalites and local mafias. This may hamper existing operations and also expansion
projects.
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BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Partha S. Bhattacharyya Chairman and Managing Director
Mr. N.C. Jha Director (Technical), executive non

independent Director
Mr. R. Mohan Das Director (Personnel & Industrial Relations),

executive non independent Director
Dr. A.K. Sarkar Director (Marketing), executive non

Mr. A.K. Sinha Director (Finance), executive non

Mr. Alok Perti Government nominee Director, non

Mr. Sanjiv Kumar Mittal Government nominee Director, non

Dr. A. K. Rath Independent Director
Mr. Arvind Pande Independent Director
Mr. P.K. Banerji Independent Director
Prof. S.K. Barua Independent Director
Mr. S. Murari Independent Director
Ms. Sheela Bhide Independent Director
Mr. Kamal R. Gupta Independent Director
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REGISTRAR OF THE ISSUE
Link Intime India Private Ltd

Link Intime India Private Ltd,
C-13 Pannalal Silk Mills Compound,
LBS Marg, Bhandup West, Mumbai 400078
Phone: +91-22-25963838
Fax: +91-22-25946969
Email: cil.ipo@linkintime.co.in
Website: http://www.linkintime.co.in
BOOK RUNNING LEAD MANAGER(S)
1. Citigroup Global Markets India Private Limited
2. Deutsche Equities India Private Limited
3. DSP Merrill Lynch Limited
4. Enam Securities Private Limited
5. Kotak Mahindra Capital Company Limited
6. Morgan Stanley India Company Pvt Ltd
COMPANY CONTACT INFORMATION

Registered Office :
Coal Bhawan,
10, Netaji Subhas Road,
Kolkata 700 001, West Bengal
Phone: + 91 33 2248 8099
Fax: +91 33 2243 5316
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Email: complianceofficer@coalindia.in
Website: http://www.coalindia.in
CONCLUSION
It’s not often that an IPO gets graded 5 out of 5, but it’s not very hard to see why Coal India got
graded that based on their near monopolistic position, and their huge size. Here are some points
from the ICRA grading report about the Coal India IPO.
• Coal India is the largest coal company in the world with access to vast reserves.
• Highly favorable demand supply situation in the domestic coal industry.
• Coal India’s near monopolistic position in this industry.
• Continuous labor productivity due to the use of technology, and high share of
production from open cast mines.
• Deregulated coal pricing regime gives them the power to price their coal along with
other factors like favorable demand – supply, and cost competitiveness.
The Coal India IPO has been priced attractively. This will ensure inflow of money into the
Indian market, especially from FIIs. The IPO will act as a catalyst to bring more FII investment
into the market.
PUNJAB AND SIND BANK
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BACKGROUND & BUSINESS
Punjab & Sind Bank is a GoI undertaking, incorporated in June 1908 in Amritsar. It was one of
the six banks nationalized by the GoI in April 1980, and today, it is one of 19 nationalized banks
in India. In the annual Business Today-KPMG survey of Best Banks in India 2008, it ranked
number one on the list of 'Small Sized Best Banks in India' The Bank delivers its products and
service through a wide variety of channels ranging from bank branches and ATMs.
As on October 31, 2010, its network comprised of 926 branches, predominantly in Northern part
of India and 63 ATMs across India. It is also sponsor one regional rural bank, Sutlej Gramin
Bank, in collaboration with the GoI and the state Government of Punjab. As on September 30
2010, it had total of 8,047 employees, serving over 0.66 crore customers.
OBJECTS OF ISSUE
1. To augment capital base to meet the future capital requirements arising out of the growth
in the assets due to the growth of the Indian economy
2. To meet the expenses of the Issue
3. To achieve the benefits of listing on the Stock Exchanges
COMPANY FINANCIALS
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Particulars For the year/period ended (Rs. in Million)
31-Mar-10 31-Dec-09 31-Dec-08 31-Dec-07 31-Dec-06

Total Income 4,326.30 3,630.71 2,528.43 1,919.38 1,401.93
Profit After 506.82 430.20 402.13 390.27 285.68
Tax (PAT)
ISSUE DETAIL
»» Issue Open: Dec 13, 2010 - Dec 16, 2010

»» Issue Size: Rs. 470.82 Crore
»» Rating Agency: CARE Limited
»» Market cap: 2411.24
Issue Price Current Price %Gain/Loss as on 31st March

120 108.1 -9.92
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TECHNICAL CHART
ANALYST TAKE
1. PSB has registered an impressive Compounded Annual Growth Rate (CAGR) of 32.7%
in its Interest Income and 35.6% CAGR in the operating profit between FY06 and FY10.
During the same period, its Net worth has shown a CAGR of 28.7%.
2. PSB has been able to improve its Net Non-Performing Assets (NPA) from 8.11% as on
March 31, 2005 to 0.36% as on March 31, 2010. However, on September 30, 2010,
there is marginal increase in Net NPA to 0.44%.
3. The bank has been able to maintain Capital Adequacy Ratio of more than 9% with a fair
margin over the period of last 3 & half years. It will be augmented even more post this
issue.
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STRENGTHS
1. High asset quality and robust financial growth.
2. Wide distribution network and infrastructure.
3. Streamlined risk management controls, policies and procedures.
4. Stringent provisioning coverage ratio for advances.
5. Presence predominantly in Punjab and other north Indian states.
RISK CONCERNS
1. Declining trend in CASA: The bank has traditionally maintained high CASA deposits
because of its large retail customer base spread across India particularly in northern
regions. But over the years it experienced southward trend in CASA level as the bank
shifted more to term deposits to meet an elevated credit demand. Consequently it slipped
to 25% as on Mar 10 from 52% of FY06. This pushed up the cost of funds for the bank,
ultimately suppressed the margins.
2. Margin woes continue: One of the major concerns for the bank is the southward trend
of margin that slipped to 2.6% in FY 10 from above 4% level of FY06. Gradual
improvement in the C/D ratio was offset by persistent fall in low cost deposits
consequently putting the pressure on margins over the years.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. P.K. Anand Executive Director
Mr. A. Bhattacharya Government Nominee Director
Mr. B.P. Kanungo RBI Nominated Independent Director
Mr. A.K. Surana Independent Director
Mr. M.V.S. Prasad Independent Director
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Mr. K.M. Gangawat Independent Director
Mr. Hari Chand Bahadur Singh Independent Director
Mr. Manish Gupta Independent Director
Mr. Karanpal Singh Sekhon Independent Director

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: psb.ipo@linkintime.co.in
2. ICICI Securities Limited
3. SBI Capital Markets Limited
Registered Office :
Punjab & Sind Bank
Bank House,
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21, Rajendra Place, New Delhi
Phone: 91 11 2572 0849
Fax: 91 11 2578 1639
Email: complianceofficer@psb.org.in
Website: http://www.psbindia.com
CONCLUSION
The share is being offered at very attractive valuations. Considering the fact that there is huge
retail interest, a substantial premium and plenty of liquidity in the market this issue would
receive huge subscription. Allotment is most likely to happen by a lottery system and there
could be disappointment on that front. Investors must subscribe to the issue looking at the
prospects of the bank and the banking sector.
BAJAJ CORP LIMITED
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Incorporated in 2006, Bajaj Corp Ltd is one of India’s leading FMCG company with major
brands in Hair care category. Bajaj Corp Ltd is part of Shishir Bajaj Group of companies (the
"Bajaj Group"). Through its subsidiaries, the Bajaj Group operates businesses in the consumer
goods, sugar, power generation and infrastructure development industries throughout India.
Bajaj Corp sells the Bajaj Almond Drops, Amla Shikakai, Brahmi Amla and Jasmine Hair Oil
brands. Bajaj Almond Drops is the key product of the company. It also produces oral care
products under the brand name Bajaj Black Tooth Powder.
Bajaj manufacture their products at two company-operated facilities in Parwanoo and Dehradun.
Company also expect to open a third company-operated facility at Paonta Sahib. By completing
this 3,500 square meter facility in Paonta Sahib, Bajaj expect their production capacity for light
hair oil to increase from 39 million liters per annum to 74 million liters per annum. In addition,
they also engage third-party manufacturers at Parwanoo, Himachal Pradesh for hair oils and
Udaipur, Rajasthan to produce our oral care products. These third-party facilities have a
combined installed capacity of 9 million liters per annum. As of December 31, 2009, the
combined production capacity for all company and third-party operated production facilities
was 83 million liters per annum.
OBJECTS OF ISSUE
Proceed is being used for:
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1. Promotion of the future products;
2. Acquisitions and other strategic initiatives;
3. General Corporate Purposes
COMPANY FINANCIALS
Particulars For the year/period ended (Rs. in Millions)
31-Dec-09 31-Mar-09 31-Mar-08

Total Income 2,391.97 2,520.26 0.01
Profit After Tax (PAT) 564.97 469.92 -0.63
ISSUE DETAIL
»» Issue Open: Aug 02, 2010 - Aug 05, 2010

»» Rating Agency: CRISIL Limited
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March
660 495.9 -24.86
TECHNICAL CHART
ANALYST TAKE
With a limited product portfolio and heavy dependence on a single brand, the company`s
prospects are vulnerable to the success of its 4 products to be launched in the near future.
Moreover, the company is yet to identify the products or companies to be acquired, for which
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Rs 500 million has been earmarked from the issue proceeds. Compared to peers, the company
enjoys healthy net profit margin due to limited scale and depth of operations. Going forward, as
new product launches are undertaken, margins are likely to come under pressure.
STRENGTHS
1. Market leader in light hair oil segment: The trademark license pact granted exclusive
right to the company to use, manufacture, advertise, distribute and sell the products
associated with the hair oils and other beauty products which helps the company in
becoming India’s third largest producer of hair oils and the largest producer of light hair
oils, capturing an estimated 49.5% of the light hair oil market in calendar year 2009,
according to the Nielsen Retail Audit Report.
2. Established distribution network: The company established a strong distribution

network in India and currently has 4,300 distribution stock points for direct distribution
and 8,900 wholesalers for indirect distribution of our products. According to the Nielsen
Retail Audit Report, it is estimated that its products are sold in more than 1.49 million
retail outlets across India, which is approximately 27% of the total hair oil outlets in
India.
3. Leading Brands: Almond Drops is the company’s leading product brand and currently
comprises approximately 92% of its net sales. Almond Drops is premium light hair oil
containing almond oil and Vitamin E, which contribute to the product’s reputation for
leaving users with healthier hair. Most hair oils which are packaged in plastic PET
bottles, while Almond Drops is packaged in glass bottles, which preserves the product
for a longer period of time even in high temperatures generally experienced throughout
India. In addition, Brahmi Amla, the company’s key product in the traditional hair oil
segment, has developed a loyal customer base since it began production in 1953.
4. Strong financial position: Bajaj Crop is a debt free company and has reported a profit
of Rs. 56.50 crore for the period ended December 31, 2009. The company’s strong
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financial position and operational results will provide it with the necessary working
capital and access to banking and credit facilities, if required, to implement its growth
strategy. The company’s ability to raise additional capital through first time borrowing
should allow it to pursue inorganic growth opportunities and allow it to expand and
enhance its existing product offerings and improve its future financial performance.
RISK CONCERNS
1. Limited operating and financial history: The company was incorporated on April 25,
2006 and began operations in April 2008. Prior to that time, Bajaj Consumer Care
(BCCL) and other Bajaj Group companies sold the brands that company is currently
licensed to sell. The manner in which company operates its business and results of
operations may differ from that of BCCL and other Bajaj Group. Company’s limited
operating and financial history is not sufficient basis to evaluate its business.
2. The company depends heavily on ‘Almond Drops’: The company heavily depends
upon its brand “Almond Drops” hair oil, which contributed 92.4% and 93.0% of the total
sales and gross profit, respectively, for the nine month period ended March 31, 2010.
Contribution from Almond Drops represented substantially all of the company’s
operating profit for the year ended March 31, 2010. Any drop in the sales of Almond
Drops or any other factor that negatively affects the product of the brand will adversely
affect the company’s market share, business and financial performance.
3. The company operates in a highly competitive environment: The FMCG business is

highly competitive. The hair oil market, in particular, consists of well-entrenched brands
which have built up their brand equity over a period of decades. Barriers to new entrants
are intense and require a significant amount of marketing expenditure to develop any
new brand. Further, the highly competitive environment is expected to continue in
FMCG markets, presenting the company with significant challenges in its ability to
maintain its position in the light hair oil segment and market share and could have a
material adverse effect on its market share and sales.
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4. Commitment to buy minimum quantity for product from third party
manufacturers: At present, the company is outsourcing a significant portion of its
production from the third party manufacturers under an agreement, where it committed
to take a minimum quantity of cases per annum, at prices agreed between the parties,
from time to time. In case of lower demand, the company will have to purchase the
committed quantities which may adversely affect the financial performance of the
company.
5. Foray into different line of business: The company has recently entered into an MOU
to with Bajaj Infrastructure Development Company Limited, Bajaj Hindustan Limited
and Teracon Construction (India) Private Limited to form a consortium in the nature of a
SPV to participate in the tender for redevelopment of property at Nityanand Nagar
Vibhag Four Cooperative Housing Society Limited. As per the terms of the MOU, BCL
has undertaken to subscribe to at least 40% of the paid up capital of the SPV. The
company do not have any prior experience in this field and may lose the investment of
40% of the equity capital of the special purpose vehicle (SPV) created to undertake the
said project.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Kushagra Bajaj Non executive -Chairman
Mr. R.F.Hinger Vice Chairman and Whole Time Director
Mr. Sumit Malhotra Whole Time Director
Mr. Haigreve Khaitan Independent and Non-Executive Director
Mr. Gaurav Dalmia Independent and Non-Executive Director
Mr. Dilip Cherian Independent and Non-Executive Director
Mr. Aditya Vikram Somani Independent and Non-Executive Director
Karvy Computershare Private Limited

Karvy House, 46, Avenue 4, Street No. 1,
Banjara Hills, Hyderabad - 500 034
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Andhra Pradesh, India
Phone: +91-40-23312454
Fax: +91-40-23311968
Email: bajajcorp.ipo@karvy.com
Website: http://karisma.karvy.com
Kotak Mahindra Capital Company Limited
Registered Office :
2nd Floor, Bld No. 2, Solitaire Corporate Park,
167, Guru Hargovind Marg,
Chakala, Andheri (E), Mumbai – 400 093
Phone: + (91 22) 66919477 / 78
Fax: + (91 22) 66919476
Email: complianceofficer@bajajcorp.com
Website: http://www.bajajcorp.com
CONCLUSION
The IPO is priced cheaply as compared to its peers, very well discounting the above concerns.
The Company intends to diversify into other products and also inorganically, this seems to be
too futuristic as the product portfolio has been more or less the same since its inception in 1953.
Though the financials and the pricing of this issue provide some comfort, much depends on how
the Company is able to effectively diversify into new product lines and segments and is able to
bring down its heavy dependence on one product. However, one can subscribe for listing gains.
GUJARAT PIPAVAV PORT LIMITED
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Gujarat Pipavav incorporated on August 5, 1992 to build, construct, operate and maintain the
port at Pipavav, District Amreli, in the state of Gujarat, India. APM Terminals Pipavav is
strategically located near the entrance of the Gulf of Khambhat on the main maritime trade
routes, which helps to serve imports from and exports to the Middle East,
Asia, Africa, the United States, Europe and other international destinations Initially it was a
joint venture between GMB and Seaking Engineers Limited. In June 1998, GMB divested its
stake in favour of SKIL Infrastructure Limited. APMM Group acquired a 13.5% equity interest
in the Company in June 2001.
OBJECTS OF ISSUE
1. Infuse funds for certain elements of ongoing expansion plan, as under:

a) Construction of Container Yards and allied facilities at Port Pipavav;
b) Phase 2 of capital dredging at Port Pipavav;
c) Purchase of Post Panamax Quay Cranes;
d) Purchase of Rubber Tyred Gantry (RTG) Cranes;
2. Repayment of Sponsor Support Loan to the Promoter, APMT Mauritius.
3. General Corporate Purposes; and
4. Achieve the benefits of listing on the Stock Exchanges.
COMPANY FINANCIALS
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31-Mar- 31-Dec-09 31-Dec- 31-Dec- 31-Dec- 31-Dec-

10 08 07 06 05
Total Income 567.79 2,244.98 1,984.56 1,649.64 1,424.21 701.73
Profit After -277.66 -1,176.7 -676.01 -460.22 -518.34 -525.52
Tax (PAT)
ISSUE DETAIL
»» Issue Open: Aug 23, 2010 - Aug 26, 2010


46 64 39.13
Page 23
TECHNICAL CHART
ANALYST TAKE
At the lower price band, GPPL is valued at 4.3x its P/BV and 4.9 times at the upper price band.
Mundra Port on the other hand is available at 100% premium as it's already profit making
company and has positive (16%) return on its networth.
Though GPPL is a loss making company, on the back of traction from rising global trade, rapid
industrialization in the state of Gujarat and strategic location of the Port, we believe, rise in
cargo handling and lower interest out go would prove to be a turnaround case for GPPL and
investor can Subscribe to the issue with Long term horizon.
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STRENGTHS
1. Strategic location: Port Pipavav is one of the principal gateways on the west coast of
India. It is strategically located near the entrance of the Gulf of Khambhat on the main
maritime trade routes, which helps to serve imports from and exports to the Middle East,
Asia, Africa and other international destinations. Further, favorable oceanographic
conditions enable day and night navigation of ships throughout the year.
2. Well-developed port infrastructure and good rail and road connectivity: Port
Pipavav has a well-developed port infrastructure. The 4,550 metre channel length at the
Port enables day and night marine operations throughout the year due to favorable
oceanographic conditions. It has four dry cargo berths. These berths are utilized for
handling containers, bulk, break bulk, general and project cargo. It has also developed
infrastructure for reefer services which include supply of electricity and monitoring of
reefer containers. Going further, its existing rail and road network from Port Pipavav to
inland regions of northern and northwest India, including Delhi and the available land
for future transportation initiatives provides them with a competitive advantage for
attracting larger volumes of cargo.
3. Benefit from its promoter, APM Terminals: The company is backed by a strong
promoter group – APM Terminals, is one of the largest container terminal operators in
the world. They receive several benefits from its relationship with APM Terminals such
as access to modern technology, operational know-how, best industry practices,
increased bargaining power and competitive rates for purchase of port equipment, and
access to experienced personnel resources from APM Terminals.
4. Owns the right to determine its tariffs: The company is not covered within the
regulatory purview of the Tariff Authority of Major Ports, and hence, is entitled to
determine the tariffs at the Port, subject to the provisions of the Indian Ports Act, 1908,
as amended. Their ability to determine tariff rates helps them to compete effectively and
gives them operational flexibility.
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RISK CONCERNS
1. Too much reliance on small number of customers and partners for its revenues:
The company derives significant portion of its revenue from a few major carrier
customers. Any loss of any of its major customers or any significant decreases in
spending by some or all of its top five customers on its services may reduce the demand
for its Port and the services they offer and may adversely affect their revenue,
profitability and results of operations. In addition, their income may be affected by
competition, increase in fuel prices, the cyclical nature of the shipping industry and
decreasing tariffs in the port and related services industry.
2. Profitability mainly dependent on various tax benefits and other incentives: Being
an infrastructure company, it benefits from certain tax incentives. These tax incentives
might not continue in the future or that such tax credits shall be available for the
durations of 10-15 years only as per amended clause. The non-availability of these tax
incentives could adversely affect results of operations and financial condition.
3. Risky nature of business: Although most of the operations of the company are in India,
they service customers from around the world, including Asia, Europe and North
America. As a result, they are exposed to risks typically associated with conducting
business internationally, many of which are beyond their control. They, like other port
operators and manufacturers in India, are subject to various central, state and local
environmental, health and safety laws and regulations concerning issues such as
accidents, damage caused by air emissions, wastewater discharges, solid and hazardous
waste handling and disposal.
4. Dependency on promoter company (APM Terminals): APM Terminals, its promoter

company, is one of the largest container terminal operators in the world with a global
network of 50 terminals in 34 countries and five continents and currently owns a 57.9%
equity interest in it. Any reduction in its business with APMM Group companies, or
decrease in the direct or indirect benefit they receive from such companies could
adversely affect their financial condition and results of operations.
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BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Prakash Tulsiani Managing Director
Mr. Per Jorgensen Chairman and Independent Director
Mr. Pravin Laheri, IAS (Retd.) Non-Executive and Independent Director
Mr. Luis Miranda Non-Executive Director
Mr. Christian Moller Laursen Non-Executive Director
Mr. Dinesh Lal Non-Executive Director
Mr. Abhay Bongirwar Non-Executive Director and Independent Director
Mr. Charles Menkhorst Non-Executive Director

Phone: +91-40-23312454
Fax: +91-40-23311968
Email: gppl_ipo@karvy.com
1. IDFC-SSKI Private Limited
Page 27
Registered Office :
Pipavav Port,
At Post Ucchaiya Via Rajula,
Amreli - 365560, Gujarat, India
Phone: 91-2794-286001/092/041
Fax: 91-2794-286044
Email: ipo@portofpipavav.com
Website: http://www.portofpipavav.com
CONCLUSION
Projections are projections because on the excel sheet one can prove almost anything in the
world. So, if an investor has a high risk prospect on that, definitely he may ride the tide because
some of the recent issues are seeing good subscription and good listing. The same positive
momentum probably may rub off onto this issue and may find decent listings, but for the safe
investors who want to play safe probably may prefer to give it a miss.
As far as comparison to Mundra Port is concerned, one has to be careful because Mundra Port
itself is highly valued. It is like why we are trying to compare it with another highly valued
issue and feeling good that this issue is underpriced. The valuation is the culprit. If you want to
ride the tide, listing gains, probably one can go ahead, but quality wise there is a concern.
SATLUJ JAL VIDYUT NIGAM LIMITED (SJVNL)
Page 28
Incorporated in 1988, Satluj Jal Vidyut Nigam Ltd (formerly Nathpa Jhakri Power Corporation
Limited - NJPC) is a hydroelectric power generation company, originally established as a joint
venture of the Government of India ( GOI ) and the Government of Himachal Pradesh (GOHP)
to plan, investigate, organize, execute, operate and maintain Hydro-electric power projects. The
present authorized share capital of SJVN is Rs 7000 crores.
The Nathpa Jhakri Hydro – Electric Power Station– NJHPS ( 1500 MW ) was the first project
undertaken by SJVN for execution. The 1500 MW NJHEP has been designed to generate 6612
MU of electrical energy in a 90% dependable year with 95 % machine availability. It is also
providing 1500 MW of valuable peaking power to the Northern Grid. Out of the total energy
generated at the bus bar, 12 percent is supplied free of cost to the home state i.e. Himachal
Pradesh. From the remaining 88% energy generation, 25% is supplied to HP at bus bar rates.
Balance power has been allocated to the beneficiary states / UTs of Northern Region by
Ministry of Power, Government of India.
SJVN is currently constructing the 412 MW Rampur Hydro Electric Project in the state of
Himachal Pradesh. SJVN is also implementing three hydro projects (252 MW Devsari, 60 MW
Naitwar Mori and 51 MW Jakhol Sankri) in the state of Uttarakhand. Further, SJVN has also
been allocated Luhri Hydro Electric Project (775 MW) and Dhaulasidh HEP (66 MW) in the
state of Himachal Pradesh for preparation of Detailed Project Report and subsequent execution.
Further, SJVN is entering into a Joint Venture for the implementation of 1500 MW Tipaimukh
HE Project in Manipur with an equity participation to the extent of 26%.
Company Promoters:
Page 29
Company's majority Promoter, the GoI (including through nominees) currently holds 75% of the
paid-up share capital and will continue to hold majority of the post-Offer paid-up capital of the
Company. The Governor of Himachal Pradesh (including through nominees) currently holds the
remainder 25% of the paid-up share capital of the Company.
OBJECTS OF ISSUE
The object of the issue is to achieve the benefits of listing on the Stock Exchanges and to carry
out the transfer of 410,881,400 Equity Shares by the Selling Shareholder. Listing of the Equity
Shares will create liquidity in the Equity Shares through the creation of a public market for the
Equity Shares in India.
COMPANY FINANCIALS
30-Sep-09 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06

Total Income 11,347.3 16,348.4 14,622.8 14,761.7 13,509.4
Profit After Tax 6,186.2 7,594.4 7,169.4 6,499.8 5,854.3

(PAT)
ISSUE DETAIL
»» Issue Open: Apr 29, 2010 - May 03, 2010

Page 30
»» Rating Agency: CARE Limited

March
26 22.1 -15
TECHNICAL CHART
ANALYST TAKE
The issue seems reasonable priced when compared to the private sector peers. However when
compared to NHPC, another large PSU in similar space, the issue is not cheap from a P/BV
Page 31
basis, while being cheap from a P/E basis. Retail investors with a long-term perspective can
subscribe to the issue (preferably at the lower band) as retailers have an added incentive of 5%
discount to the finally determined price.
STRENGTHS
1. Experienced and established track record of operational excellence: The company

has experience in the development, execution and management of mega-hydroelectric
projects through development and operation of the 1,500 MW NJHPS, which is the
largest hydroelectric power generation facility in India, based on generation capacity,
and is located in the geo-technically sensitive Himalayan region. Since the
commissioning of the NJHPS, the company has consistently met or exceeded
Government-set performance targets for their operations this gives them a competitive
advantage in developing large hydroelectric power projects, both in India and abroad.
2. Guaranteed return on capital under prevailing tariff regime: Under Government

policies and prevailing regulations, up to 30% of aggregate project costs in relation to a
project is eligible for the guaranteed rate of return on equity.
3. Stable revenue stream through long-term agreements: The company has entered into
ten power purchase agreements with state utilities in the Northern region of India, two of
which are in the process of being renewed, under which all of the power generated by
the NJHPS (except for 12% of annual generation which is allocated to the state of
Himachal Pradesh free-of charge and an additional 1% of annual generation from
projects located in the state of Himachal Pradesh which is allocated to a state-established
local development fund) is sold to state electricity boards.
4. Strong cash position to support project development and operations: The

company’s strong historical financial performance and steady cash flows from its
existing operations at the NJHPS are sufficient to fund, through the internal resources,
the equity contribution portion for the existing pipeline of projects, and support the
Page 32
working capital requirements, while at the same time servicing and repaying their
existing debt on a timely and reliable basis, and maintaining a healthy level of cash on
its balance sheet.
RISK CONCERNS
1. Dependency on climatic conditions: The company is engaged in generation of

hydropower and the amount of power generated by hydroelectric generation facilities is
dependent on available water flow, and fluctuates due to variations in water flow which
in turn depends on factors such as rainfall, snowfall, snowmelt or other seasonal and
climatic conditions, as well as the carrying capacity of the river. Hence, adverse
hydrological conditions may render hydroelectric generation facilities, which may
adversely affect the business, prospects, and increase the period of cost recovery
associated with such projects.
2. Dependency on contractors: The company is dependent on various contractors for the

construction and development of its projects and for the supply of materials and
equipment, and any failure on their part to perform their obligations may adversely
affect its operations. They also rely on third party suppliers to provide them with raw
materials used in the construction of its projects, such as cement and steel.
3. Dependency on single project: All of the company’s revenues are generated from the
NJHPS located in the state of Himachal Pradesh on the Sutlej River. Consequently, any
interruption in the operations of the NJHPS would potentially have a greater negative
impact on the company.
4. Vulnerable to disturbances in Himachal Pradesh: Due to the actual and expected

concentration of its power generation capacity in the state of Himachal Pradesh, any
disruptions in the state of Himachal Pradesh, including disruptions due to seasonal
weather conditions, political and social unrest and regional economic and labour
conditions, or changes to the regulatory environment within Himachal Pradesh, would
have a disproportionate effect on the business.
Page 33
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Hemant Kumar Sharma Chairman & Managing Director
Mr. Rajinder Singh Katoch Director (Personnel)
Mr. Raghunath Prasad Singh Director (Electrical)
Mr. Sudhir Kumar Non Executive Director - GOI Nominee
Mr. Ajay Tyagi Non Executive Director - GoHP Nominee
Mr. Kamaljit Singh Gill Independent Director
Mr. S.M. Lodha Independent Director
Mr. Kambhampati Subramanya Sarma Independent Director

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: sjvnl.ipo@linkintime.co.in
1. IDBI Capital Market Services Limited
3. JM Financial Consultants Private Limited
Page 34
Registered Office :
SJVNL,
Himfed Building, New Shimla,
Himachal Pradesh, 171009
Phone: +91 177 267 0741/ 0064
Fax: +91 177 267 0542
Email: psr.murthy@sjvn.nic.in
Website: http://www.sjvn.nic.in
CONCLUSION
SJVNL’s business profile is stable marked by firm off take arrangements for its operational
power projects and cost plus basis of tariff determination ensures minimum return on equity.
The issue derives strength from the sovereign ownership, experienced management team,
satisfactory corporate governance practices, consistent growth in revenues and profitability
since commencement and comfortable solvency profile. SJVNL’s overall gearing is comfortable
as has improved over the periods. In line with the improvement in gearing levels interest costs
have also been declining.
PERSISTENT SYSTEMS LIMITED
Page 35
 Incorporated in 1990, Persistent Systems Ltd is in the business of outsourced software

product development (OPD) services.
 Company design, develop and maintain software systems and solutions, create new
applications and enhance the functionality of existing software products.
 Company's main focus is in the area of telecommunications, life sciences and

infrastructure and systems.
 Persistent Systems won the 2008 NASSCOM Innovation Award and recognized as one of
the leading technology companies in the Deloitte Touche Tohmatsu Technology Fast 500
Asia Pacific 2009.
 Company has nine development centers in Europe, America and Asia. In India, company
operates from Pune. Company has workforce of more than 3500 software professionals.
Company Promoters:
The Promoters of Persistent Systems Ltd are:
1. Dr. Anand Deshpande
2. Mr S.P. Deshpande
OBJECTS OF ISSUE
Page 36
1. Establish our development facilities;
2. Capitalise our Subsidiaries for establishing development facilities and meeting fit outs
and interior design costs;
3. Procure hardware;
4. Fund expenditure for general corporate purposes and

Achieve the benefits of listing on the Stock Exchanges.
COMPANY FINANCIALS
Particulars For the year/period ended (Rs. in million)
31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-

09 08 07 06 05
Total Income 6,006.84 4,504.66 3,177.15 2,188.19 1,488.48
Profit After Tax 667.64 833.84 572.41 368.14 340.68
(PAT)
ISSUE DETAIL
»» Issue Open: Mar 17, 2010 - Mar 19, 2010

Page 37
»» Market cap: 1460

March
310 365 17.74
TECHNICAL CHART
ANALYST TAKE
CRISIL has assigned IPO Grade '4/5' to the initial public offer of Persistent Systems Ltd, which
indicates that the fundamentals of the issue are above average, in relation to other listed equities
in India.
Page 38
The grading reflects the company's presence across the value chain of product development--
product conceptualization, design, development, testing and support--its diversified client base,
growing cash accruals coupled with the management's proven execution capabilities. Apart from
catering to leading independent software vendors (ISVs), Persistent offers end-to-end solutions
to smaller software product companies.
STRENGTHS
1. OPD specialty with deep-rooted product development culture
2. Full product development services offering including value-added products and services
for all stages of the product life cycle
3. Long-term relationships with customers
4. Depth of experience and knowledge in key focus areas
5. Investment in new technology areas
6. Track record of well established sophisticated processes
7. Strong team of highly skilled professionals and management and sound recruitment
strategies
RISK CONCERNS
1. A criminal litigation is pending against our Promoter Directors
2. Revenues are highly dependent on clients located in the United States. Economic
slowdowns and other factors that affect the economic health of the United States may
affect our business.
3. Clients operate in a limited number of industries. Factors that adversely affect these
industries or product spending by companies within these industries may adversely
affect our business.
Page 39
4. They derive a significant portion of our revenues from a limited number of clients. The
loss of, or a significant reduction in the revenues they receive from, one or more of these
clients, may adversely affect their business.
5. They have a limited operating history in our new and evolving markets.
6. They are subject to risks arising from exchange rate movements.
7. The current economic downturn has impacted and the uncertain conditions could prevail.
8. A significant number of their development centers are concentrated in one city in India.
BOARD OF DIRECTORS
NAME DESIGNATION
Dr. Anand Deshpande Chairman & Managing Director
S. P. Deshpande Non-Executive Director
Ram Gupta Independent Director
Dr. Promod Haque Non-Executive Director*
Prabhakar B. Kulkarni Independent Director
Prof. Krithivasan Ramamritham Independent Director
* He was appointed as a nominee Director of Norwest, pursuant to the Shareholders Agreement

with Norwest and Gabriel.


Page 40
Phone: +91-22-25963838
Fax: +91-22-25946969
Email: psl.ipo@linkintime.com
2. J.P. Morgan India Private Limited
Registered Office :
Bhageerath,
402 Senapati Bapat Road,
Pune 411 016, Maharashtra, India
Phone: +91 20 3024 2000
Fax: +91 20 2565 7888
Email: investors@persistent.co.in
Website: http://www.persistentsys.com/
CONCLUSION
The company has posted robust financials from last few years. Being one of the market leaders
in outsourced software product development service, the company is on the high growth
trajectory .Also, the debt free status of the company has added one more feather to its cap.
Hence we recommend investor to buy IPO of this issue.
VA TECH WABAG LIMITED
Page 41
Incorporated in 1996, VA Tech Wabag is one of the world’s leading companies in the water
treatment field. WABAG is multinational player provides turn-key solutions for water and
waste water treatment to municipal and industrial users. Wabag has market presence in India,
the Middle East, North Africa, Central and Eastern Europe, China and South East Asia.
WABAG offers complete life cycle solutions including conceptualization, design, engineering,
procurement, supply, installation, construction and O&M services. They provide a range of EPC
and O&M solutions for sewage treatment, processed and drinking water treatment, effluents
treatment, sludge treatment, desalination and reuse for institutional clients like municipal
corporations and companies in the infrastructure sector such as power, steel and oil and gas
companies. As at July 2010, Company has executed 113 projects and is currently executing 81
projects.
OBJECTS OF ISSUE
1. Funding working capital requirements of the Company;

2. Construction of a corporate office at Chennai;
3. Implementation of global IT systems;
4. General corporate purposes.
COMPANY FINANCIALS
Page 42
31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06 03/31/04
Total Income 57354 34353 25896 27541 22830
Profit After Tax 2476 -175 44 1725 1536
(PAT)
ISSUE DETAIL
»» Issue Open: Sep 22, 2010 - Sep 27, 2010

»» Issue Size: 954,198 Equity Shares of Rs. 5
»» Rating Agency: ICRA Limited

1310 1258.95 -3.9
TECHNICAL CHART
Page 43
ANALYST TAKE
The company is strengthening its base in India and is setting up local presence in the target
markets that are Low cost and would help bring down the companys dependence on Austria and
Switzerland for servicing. The EBIDTA margin on the consolidated basis has improved to
9.83% in FY2010 from 4.8% in FY2008. At the lower and upper ends of the price band of the
issue, the stock is offered at 27.15x and 27.8x FY2010 earnings respectively. It is recommended
to Subscribe to the IPO due to:
(1) Va tech is the only company which is fully focused on water and waste water
treatment company in India
Page 44
(2) Strong brand,
(3) Technological backing and
(4) Healthy execution track record
(5) Attractive Industry Outlook.

STRENGTHS
1. Overall favourable demand outlook for projects in water & waste treatment business.
2. Company’s established position in the above segments, , both in the domestic and
international markets.
3. Healthy order book position providing visibility on future revenues.
4. Strong financial position characterised by healthy ROCE and growth in margins.
5. Technically qualified and experienced management team. Access to know-how / patents

held by its subsidiary is also a positive.
RISK CONCERNS
1. Increasing competitive pressures in the business and adverse price fluctuations in the
basic raw materials could impact margins
2. Execution risks that is typical in project business; ability to execute orders in a timely
manner, meeting guaranteed performance requirements and within budgeted costs would
be crucial
3. Free cash flows could be impacted by the extended collection cycle
BOARD OF DIRECTORS
Page 45
NAME DESIGNATION
Bhagwan Dass Narang Chairman, non-executive Independent Director
Rajiv Mittal Managing Director
Sumit Chandwani Non-executive non-Independent Nominee Director
Dr. Guenter Heisler Non-executive Independent Director
Jaithirth Rao Non-executive Independent Director

Phone: +91-40-23312454
Fax: +91-40-23311968
Email: vatech.ipo@karvy.com
Registered Office :
VA Tech Wabag Limited,
Page 46
No.11, Murray’s Gate Road,
Alwarpet, Chennai 600 018, Tamil Nadu
Phone: +91 44 4223 2411
Fax: +91 44 4223 2424
Email: companysecretary@wabag.in
Website: http://www.wabag.com
CONCLUSION
Water even though abundant on earth is scarce when it comes to its quality. Only 2.5% is
available in the form of fresh water. The uneven spread of water and the increasing demand for
fresh water due to the growing urbanization provide significant opportunity for players in the
waste water treatment industry especially Vatech Wabag Ltd. With significant industry
expertise, advance technology, strong execution track record and a growing order book, the
company is well balanced to tap the growing water and waste water treatment market.
ASHOKA BUILDCON LIMITED
Page 47
Incorporated in 1993, Ashoka Buildcon Limited is a Nashik, Maharashtra based construction

company involve in the business of building and operating roads and bridges in India. Ashoka
Buildcon is the operator of highest number of toll-based BOT (build, operate and transfer)
projects in India.
Company is also involve in engineering, designing and maintenance of roads, bridges,

electricity substations, commercial buildings and industrial buildings for third parties. Other
businesses of the company includes manufacture and sell ready-mix concrete and bitumen and
collect tolls on roads and bridges owned and constructed by third parties.
Ashoka Buildcon has 4 business divisions:
1. BOT Division, which operates or have an interest in 21 BOT road projects across India.
2. EPC Division, which is involve in activities like engineering, design, maintenance and
repair of infrastructure projects for third parties.
3. RMC and Bitumen Division, which sells ready-mix concrete and bitumen.
4. Toll Collection Contract Division, which collects toll on roads/bridges owned and
constructed by third parties.
Page 48
Company Promoters:
The companies promoters are:
1. Ashok M. Katariya
2. Satish D. Parakh
3. Ashish A. Katariya
4. Aditya S. Parakh
OBJECTS OF ISSUE
1. Investment in capital equipment;
2. To meet working capital requirements;
3. Prepayment/ repayment of project loans of the Company;
4. Funding certain Subsidiaries for prepayment/ repayment of their loans;
5. General corporate purposes; and
6. To achieve the benefits of listing our Equity Shares.
COMPANY FINANCIALS

09 08 07 06 05
Total Income 7,560.04 3,419.62 3,711.61 1,797.01 1,396.03
Profit After Tax 478.03 220.49 147.38 85.89 113.46
(PAT)
ISSUE DETAIL
Page 49

March
324 294 -9.26
Page 50
TECHNICAL CHART
ANALYST TAKE
The issue has been graded by CRISIL Limited as CRISIL 'IPO Grade 4/5' indicating that the
fundamentals of the IPO are "Above Average" relative to the other listed equity securities in
India.
The report says the grading reflects the company's dominant position in the build-operate-
transfer (BOT) road space and its established track record - most of its projects have been
completed on time. The grading is supported by the strong management background with
domain expertise, proven execution capabilities in the engineering procurement construction
(EPC) segment and the company's integrated business model. The grading also takes into
Page 51
account intense competition in a highly fragmented road development market, which leads to
aggressive bidding and potentially low returns.
STRENGTHS
The company is a well-established player in toll-based BOT projects in India with a proven
ability to partner with other well-established players in the industry.
As of 31 May 2010, the company's order book totalled Rs1,615.36 crore, of which orders of
Rs1,408.92 crore were related to work for third parties and associated companies.
3. Most of the company's projects have been executed on time or prior to the scheduled
completion date.
RISK CONCERNS
1. There are as many as 152 outstanding cases against the company, directors, promoters
and promoter group companies.
2. The company's portfolio is increasingly concentrated in large-scale projects which

increases its exposure to potentially higher cost overruns and exposes it to the risk of a
default by joint venture partners if it has entered into a joint venture to undertake the
project.
3. Some of the subsidiaries and promoter group companies have incurred losses during the
past three financial years.
4. The company has substantial working capital requirements and if it is unable to obtain
working capital loans to help finance these requirements, it would a have significant
adverse effect on the business, results of operations and financial condition.
5. The company faces significant competition and if it fails to compete effectively it will
have an adverse effect on the business, financial condition and results of operations.
6. The company also faces the risk of uncertain tax benefits for BOT projects, long
gestation period and regional concentration of its projects.
Page 52
BOARD OF DIRECTORS
NAME DESIGNATION
Ashok M. Katariya Chairman
Satish D. Parakh Managing Director
Sunil B. Raisoni Whole Time Director
Shyam Sundar S. G. Non – Executive Director
Michael Pinto Independent Director
Milap R. Bhansali Independent Director
Anant D. Narain Independent Director
Sharad D. Abhyankar Independent Director

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: abl.ipo@intimespectrum.com
Page 53
3. Motilal Oswal Investments Advisors Pvt Ltd
Registered Office :
Ashoka Marg, Vadala, Nashik,
Ashoka Marg, Nashik,
Maharashtra - 422 011
Phone: +91 253 3011705
Fax: +91 253 2422704
Email: investors@ashokabuildcon.com
Website: http://www.ashokabuildcon.com/
CONCLUSION
CRISIL has assigned a CRISIL IPO Grade 4/5 to the proposed IPO of Ashoka Buildcon. The
grading reflects the company’s dominant position in the build-operate-transfer (BOT) road
space and its established track record, with most of its projects having witnessed timely
completion. The grading has also taken into consideration the strong management background
with domain expertise, robust industry prospects due to significant investment expected in roads
and power transmission and distribution (T&D) segments, proven execution capabilities in the
engineering procurement construction (EPC) segment, integrated business model and adequate
corporate governance practices. The grading also reflects the company’s strong order book of
Rs 17,850 million as well as healthy revenue growth potential from the BOT segment.
Page 54
COMMERCIAL ENGINEERS & BODY BUILDERS CO
LIMITED
Incorporated in 1979, Commercial Engineers & Body Builders Co Limited is the producer of
vehicle and locomotive bodies for diverse applications for road and railways transportation.
Company is one of the leading designers and manufacturers in India of vehicle bodies for the
commercial vehicles industry with an extensive portfolio of product offerings. Company also
conducts refurbishment of railway wagons as well as manufacturing of components for railway
wagons, coaches and locomotives.
Company Promoters:
The Promoters of the Company are:

1. Dr. Kailash Gupta
2. Mr. Ajay Gupta
OBJECTS OF ISSUE
1. Capital expenditure for the Railway Project,
2. Prepayment of Identified Loan Facilities,
Page 55
COMPANY FINANCIALS
30-Sept- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-

09 09 08 07 06 05
Total Income 1112.12 1168.22 1249.75 982.83 518.07 257.33
Profit After 106.52 17.42 61.39 85.18 25.60 6.35
Tax (PAT)
ISSUE DETAIL
»» Issue Open: Sep 30, 2010 - Oct 05, 2010

»» Issue size: Rs. 153.00 Crore

127 44 -65.35
Page 56
TECHNICAL CHART
ANALYST TAKE
Rating agency CRISIL has assigned an 'IPO Grade 2' to the issue indicating 'Below Average
Fundamentals'. The report notes that CEBBCO is a relatively new entrant in this segment and
could face stiff competition from existing incumbents in the refurbishment and wagon
businesses. Post the commissioning of its wagon capacity, it would account for just around 4%
of the total wagon capacity as of 2008-09. Its ability to bag orders remains contingent on how
well the company is able to establish strong contacts within the Indian Railways. Organised
players in the fabrications business as well as existing wagon manufacturers could easily cater
to the Indian Railways' demand for both refurbishment and new wagons as the business is
neither very capital intensive nor requires a long gestation period and orders are tender driven.
Page 57
STRENGTHS
1. Strong track record with reputed customers in the commercial vehicles industry Wide
range of product applications and offerings
2. Ability to continuously expand product offerings
3. State-of-the-art technology and certifications for design, production standards and

quality assurance
4. Strategic geographic location
5. Competitive cost structure
6. Ability to compete effectively with the unorganised body builders
RISK CONCERNS
1. Limited customer concentration : In FY 2006, 2007, 2008, 2009 and 2010, it derived
56.32% (Rs28.24 crore), 86.36% (amounting to Rs82.59 crore), 73.91% (Rs88.11 crore),
69.23% (Rs77.57 crore) and 52.46% (Rs95.93 crore) respectively, of its net sales from
Tata Motors Ltd. In FY 2009 and FY 2010, it derived 2.39% (Rs2.67 crore) and 27.49%
(Rs50.27 crore), respectively, of its net sales from the Indian Railways.
2. Cyclical business: The commercial vehicles industry is cyclical in nature. A substantial

part of its sales are realised during the second half of the financial year due to low
demand in monsoons from mining and road-construction sectors.
3. Competition : It faces competition in the commercial vehicles division from the

unorganised sector.
Page 58
BOARD OF DIRECTORS
NAME DESIGNATION
Dr. Kailash Gupta (Promoter) Chairman cum Managing Director
Mr. Ajay Gupta (Promoter) Whole Time Executive Director
Mr. Bharat Bakhshi Non-Executive, Nominee Director of NYLIM
Mr. Sevanti Lal Popatlal Shah Independent Director
Mr. Arun Kumar Rao Independent Director
Mr. Sudhir Kumar Vadhera Independent Director

Phone: +91-40-23312454
Fax: +91-40-23311968
Email: cebbco.ipo@karvy.com
1. Edelweiss Capital Limited
Page 59
Registered Office :
84/105-A, G. T. Road, Kanpur Mahanagar
Kanpur - 208 003,
Uttar Pradesh, India
Phone: +91 512 2521 571
Fax: +91 512 2522 743
Email: cs@cebbco.com
Website: http://www.cebbco.com
CONCLUSION
CEBBCO is one of the leading designers and manufacturers of vehicle bodies for goods CV in
India. The company is also involved in the refurbishment of railway
wagons. It proposes to partially utilise the IPO proceeds to set up a wagon manufacturing unit.
CEBBCO’s core business fetches a P/E of 25x on FY2012

estimates at the upper price band. Moreover, to justify the implied market capital of Rs698cr,
the company’s wagon manufacturing plant would have to operate at 100% utilization within a
year and generate profitability in line with existing players, which we believe at the current
juncture appears stretched. Hence, we recommend Avoid to the IPO.
PARABOLIC DRUGS LIMITED
Page 60
Incorporated in 1996, Parabolic Drugs Limited is in the business of manufacturing Active

Pharmaceutical Ingredients (API's) and API intermediates. APIs, also known as 'bulk drugs' or
'bulk actives' are the principal ingredient used in making finished dosages in the form of
capsules, tablets, liquid, or other forms of dosage, with the addition of other APIs or inactive
ingredients.
Companies product portfolio comprises 42 APIs and 7 API intermediates which are marketed
domestically and exported.
Company own and operate two manufacturing facilities at Derabassi, Punjab, and Panchkula,
Haryana. Company is in the process of setting up a custom synthesis and research and
development (R&D) center at Barwala, Haryana.
Company Promoters:
The Promoters of our Company are:
1. Mr. Pranav Gupta;
2. Mr. Vineet Gupta;
3. PNG Trading Private Limited; and
4. Parabolic Infrastructure Private Limited
OBJECTS OF ISSUE
Page 61
1. Multi-purpose block III at Derabassi;
2. Sterile Cephalosporin Plant (Derabassi);
3. Establishment of Chachrauli Plant;
4. Custom Synthesis & Manu. Site II at IT Park (Panchkula);
5. Repayment / Prepayment of identified loan facility;
COMPANY FINANCIALS
Particulars For the year/period ended (Rs. in Crore)
30-Sept- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-

09 09 08 07 06 05
Total Income 233.43 396.94 273.94 150.56 90.12 50.90
Profit After Tax 12.41 21.09 29.67 13.58 8.22 3.27
(PAT)
ISSUE DETAIL
»» Issue Open: Jun 14, 2010 - Jun 17, 2010

»» Rating Agency: CARE & BWR
Page 62
»» Grade Assigned: IPO Grade 2 & 3 respectively

March
75 42.7 -43.07
TECHNICAL CHART
ANALYST TAKE
Based on the earnings for 2009 December annualised for the year of Rs 7.75 the share is being
offered at 9.68 to 10.97 times at the lower and higher band respectively. The earnings on a fully
Page 63
diluted basis is not the correct way to value this share because the capacity expansion already
under way and expected to complete by September and December 2010 will increase the
capacity by 40% this year and another 40% next year. With such massive expansion happening
there has to be dilution or borrowing to fund growth. The promoters of Parabolic chose dilution
as an option to fund growth and almost double capacity in less than two years.
STRENGTHS
1. Established R&D facility: Parabolic Drugs is a research driven company with its R&D
efforts focused on developing non-infringing processes and achieving process
improvements and production cost efficiencies. The company is having an established
R&D facility which comprises chemical and analytical research laboratories at
Sundhran, Derabassi, and a team of 85 scientists including 16 Ph.Ds, as at April 15,
2010. The company has also set up an additional R&D centre at Barwala in fiscal 2010.
2. Diversified and improving customer base: Including some of the leading generic
companies in the world, the company as at March 31, 2009, was catering to 487
customers worldwide compared to 244 in fiscal 2007. The company constantly strives to
increase customer base and reduce dependence on any particular customer. They supply
products domestically as well as to approximately 45 countries, including regulated
markets. Some of the countries to which it supplies its products include Turkey, Jordan,
Syria, Iran, Korea, Italy, the Netherlands and the US.
3. Wide product range in the antibiotics segment: The company manufactures a wide
range of products in the antibiotics segment. The company is continuously focusing on
developing new products within their existing segments, including niche products
developed with specific applications such as niche Penicillin APIs such as
Bacampicillin, Sultamycillin, and Pivampicillin at its Panchkula facility.
Page 64
4. Advanced facilities to serve regulated markets and manufacture multiple products:
The manufacturing facilities of the company are designed to manufacture a variety of
APIs and API intermediates using a combination of processes. Its facility at Sundhran,
Derabassi is WHO-GMP and ISO-14001 certified. Most of its facilities are in
compliance with rules and regulations of USFDA. Their flexible manufacturing
infrastructure enables them to expand product range and change product mix in response
to changes in customer demand and to serve customer requirements ranging from
laboratory scale research to commercial production.
RISK CONCERNS
1. Revenue dependence on few therapeutic categories: The company’s revenue is

derived from sale of products in limited therapeutic areas which include Semi Synthetic
Penicillin (“SSP”) and Cephalosporin range of antibiotics in oral and sterile form. The
revenue derived from the sale of products in the antibiotic category was Rs. 37,452.39
lakh for the nine-month period ended December 31, 2009, which was 100% of the gross
sales of the company up to December 31, 2009, as per its audited restated consolidated
financial statements. If the company is unable to appropriately identify and respond to
competitive pressures in this segment or successfully introduce new products, it will
adversely affect future results of operations.
2. Competitive business environment: The company operates in a competitive business

environment, both globally and domestically. Competition from existing players and
new entrants and consequent pricing pressures may adversely affect the business,
financial condition and results of operations.
3. Overdependence for imports of raw materials, particularly from China: A

significant portion of raw materials consumed by the company are imported, particularly
from China. For the financial year ended March 31, 2009, the value of raw material
imported by the company was Rs. 22,762.22 lakh or 61.65% of the total raw materials
consumed. Further, the percentage of raw materials imported from China to the total raw
materials consumed for the fiscal 2009 was 22.62%. Also, raw material costs are
dependent on global commodity prices, which are subject to fluctuations. In the event
Page 65
the prices of such ingredients were to rise substantially or if imports from China were to
be restricted in any manner or market concerns regarding the quality of such raw
materials, it will be difficult to find alternative suppliers for raw materials, on terms
acceptable to the company, and business, results of operations and financial condition
could be adversely affected.
4. Expansion plans subject to time and money constraints: The company may make
substantial investments in the future for establishing new manufacturing facilities and
upgrading its existing manufacturing facilities so that they comply with the standards set
by the USFDA and other regulatory authorities. Delays in the construction and
equipping or expansion of any of its facilities could result in loss or delayed receipt of
earnings, increase in financing and construction costs, and the company’s failure to meet
profit and earnings budgets would have an adverse effect on its financial condition and
results of operations.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Inder Bir Singh Passi Chairman and Independent Director
Mr. Pranav Gupta Managing Director
Mr. Vineet Gupta Whole-time Director
Dr. Ram Kumar Independent Director
Mr. Pardeep Diwan Independent Director
Mr. Arun Kumar Mathur Non-executive Director
Mr. Koppisetty Srinivas Nominee Director
Dr. Deepali Gupta Executive Director
Page 66
Phone: +91-22-25963838
Fax: +91-22-25946969
Email: pdl.ipo@linkintime.co.in
2. Spa Merchant Bankers Ltd
Registered Office :
SCO 99-100, Sector 17-B,
Chandigarh - 160017
India
Phone: 0172 391 4646
Fax: 0172 391 4645
Email: ipo@parabolicdrugs.com
Website: http://www.parabolicdrugs.com
CONCLUSION
Page 67
The company offers growth prospects and investors with a medium to long term time frame of
investment will be amply rewarded. In the short term Indian markets mirroring global cues
particularly European markets have been extra volatile and Parabolic would be no exception. I
believe this company should report a profit after tax of Rs 70-75 crs after the expansion is
completed translating into an EPS of Rs 12 to 12.75 for the year ended March 2012. The first
year of full capacity available would be 2012-2013. Subscribe for the medium and long term
only.
CANTABIL RETAIL INDIA LIMITED
Page 68
Incorporated in 2000, Cantabil Retail India Ltd is in the business of designing, manufacturing,
branding and retailing of apparels under the brand names of "CANTABIL" and "La FANSO".
They have a network of 381 exclusive retail outlets spread across India.
The "CANTABIL" brand with 206 exclusive retail outlets offers the complete range of
formalwear, party-wear, casuals & ultracasual clothing for Men, Women and Kids in the middle
to high income group. The "La FANSO" brand caters to men's segment in lower to middle
income group and focuses on casual, ultra casual and formal wear. They also retail various
accessories like ties, belts, socks, caps and handkerchief under their brands.
They have 3 in-house manufacturing / finishing units and 4 warehouses located in Delhi. They
also have 3 third party dedicated units manufacturing. Cantabil Retail's stores are situated at
Delhi, Mumbai, Calcutta, Bangalore, Hyderabad, Pune, Jaipur, Ahemdabad, Vadodra,
Lucknow, Kanpur, Patna, Ranchi, Dehradun, Meerut, Ludhiana, Jalandhar, Udaipur, Agra,
Ghaziabad and Gurgaon etc.
Company Promoters:
1. Mr. Vijay Bansal, is Chairman and Managing Director of the company.
2. Mr. Deepak Bansal, is Whole time Director of the company.
OBJECTS OF ISSUE
Page 69
1. Establishment of new integrated manufacturing facility;
2. Expansion of Exclusive Brand Outlets;
3. Additional Working Capital;
4. Repayment of Debt;
5. General Corporate Purposes;
6. Expenses for the Issue.
COMPANY FINANCIALS
31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06 31-Mar-05

Total Income 1,601.48 900.51 503.96 240.78 104.76
Profit After Tax 62.13 28.63 29.39 11.80 0.74
(PAT)
ISSUE DETAIL

Page 70

135 43 -68.15
TECHNICAL CHART
ANALYST TAKE
Page 71
ICRA has assigned an 'IPO Grade 2' to CRIL's IPO. This means as per ICRA, the company has
'Below Average Fundamentals'. ICRA assigns IPO grading on a scale of 5 to 1, with Grade 5
indicating 'Strong Fundamentals' and Grade 1 indicating 'Poor Fundamentals'.
STRENGTHS
1. The company has an established discount brand in the domestic apparel market with a
diversified product portfolio for men, women and children. It has a wide network of
exclusive retail outlets across metros, Tier-I and Tier-II cities in India.
2. The proposed manufacturing facility will reduce dependence on third-party
manufacturers and improve profitability.
3. CRIL has a healthy financial profile with steady growth and improvement in operating
profitability in the past. It has experienced promoters with around two decades of
experience in the garment industry. There is also favourable demand outlook for
organised retailing in the country.
RISK CONCERNS
1. The company's aggressive expansion plans may put pressure on the operating
profitability as the company might adopt pricing strategy to gain market share in newer
regions.
2. Increase in fixed costs such as rentals will have an impact on operating profitability;
high working capital intensity coupled with rapid expansion in the past had resulted in
negative fund flow from operations. This is likely to continue over the medium term as
the company plans to scale up quickly by opening new stores and adding new product
lines. Successful expansion of the retail network would be dependent on the ability to
scale up and effectively manage the supply chain, especially given the high inventory
requirements.
3. The market is highly fragmented and competitive, dominated by the unorganised sector.
Page 72
4. Rising yarn and fabric prices could put pressure on the profitability of the company
given the fragmented nature of the industry and vulnerability of retail sales to economic
trends.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Vijay Bansal Chairman and Managing Director
Mr. Deepak Bansal Whole Time Director
Mr. Anil Bansal Whole-time Director
Ms. Swati Bansal Non-executive Promoter Director
Dr. Arun Kumar Roopanwal Non-executive Independent Director
Mr. Lalit Kumar Non-executive Independent Director
Mr. Romesh Lal Non-executive Independent Director
Mr. Brij Mohan Aggarwal Non-executive Independent Director
Beetal Financial & Computer Services (P) Limited

Beetal House, 3rd Floor,
99, Madangir, Behind Local Shopping Centre,
New Delhi – 110062
Phone: +91 11 29961281

Fax: +91 11 29961284
Email: beetal@beetalfinancial.com
Website: http://www.beetalfinancial.com
Page 73
Spa Merchant Bankers Ltd
Registered Office :
B - 47, 1st Floor,
Lawrence Road Industrial Area,
New Delhi - 110 035
Phone: +91 11 2715 6381-82
Fax: +91 11 2715 6383
Email: investors@cantabilinternational.com
Website: http://www.cantabilinternational.com
CONCLUSION
At Rs 127-Rs135, the issue is reasonably priced. Post IPO PE between 14.5 and 15 is close to
PE of competitors in the readymade garments sector as well as sector PE of 13.7.
SEA TV NETWORK LIMITED
Page 74
Incorporated in 2004, Sea TV Network Ltd is an Agra (U.P) based company engaged in
providing services of a Multi System Operator (MSO) to various Local Cable TV operators of
Agra and adjoining areas. Sea TV has its own local channels, programmes of which are
produced by its own production team. These local channels mainly focus on Agra city/U.P State
news/events and information, which is more relevant to the city viewers.
Sea TV proposes to adopt latest technology i.e. IPTV for providing TV channels to its viewers.
They already have a network of about 150 franchisees throughout Agra city.
Company Promoters:
1. Mr. Neeraj Jain
2. Mr. Akshay Kumar Jain
3. Mr. Pankaj Jain
4. Ms. Sonal Jain
5. Ms. Chhaya Jain
OBJECTS OF ISSUE
Page 75
The Object of the issue are:
1. Setting up complete Digital Headend and network for implementation of Conditional

Access System (CAS).
2. Setting up network for complete IPTV Solution;
3. Setting up of own cable distribution network;
4. Setting up own 20 branch-offices in the City.
COMPANY FINANCIALS
Particulars For the year/period ended (Rs. in Lacs)

10 09 08 07 06
Total Income 946.25 796.34 581.25 453.13 175.05
Profit After Tax 150.52 102.17 59.97 25.17 2.08
(PAT)
ISSUE DETAIL

»» Listing At: BSE
Page 76

100 25.75 -74.25
TECHNICAL CHART
ANALYST TAKE
The Sea TV Network IPO has been graded as 'IPO Grade 1' by rating agency ICRA, indicating
concerns over poor fundamentals. This grading reflects the concerns over risks arising out of the
Page 77
small scale of operations, the company's significant expansion plans, risk of geographic
concentration with a presence only in Agra (Uttar Pradesh) and competition from other players
in the city, as well as from companies like Bharti Airtel, Reliance Big TV, Dish TV etc which
provide direct-to-home (DTH) cable services.
STRENGTHS
Expected revenue streams
1. Subscription revenues from direct subscribers as well as franchisees.
2. Steady income from set-top box rent and value-added services through the IPTV set-up.
3. Carriage fees from broadcasting channels, and rentals from its optical fibre network.
4. Advertising from its own channels (like Sea News) should contribute a steady share of
the income
RISK CONCERNS
Permissions and competition

1. Poor IPO grading.
2. Yet to obtain certain approvals, licenses, registrations and permits.
3. Threat of technological obsolescence.
4. Yet to receive nod for launching three channels like 'Real News', 'Ocean TV' and 'Your
TV' from the Ministry of Information & Broadcasting.
5. It is the third cable Multi System Operator in Agra.
6. Faces competition from big players like Tata Sky, Dish TV and BIG TV that are eyeing
an all-India reach through the DTH platform.
7. Company does not own the registered trademark "Sea TV
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Neeraj Jain Chairman and Managing Director
Page 78
Mr. Akshay Kumar Jain Whole Time Director
Mr. Pankaj Jain Whole time Director
Mr. Radha Krishna Pandey Independent Director
Mr. Rajeev Kumar Jain Independent Director
Mr. Narendra Kumar Jain Independent Director

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: stnl.ipo@linkintime.co.in
Chartered Capital and Investment Limited
Registered Office:
148, Manas Nagar,
Page 79
Shahganj, Agra- 282010
Phone: 0562-4036666
Fax: 0562-2511070
Email: admin@seatvnetwork.com
Website: http://www.seatvnetwork.com
CONCLUSION
Sea TV Networks is a small player with low earnings. In the face of competition from other
small players and some really big operators, the company requires funds to expand its
operations. Sea TV could find it quite difficult to achieve its ambitious plans and execution will
be the critical factor.
TECPRO SYSTEMS LIMITED
Page 80
Incorporated in 1990, Tecpro Systems Ltd is an established material handling company in India,
engaged in providing turnkey solutions in material handling, ash handling, balance of plant
("BoP") and engineering, procurementand construction ("EPC") contracts.
Tecpro Systems Limited undertakes turnkey projects in Bulk Solids Handling Systems
including belt conveyors, slat conveyors, bucket elevators etc., manufacture equipment viz.,
stackers, reclaimers, various types of crushers, vibrating screens, feeder and conveyor
components like Idlers and pulleys and undertakes civil and structural work along with
electrical, control and instrumentation systems for the project.
Company Promoters:
1. Mr. Ajay Kumar Bishnoi, is Chairman and Managing Director of the company.
2. Mr. Amul Gabrani, is Vice-Chairman and Managing Director of the company.
OBJECTS OF ISSUE
The objects of the Issue are to:
1. Fund working capital requirements; and
2. Fund expenditure for general corporate purposes.
COMPANY FINANCIALS
Page 81
03/31/09 03/31/08 03/31/07 03/31/06 03/31/05

Total Income 7429.31 4864.24 2383.91 1067.69 523.01
Profit After Tax 511.73 410.47 209.45 97.15 19.36
(PAT)
ISSUE DETAIL

Issue Price Current Price %Gain/Loss as on 6th April

355 304.1 -14.34
TECHNICAL CHART
Page 82
ANALYST TAKE
Techpro has registered an impressive Compounded Annual Growth Rate (CAGR) of 93.12% on
its topline and 85.77% on its bottom-line.
As on March 31,2010 company had 12.89%, 39.05%,3.53%,42.5% and 1.4% income coming
from Sale of products manufactured by the Company, Sale of products traded in (project
supplies) by the Company, Service Income, Contract revenue and other income respectively.
Techpro has a steady EBIDTA margin and PAT margin of about 16% and 8% respectively.
Techpro’s Debt to Equity has gone up significantly in FY10 from 0.61 to 1.43 and this is mainly
due to a four fold increase in debt from Rs.1058.21Mn to Rs 4867.94 Mn.
STRENGTHS
Page 83
1. Project management expertise and established track record of project execution.
2. Strong in-house design and manufacturing capabilities.
3. Technical collaborations and alliances with international manufacturers.
4. Experienced management team.
5. Well-positioned to capitalise on the growth opportunities in the Indian power sector.

Strong order book: As on 31 March 2010 and 31 July 2010, its order book stood at
Rs2,013.95 crore and Rs2,311.29 crore, respectively.
RISK CONCERNS
1. The company and its group firms are involved in legal proceedings involving Rs1,118
crore.
2. Changes in raw material prices like iron & steel, cement, bearings, castings, plumber
blocks could disrupt operations as the company has not entered into any cost-escalation
clauses.
3. It derives a major chunk of its revenue from a few customers. Payments from its top 10
customers constituted 68.39%, 65.70% and 66.72% of its income from operations for
FY2010, 2009 and 2008, respectively.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Ajay Kumar Bishnoi Chairman and Managing Director
Mr. Amul Gabrani Vice- Chairman & Managing Director
Dr. Goldie Gabrani Whole time Director
Mr. Arvind Kumar Bishnoi Whole-time Director
Mr. Amar Banerjee Whole-time Director
Mr. Achal Ghai Non-executive Director
Page 84
Mr. Suresh Kumar Goenka Independent Director
Mr. Brij Bhushan Kathuria Independent Director
Mr. Satvinder Jeet Singh Sodhi Independent Director
Mr. Anunay Kumar Independent Director
Mr. Sakti Kumar Banerjee Independent Director
Mr. Subrata Kumar Mitra Independent Director

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: tecpro.ipo@linkintime.co.in
Page 85
Registered Office :
106, Vishwadeep Tower,
Plot No. 4, District Centre,
Janak Puri, New Delhi 110 058, India.
Phone: (+91 11) 4503 8735
Fax: (+91 11) 4503 8734
Email: investors@tecprosystems.com
Website: http://www.tecprosystems.com
CONCLUSION
Looking at the company’s past track record and impressive order book position, Tecpro appears
to be a satisfactory investment opportunity. However, it must be noted that Tecpro is raising
money to fund its working capital requirements and not for asset expansion. Furthermore, one of
the selling parties is Metmin which has an investment in the company at an average price of
Rs.51.25. This is the second attempt to go public for Tecpro that had earlier filed its draft red
herring prospectus three years ago to raise around Rs 1000 Million. This time around, the issue
size has been more than doubled with one of the financial investors looking to cash out partly
with substantial profits.
Unlike the last time, when it planned to use the funds to set up design and engineering center
besides plant to manufacture conveyor belts in addition to enhancing working capital,
expanding existing manufacturing units and equity investment in group firms, this time it
intends to use the money solely for funding working capital requirements. While the market
momentum may provide some listing gains, longer term investors can choose to play the
waiting game at this counter and pouch this stock at lesser valuations.
INTRASOFT TECHNOLOGIES LIMITED
Page 86
Incorporated in 1996, Intrasoft Technologies Limited provides electronic greeting card services
through website, www.123greetings.com. 123greetings is the largest electronic greeting cards
website in India and 2nd largest in the world.
123greetings has range of over 20,000 electronic greeting cards designed to cater to varying
geographical and religious celebrations, occasions and other events.
Company has a team consisting of 16 creative professionals who develop in-house content
including artistic, photographic and musical content for its electronic greeting cards.
Company doesn't charge its users for accessing and sending electronic greetings and derive its
revenues almost entirely from online advertising revenues and software development services.
Company Promoters:
The promoters of Intrasoft Technologies Limited are:
1. Arvind Kajaria, aged 45 years, is the Managing Director of the Company.
2. Sharad Kajaria, aged 33 years, is a Whole time Director of the Company.
OBJECTS OF ISSUE
The object of the issue are:
1. Branding and Promotion;
2. Purchasing a corporate office at Kolkata;
3. Investment in technology infrastructure;
4. General corporate purposes;
5. Issue related expenses; and
6. Achieve the benefits of listing on the Stock Exchanges.
Page 87
COMPANY FINANCIAL

Total Income 2,335.15 2,017.86 1,727.68 1,640.95 1,493.60
Profit After Tax 532.82 442.00 327.71 188.97 213.48
(PAT)
ISSUE DETAIL
»» Issue Open: Mar 23, 2010 - Mar 26, 2010

»» Rating Agency: CARE

145 71.5 -50.69
Page 88
TECHNICAL CHART
ANALYST TAKE
Intrasoft Technologies IPO Subscription Details as of March 24 looks good. The Intrasoft Tech
IPO has generated fairly good subscription interest from all classes of investors. However, it’s
still early days and the IPO as yet has not oversubscribed. But looking at the subscription details
of Intrasoft IPO, the IPO is likely to see a good amount of oversubscription. Hence it would be a
good idea to go ahead and apply in the Intrasoft Technologies IPO. The listing gains on selling
the alloted shares of Intrasoft Technologies Limited on the IPO listing date, is likely to be pretty
good.
STRENGTHS
Page 89
1. There is no competition or comparable company in India in this line or similar line of
activity. Internationally there are comparables in the form of Evite.com and AG
interactive. One can also look at American greetings and Hallmark. In the case of the
last two they are strictly not comparable as they are into different verticals as well.
2. One of the leading electronic greeting card website by number of Unique Visitors
3. Well established and widely recognized website and brand
4. Experience and Know How
5. Has certain advantages over traditional greeting card companies and subscription based
electronic greeting card companies.
RISK CONCERNS
Any technology company always runs the risk of getting overtaken by new technology. Here
such a risk does not remain because the habit of wishing, greeting and gifting cannot die or go
away. The challenge is in introducing new products and innovation like the 123greeting studio
and the e-invite add-ons which will help in establishing supremacy of the product. The 20000
strong library and additions to it will help in making this website a must see going forward.
Complacency alone can kill the product otherwise the size of library ensures a head start and
creates an entry barrier in itself.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Arvind Kajaria Managing Director
Mr. Sharad Kajaria Whole time Director
Mr. Amitava Ghose Independent Director
Mr. Deepak Narottamdas Kanabar Independent Director
Mr. Vishal Agarwal Independent Director
Mr. Rupinder Singh Independent Director
Page 90

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: intrasoft.ipo@linkintime.co.in
1. Anand Rathi Securities Limited
2. Collins Stewart Inga Private Limited
Registered Office :
Fifth Floor, No.145,
Rash Behari Avenue,
Kolkata 700 029, West Bengal, India
Phone: +91 33 2464 3306
Fax: +91 33 2464 6584
Email: ipo@itlindia.com
Website: http://www.itlindia.com/investor-relations
CONCLUSION
Page 91
According to comScore Media Metrix, Website was the largest (by number of Unique Visitors)
electronic greeting cards website in India with a sum total of 1,46,08,169 Unique Visitors
during the twelve month period from September 2008 to August 2009. Website received a sum
total of 22,56,11,000 page views and 19,31,99,000 minutes during this period, according to
comScore Media Metrix.I believe investment in Intrasoft will be profitable in the medium and
long term. This is a company which offers an opportunity to multiply your money in time to
come. It is not a story for mere listing gains. Subscribe for substantial gains in the medium and
long term.
SHEKHAWATI POLY-YARN LIMITED
Page 92
Incorporated in 1990, Shekhawati Poly-Yarn Ltd is a leading manufacturer of Polyester

Texturised Yarn & Twisted Yarn.
Polyester Texturised Yarn (PTY) mainly used for manufacturing apparels i.e. suiting, shirting,
dress materials, saris, hosiery, knitted fabric, zipper fastener, curtain & industrial cloth as also to
manufacture fancy yarn for high value dress materials and upholstery. Polyester Texturised
Yarn is obtained after further processing of POY.
Presently, Shekhawati has 20 Texturising Machines with an installed capacity of 13,200 MTPA
to produce PTY. It also has installed 5 TFO machines to produce Twisted Yarn with installed
capacity of 600 MTPA. Company has implemented an integrated facility at Silvassa for
manufacturing PTY with a total project cost of Rs. 40.15 Crores. Under this Company has
established Yarn Texturising Facility of 14200 MTPA with 20 Texturising Machines.
SPYL has client base in Mumbai, Bhiwandi, Surat, Ludhiana, Secunderabad, Meerut, Panipat,
Delhi, Bhilwara, Erode, Salem, Coimbatore, Ichalkaranji, Malegaon and Calcutta markets.
Shekhawati's manufacturing units is located at Silvassa, which is near to Bhiwandi and Surat,
the major consumption centres of Texturised Yarn.
Company Promoters:
1. Mr. Mukesh Ruia
2. Mr. Ramniranjan Ruia are the promoter of the company.
OBJECTS OF ISSUE
1. To acquire additional new 30 Twisting Machines and installation of new 30 Knitting

Machines;
2. To acquire Corporate office at an estimated cost of Rs. 325.00 lacs;
3. To meet working capital requirements;
Page 93
4. To meet the Issue expenses; and
5. To get the Equity Shares listed on BSE.
COMPANY FINANCIALS
Particulars For the year/period ended (in Rs. Lacs)
30-Sep-10 31-Mar-10 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06

Total Income 5,996.31 8,951.04 7,751.11 3,396.26 1,788.08 941.80
Profit After 157.51 220.89 125.56 57.81 10.59 13.11
Tax (PAT)
ISSUE DETAIL
»» Issue Open: Dec 27, 2010 - Dec 29, 2010

»» Issue Type: Fixed Price Issue IPO
»» Issue Price: Rs. 30 Per Equity Share
»» Rating Agency: CARE

30 40.45 34.83
Page 94
TECHNICAL CHART
ANALYST TAKE
The investor response to the Shekhawati Poly-yarn IPO doesn’t seem to be very overwhelming
at 10.4 times but going by the “avoid” signal given by the analysts on this small company
engaged in texturised and twisted yarn manufacture it doesn’t seem too bad either.
STRENGTHS
1. Experience of the Promoters
2. Experienced Staff
Page 95
3. Existing Profit Making Company
4. Use of efficient technology for increased efficiency
5. Locational advantages to the Project
6. Capability to manage multiple and large orders
7. Good labour relations
RISK CONCERNS
The company has two group concerns which are in the same line of activity. There is a group
company Ruia Rayons Private Limited. The company is in the same line of activity as the
company going public and had sales of Rs 4833.79 lacs for the year ended March 2009 and Rs
5644.71 lacs for the year ended March 2010. The net profit after tax for the period ended March
2009 was Rs 32.97 lacs and Rs 49.58 lacs for the year ended March 2010.
1. The company is now entering the highly competitive knitting industry where it has no
experience and setting up 30 circular machines.
2. Secondly the business of manufacturing texturising and twisted yarn is all about high
volumes and the company is nowhere in terms of size.
3. Margins in this business are thin but with the expansion and objects of the issue being to
acquire a corporate office and repay the loan for the same; it appears that too much is
being spent on non-productive assets.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Mukesh Ruia Managing Director
Mr. Ramniranjan Ruia Chairman(Non- Executive)
Mr. Sanjay Balvantrai Jogi Director
Dr. Satish Chandra Kulhari Director
Page 96
Mr. Sanjay Kumar Churiwala Director
Mr. Debkumar Goswami Director
Sharex Dynamic (India) Pvt Ltd

Unit 1, Luthra Ind. Premises,
Safed Pool, Andheri – Kurla Road,
Andheri (East), Mumbai – 400 072
Phone: +91- 22 - 2851 5606

Fax: +91 - 22 - 2851 2885
Email: info@sharexindia.com
Website: http://www.sharexindia.com
Hem Securities Limited
Registered Office :
2, Anantwadi, Vaidya Bhawan,
1st Floor, Bhuleshwar,
Mumbai- 400 002
Phone: 91-22- 3256 7126
Fax: 91-22-2875 5522
Email: ho@shekhawatiyarn.com
Website: http://www.shekhawatiyarn.com
Page 97
CONCLUSION
The company offers no opportunity to prospective investors and therefore chose not to even
have a road show for the investor community in the financial capital of the country Mumbai.
The reason for not having a road show is to avoid reports from Mumbai which looking at
fundamentals would not warrant a subscribe rating for investors. People are being lured into the
issue with listing gains which is a sure shot way to losing money and getting trapped. I would
advise investors give a complete skip to the issue and avoid the same and more important to not
get carried away with some other issues which have done well initially and then tanked.
PRESTIGE ESTATES PROJECTS LIMITED
Page 98
Incorporated in 1986, Prestige Estates Projects Ltd is a Bangalore based company involve in
real estate development. Prestige Estates is south India’s largest real estate development
company.
Company has completed 142 real estate projects of approximately 27.09 million sq. ft.
Company has a diversified portfolio of real estate development projects including residential
(including apartments, villas, plotted developments and integrated townships), commercial
(including corporate office blocks, built-to-suit facilities, technology parks and campuses and
SEZs), hospitality (including hotels, resorts and serviced accommodation) and retail (including
shopping malls) segments of the real estate industry.
Company has established a strong brand image, have a successful track record of execution and
a diversified portfolio of real estate projects
Company Promoters:
1. Mr. Irfan Razack
2. Mr. Rezwan Razack
3. Mr. Noaman Razack
OBJECTS OF ISSUE
The Objects of the Issue are to:

1. Finance our Ongoing Projects and Projects Under Development;
2. Invest in our existing Subsidiaries which investment will be utilized for the construction
and development of our commercial Ongoing Project, retail Ongoing and retail Projects
Under Development undertaken by those Subsidiaries;
3. Finance the acquisition of land;
4. Repay certain loans of our Company; and
COMPANY FINANCIALS
Particulars For the year/period ended (in Rs. Million)
Page 99
Total Income 9,161.51 9,892.65 4,271.42 4,743.31 3,816.45
Profit After Tax 707.31 541.63 390.91 305.34 346.03
(PAT)
ISSUE DETAIL
»» Issue Open: Oct 12, 2010 - Oct 14, 2010

»» Rating Agency: ICRA

183 125 -31.69
Page
TECHNICAL CHART
ANALYST NOTE
The financial performance of the company appears satisfactory considering the past track record
of consolidation and then growth. The revenue stream of the company includes sales of
residential and commercial space (70 per cent), rentals (19 per cent), property management
services and hospitality services. The company also has an arrangement with banks to securitize
the revenue generated from the lease of its completed commercial, hospitality and retail
developments (Rent Securitization). The bank in turn pays the lump sum amount to the
company and the subsequent rentals is paid directly to the bank by the tenants. It is noteworthy
then that the amount of debt on its books includes the loan taken by the company through this
route.
Page
STRENGTHS
11 An Execution play with an Outsourced Development Model
11 Diversified project portfolio with strong track record and execution capability
compliments its strong brand
11 Notably the cash flow in the past has remained very inconsistent as it has posted
negative cash-flows from operations for most of the last 5 years (Q1 FY2011, FY2010,
FY 2007, FY 2006).
RISK CONCERNS
1. Geographic Concentration Risk and increasing share of commercial projects: The

projects of the company are highly concentrated in CBD (Central Business District)
region in the city of Bangalore. At present, close to one fourth of the total ongoing,
under development and forthcoming developments are in the city. Though the company
has proposed to diversify into other regions, the share is unlikely to come down
significantly. Moreover, diversification into other states will also be associated with the
risk of execution. Further, it may not be able to enjoy the benefit of the low land bank
cost enjoyed by its peers in the southern market. Growing share of commercial
properties too remains a concern on account of expected oversupply in the commercial
space.
2. Interest rate sensitive and cyclical nature of real estate sector and highly competitive
space: Though at present economic conditions seems stable both domestically and
globally, any slowdown or unforeseen adverse event globally or domestically could
impact the sector adversely. Rising interest rates and raw material prices too would
impact the margins adversely.
BOARD OF DIRECTORS
NAME DESIGNATION
Page
Mr. Irfan Razack Chairman and Managing Director
Mr. Rezwan Razack Joint Managing Director
Mr. K. Jagdeesh Reddy Independent Director
Mr. B.G. Koshy Independent Director
Mr. Noor Ahmed Jaffer Independent Director
Dr. Pangal Ranganath Nayak Independent Director

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: pepl.ipo@linkintime.co.in
11 Enam Securities Private Limited
1. J.P. Morgan India Private Limited
3. UBS Securities India Private Limited
Registered Office :
Falcon House, No 1 Main Guard Cross Road,
Bangalore - 560001
Page
Karnataka, India
Phone: 80 25591080
Fax: 80 25591945
Email: investors@prestigeconstructions.com
Website: http://www.prestigeconstructions.com
CONCLUSION
On a NAV basis, Sobha Developers trades at a Price to NAV of less than 0.8 times whereas at
its top end price the Price to NAV of Prestige Estates stands at 1. Overall, though the company
caters to premium segment, the bottomline has thus far failed to reflect the margin increase.
Resultantly,the premium commanded by the company appears steep for now. Going forward
things can improve significantly, but much would depend on the execution capability and
completion and sale of projects, which for the near term seems to be factored into the IPO
price.
The markets too have shown an aversion to real estate sector stocks, barring a few exceptions.
Thus overall, while those with a high risk appetite can consider applying, others can bide their
time and await lower levels to consider pouching this stock.
HATHWAY CABLE & DATACOM LIMITED
Incorporated in 1995, Hathway Cable & Datacom Limited is the leading cable television
services provider in India, as well as one of the leading cable broadband services providers.
Company offer analog and digital cable television services across 125 cities and towns and
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high-speed cable broadband services across 20 cities. Hathway Cable is the leading operator in
several key markets of India including among others, cities such as Mumbai, Delhi, Bangalore,
Ahmedabad, Hyderabad, Jaipur, Indore, Bhopal, Baroda and Surat.
As per MPA Report, Hathway is the largest distributor of digital cable in India. As of December
31, 2008, their digital television subscriber base constituted approximately 42% of the total
digital cable television market in India . As of July 31, 2009, company had 1,319,646
subscribers for analog cable television services and 972,969 digital cable television subscribers.
Hathway Cable & Datacom hold a pan-India ISP license and were the first cable television
services provider to offer broadband internet services. They are currently India's largest cable
broadband services provider with 953,084 two-way broadband enabled homes passed, as on 31
July, 2009.
In addition to cable television and broadband service offerings, they also generate advertising
and airtime revenue from advertisements aired for and on behalf of channels owned by third
parties, such as the Hindi movie channel, Cine Channel, and the music channel, iTV.
Company Promoters:
1. Mr. Akshay Raheja, has been a non-executive Director since 2000.
2. Mr. Viren Raheja, has been a non-executive Director since 2008.
OBJECTS OF ISSUE
The objects of the Issue are to:
1. Fund customer acquisitions;
2. Investment in the development of digital capital expenditure, services and set top boxes;
3. Investment in the development of broadband infrastructure, capital expenditure and

services;
4. Repayment of loans; and
5. Fund expenditure for general corporate purposes.
Page
COMPANY FINANCIALS

09 08 07 06 05
Total Income 6,728.76 4,346.65 3,086.31 2,532.38 2,085.78
Profit After Tax (PAT) 116.95 46.70 10.97 9.07 6.55
ISSUE DETAIL
»» Issue Open: Feb 09, 2010 - Feb 11, 2010

»» Market cap: 1395

March
240 976.5 -59.31
Page
TECHNICAL CHART
ANALYST TAKE
The company has accumulated losses to the extent of Rs 4,274 million as on September 30,
2009. There is thus a high possibility that the profits made in the future will be used to write off
the same. While this will offset the future earnings, it will also reduce the tax burden as the
same (accumulated losses) will be deducted from the taxable profit.
STRENGTHS
1. Established presence & operational expertise: The company has been operational for
more than a decade and has registered strong growth especially in the last two to three
Page
years. This has largely been through the inorganic route by acquiring MSOs (multi-
system operators) and LCOs (local cable operators). Furthermore, it has been able to
withstand the challenging and competitive business till date thanks to its established
brand name and service offerings. Like its listed peer, Den Networks, the company will
focus on expansion and conversion of analog cable services subscribers into digital
connections. Thus, there is a huge ready market for the same. However, there is also a
high possibility that the analog subscribers could opt for DTH and other emerging new
technology services too.
2. De – risking through Digital Services: Higher number of channels, value added

services, customized offerings, broadband internet and better quality and similar to those
offered by the DTH and IPTV players could help the company to withstand the
competition offered by these players and de-risk its business model.
Moreover digitization will help the company to reduce losses on account of under-
reporting by the local cable operators and unauthorized access by the non-subscribers.
However one would do well to note that the company will have to aggressively convert
its subscriber base into digital services users. This will not only help the company to
retain its clients but also enable to offer value added and other pay channels services
which is the key revenue driver in this business segment.
RISK CONCERNS
1. Excessive Dependence on Digital service platform and LCO’s for growth: The
company’s revenues seem highly dependent on the growth of its digital subscriber base.
The argument is further strengthened by the fact that the company has earmarked
Rs.1,564 million for the purchase of 9,20,000 set top box units and Smart cards. This
also enhances execution risk.
2. Intensely Competitive Market Environment: There has been an emergence of newer

players with deeper pockets, better packaged products, aggressive promotional
campaigns and marketing backed by large business conglomerates. Further, the sector is
highly fragmented with around 1,000 multi-service operators (MSOs). Thus, despite
having a reach that is much higher than that of most other cable operators, the company
Page
lags behind in terms of revenues. The Average Revenues Per User (ARPU) stands at
Rs.56 per month, which is much lower than that of its closest competitor, DEN
Networks. Notably, of its total subscribers, only a million of them are on digital cable,
which is the key reason for these low ARPUs.
3. Debt-Heavy Balance-sheet enhances Risk : Hathway has made a lot of acquisitions to

boost market share and drive its top-line growth, but for this the funds it has raised has
made its balance sheet debt heavy. A negative return on net-worth and high interest
costs, further raise the risk and stakes for this company in terms of a successful and
timely roll out of its plans.
4. Higher Government Regulation and Capital Intensive nature of its business has an
adverse impact on Visiblity of its prospects as enhances expenses while limiting
operational flexibility.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. K. Jayaraman Managing Director
Mr. Rajan Raheja Non-Executive Director
Mr. Vinayak Aggarwal Non-Executive Director
Mr. Akshay Raheja Non-Executive Director
Mr. Viren Raheja Non-Executive Director
Mr. Brahmal Vasudevan Non-Executive Director
Mr. Jagdish Kumar G Pillai Non executive Director
Mr. Uday Shankar Non-executive Director
Mr. Bharat Shah Non Executive Independent Director
Mr. Sasha Mirchandani Non Executive - Independent Director
Mr. Sridhar Gorthi Non Executive - Independent Director
Page
Mr. Devendra Shrotri Non Executive - Independent Director

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: hathway.ipo@linkintime.co.in
11 Kotak Mahindra Capital Company Limited
11 Morgan Stanley India Company Pvt Ltd
11 UBS Securities India Private Limited
Registered Office :
Rahejas, 4th Floor,
Corner of Main Avenue & V. P. Road,
Santacruz (West), Mumbai - 400054
Phone: (91 22) 2600 1306/08/09
Fax: (91 22) 2600 1307
Page
Email: info@hathway.net
Website: http://www.hathway.com
CONCLUSION
At a Market Cap to Sales ratio of 5.6 times, Hathway Cable seems to have priced its IPO fully.
Comparable listed peers like Wire and Wireless (WWIL) trade at a Market Cap to Sales ratio of
less than 1.3, while Dish TV which offers DTH service trades at a ratio of around 5 times.
Hathway has a satisfactory operating history and pan-India presence with the ability to deliver
digital content and value-added services along with broadband internet. It is engaged in a highly
competitive segment with high technology obsolescence risk.
Notwithstanding the undoubted potential in the space and the satisfactory credentials of the
company, it might be prudent for investors to bide their time till the stock price stands trimmed
and the digital roll-out plan of the company gathers momentum.
ASTER SILICATES LIMITED
Page
Incorporated in 1996, Aster Silicates Ltd is engaged in the business of manufacturing of sodium
silicate which includes food grade sodium silicate, special drilling grade silicate and detergent
grade silicate. Aster Silicates produce sodium silicate both in glass and liquid form. Food grade
sodium silicate is used in the manufacturing of Silica precipitate and Gel which finds its
applications in toothpaste, salt, cosmetics, glucose powder, tyre & rubber and pesticides etc.
Sodium silicate, (special drilling grade silicate) is also used in off-shore drilling and for
reactivation of old oil and gas fields. The sodium silicate manufactured by Aster is also used in
water-proofing, infoundries and for investment casting, paper, silica gel, textiles and detergents.
Currently, Aster operate from two units in Gujarat having aggregate installed capacity of 150
MT of glass/day. Unit I has three furnaces with an average combined capacity of 100 MT of
glass/day. Unit II has a single furnace with a capacity of 50 mts of glass/day, which is also triple
pass regenerative and recuperative end fired glass furnace.
For the proposed project, Company intends to install a special designed triple pass regenerative
and recuperative Furnace of 100 MT capacity each capable of working on biogas with a facility
of having duel fuel arrangement for working on other fuel like Natural Gas etc. The furnace
shall be capable of being operated both manually and automatically, and shall also possess
versatility for manufacturing Sodium Silicate in glass and liquid format. For the expansion of
manufacturing facilities at Bharuch, company initially intend to use Natural gas from Gujarat
Gas Company Limited as a source of fuel. However, gradually, they intend to shift the fuel
source to Biogas, and have Natural gas as a standby arrangement.
Company Promoters:
1. Mr. Mahesh A. Maheshwari and
2. Mrs. Namrata M. Maheshwari
OBJECTS OF ISSUE
1. Expansion of Manufacturing facilities;

2. Additional Working Capital Requirements;
3. Public Issue expenses.
Page
COMPANY FINANCIALS
30-Sep- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-

09 09 08 07 06 05
Total Income 3031.09 3409.13 1699.42 832.76 864.62 815.69
Profit After Tax (PAT) 232.20 254.91 65.79 14.24 -8.61 35.87
ISSUE DETAIL
»» Issue Open: Jun 24, 2010 - Jun 28, 2010

»» Rating Agency: BWR Limited

118 24.75 -79.03
TECHNICAL CHART
Page
ANALYST TAKE
The company is targeting to raise Rs 53.1 crore at a price band of Rs 112-118. A number of new
equity shares at the lower price band of Rs 112 works out to be 47 lakh and at the higher price
band of Rs 118 to be 45 lakh. At issue price of Rs 112-118, EPS for the year ended March 2010
is Rs 2.9-3.0 resulting in PE of 38.6-39.3. There is no listed peer company. However, TTM PE
of the inorganic chemical sector is 9.9. Thus, the issue is highly priced.
STRENGTHS
1. A diversified manufacturing base having a capacity to produce quality chemicals from
2. World-class plants.
3. Vibrant downstream industries in different segments.
4. Competitive core industries, essential for the development of chemical industries.
Page
5. Capability to produce world-class end products.
6. Strong presence in the export market in sub-segments such as Dyes, Pharma and
Agrochemicals.
7. Large domestic market.
8. Major raw material component sources within the country.
9. Good R&D base and quality human resources.
RISK CONCERNS
1. Basic raw material constitute major portion of cost of production in the chemical
industry. Indian chemical industry uses either natural gas or crude oil as feedstock for
manufacturing process. The fluctuations in oil prices therefore affects the growth
projections.
2. The objects of the Issue for which funds are being raised have not been appraised by any
bank or financial institution.
3. The company is yet place orders for Plant and Machinery aggregating Rs. 744.99 Lacs.
4. The Company has a negative cash flow in the past 5 years.
5. Top five clients contributed approximately 80.90% of sales for FY 2009. High business
risks.
6. Company has no history of dividend payment.
7. Company has history of related party transactions.
8. IPO grade -2 by Brickworks, indicating below average fundamentals.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Mahesh A. Maheshwari Chairman and Managing Director
Mrs. Namrata M. Maheshwari Whole Time Director
Page
Mr. Jaykishore S Rana Independent Director
Mr. Venkatachalam Subramaniam Independent Director
Mr. Manish G Asawa Independent Director
Sharepro Services Private Limited,
Satam Industrial Estate,

Cardinal Gracious Road, Chakala,
Andheri (East), Mumbai 400 099, India.
Phone: (91 22) 2821 5168
Fax: (91 22) 2837 5646
Email: aster.ipo@shareproservices.com
Website: http://www.shareproservices.com
Saffron Capital Advisors Private Limited
Registered Office :
A- 602, Fairdeal House,
Swastik Char Rasta, Off C G Road,
Navrangpura, Ahmedabad – 380 009, Gujarat
Phone: + 91 79 26422840
Fax: + 91 79 26422840
Page
Email: ipo@astersilicatesltd.com
Website: http://www.astersilicatesltd.com
CONCLUSION
Highly competitive and fragmented industry with a number of small players offering similar
products also does not augur well for the long term growth prospects of the company. Also the
number of legal proceeding against the company and its directors (especially for dishonour of
cheques) raises corporate governance concerns.
With no comparable peers, and negatives far outweighing the positives, the forward PE of
multiple of almost 25 times cannot be justified.
TECHNOFAB ENGINEERING LIMITED
Incorporated in 1971, Technofab Engineering Ltd (TEL) is engaged in the business of providing
Engineering Procurement and Construction (EPC) services, and executing a wide range of
Balance-of-Plant (BoP) and electro-mechanical projects on a complete turnkey basis. Technofab
provide services to domestic and overseas markets across a number of industrial and
infrastructure sectors which includes power, oil & gas, water & waste water treatment and other
industrial & infrastructure sectors.
Technofab Engineering provides EPC services for various BoP packages for power, oil & gas
and other industrial and infrastructure undertakings. Company also provide EPC services to the
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main plant for water & waste water treatment projects. TEL has dealt with engineering
consultants such as Development Consultants Private Limited (DCPL), Desein Private Limited,
FITCHNER Consulting Engineers (India) Private Limited, Mecon, Tata Consulting Engineers,
Engineers India Limited, M.N. Dastur, L&T, Sargent & Lundy, Uhde India Private Limited,
Toyo Engineering India Limited, SAUR International, BCEOM France, etc. for its various EPC
projects.
OBJECTS OF ISSUE
1. To meet long-term working capital requirements;
2. To finance the procurement of construction equipment;
3. To set up maintenance and storage facility for construction equipment;
4. For setting up of training centre for employees;
5. For general corporate purposes; and
6. To meet Issue expenses.
COMPANY FINANCIALS
30-Sep- 31-Mar- 31-Mar- 31-Mar- 31-Mar- 31-Mar-

09 09 08 07 06 05
Total Income 7207.33 14956.67 8163.05 6161.03 5400.05 5040.63
Profit After Tax 712.16 1168.69 530.71 78.64 47.9 28.37
(PAT)
ISSUE DETAIL
»» Issue Open: Jun 29, 2010 - Jul 02, 2010

Page
»» Rating Agency: FITCH Ratings India Pvt. Ltd.

March
240 155 -35.42
TECHNICAL CHART
Page
ANALYST TAKE
The equity capital of the company is Rs 7.5 crs and based on the earnings for the year ended
March 2008, March 2009 and March 2010 the EPS is Rs 7.08, Rs 15.58 and Rs 25.45
respectively. This is a good earning that the company has achieved and based on March 2009
earnings the present issue is at a very reasonable pre-money earnings multiple of 9.04 at the
lower band and 9.43 at the upper band. Clearly valuations look attractive and there is something
on the table for investors to look forward to.
STRENGTHS
1. Project execution capabilities
2. Diversified business and capabilities
3. Cost competitiveness
4. Pre-qualification credentials
5. Qualified and experienced team
6. Established Marketing Set-up
RISK CONCERNS
1. Company relies substantially on government-owned and government-controlled entities

for our work orders. Political or financial pressures may cause a decrease in Government
spending on public sector projects, which could adversely affect the growth.
2. The standard conditions in contracts typically awarded by clients including government-

owned and government-controlled entities are that they have the right to terminate the
contract at any time, without assigning any reason.
Page
3. Technofab is exposed to significant risks on fixed-price or lump sum turnkey contracts
and high working capital requirements.
4. The Company is presently carrying out projects in Ethiopia, Fiji and Kenya and is
bidding in several other African countries, some of them are unstable political
economies.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Avinash C. Gupta Chairman and Managing Director
Mr. Arjun Gupta Whole Time Director
Mr. Nakul Gupta Whole Time Director
Dr. Nitish Kumar Sengupta Independent Director
Mr. Pawan Chopra Independent Director
Mr. V.S. Mathur Independent Director
Mr. Arun Mitter Independent Director

Phone: +91-22-25963838
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Fax: +91-22-25946969
Email: tel.ipo@linkintime.co.in
Collins Stewart Inga Private Limited
Registered Office :
507, Eros Apartments
56, Nehru Place, New Delhi, 110 019
Phone: 91 129 227 0202

Fax: 91 129 227 0201
Website: http://www.technofabengineering.com
CONCLUSION
Investors with a medium term outlook should subscribe to the issue and should under normal
circumstances be amply rewarded for their investment. A 15-25% appreciation on the initial
investment in the first year or earlier looks likely.
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INDOSOLAR LIMITED
Incorporated in 2005, Indosolar Limited is a leading Indian manufacturer for photovoltaic cells.
Indosolar manufactures poly-crystalline solar photo-voltaic (SPV) cells from silicon wafers
utilizing crystalline silicon SPV cell technology for converting sunlight directly into electricity
through a process known as the photo-voltaic effect. Indosolar Ltd market and sell their
products to primarily module manufacturers on a business-to-business platform, who in turn
supply to the system integrators who install the systems for grid and off-grid (roof top)
applications for use in the domestic market as well as markets in Europe, Spain, Japan, Asia,
Canada and USA.
Company's manufacturing facility for SPV cells in Greater Noida currently comprises of one
SPV cell manufacturing line having an annual capacity of 80 MW which commenced
commercial production in July, 2009. Another SPV cell manufacturing line having an annual
manufacturing capacity of 80 MW is expected to be commissioned and will commence
commercial production in March 2010, resulting in aggregate annual capacity of 160 MW as
part of their expansion plan. Company intends to increase their annual production capacity to
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approximately 260 MW by April 2011, with the commercial production through the proposed
Line 3, which we intend to finance out of the Net Proceeds. The Line 3 is expected to be
completed in February 2011 and is expected to commence commercial production in April
2011.
Company Promoters:
11 Mr. Bhushan Kumar Gupta; and
11 Mr. Hulas Rahul Gupta
OBJECTS OF ISSUE
1. To finance the expansion of their annual manufacturing capacity for SPV cells by adding
a third line of 100 MW; and
2. For general corporate purposes.
COMPANY FINANCIALS

30-Sep-09 31-Mar-09 31-Mar-08 31-Mar-07 31-Mar-06
Total Income 173.24 7.4 - - -
Profit After -154.87 -82.07 -2.84 -2.23 -2.09
Tax (PAT)
ISSUE DETAIL

Page

March
29 17.1 -41.03
TECHNICAL CHART
Page
ANALYST TAKE
1. Company has commenced commercial productions only in July 2009 and so, has a
limited track record in terms of Sales and Profitability.
2. The total outstanding debt on the books stood at Rs 6574.47 million. An analysis of the
balance sheet indicates that the incremental debt was mostly used to fund the capital
expenditure (denoted by a significant increase in the purchase of fixed assets in FY 2009
and FY 2010.A Debt to Equity ratio of more than 4.5 times as on March 2010 indicates
high leverage and high gearing.
Page
3. However, the third manufacturing unit of 100 MW is being financed entirely through the
equity route and hence, its Debt to Equity is expected to come down significantly over
the next couple of years.
4. The company has made a loss at EBIDTA and PAT level since inception.
STRENGTHS
1. Growth Prospects of Global Solar Industry: As of December 2009 Global SPV Cells
demand stood at 7.3 Giga Watt (GW) up at a Compounded Annual Growth Rate
(CAGR) of 50% since 2005 when the production stood at 1.45 GW. It is expected that
Global SPV cells industry will increase at a CAGR of about 28% from 7.3 GW at the
end of 2009 to about 24.7 GW in 2014. Notwithstanding the intensity in the credit
market collapse by the fourth quarter of 2008, the PV industry chain raised between
$13.5bn and $14.5bn in 2009, a new record for a single year indicating a high investor
appetite for the industry.
2. Impetus given to Solar Energy by Indian Government: Under “Jawaharlal Nehru

National Solar Mission (JNNSM)” the Indian Government proposes to increase the
Indian SPV market from 36 Mega Watt (MW) in 2008 to about 1 GW in 2013 and
subsequently to 3 GW and 20 GW by the end of 2017 and 2022 respectively. A scheme
is being introduced in cooperation with the Ministry of Power, NTPC Limited and the
Central Electricity Authority, which would simplify the off-take of solar power and will
reduce the selling cost of Solar Power to Rs.5-6 per unit as against prevailing Rs.18-
18.5.
3. Promoter Experience in Technology intensive startups: The current promoter Mr.

B.K.Gupta and his son Mr. Hulas Rahul Gupta had promoted a venture in the name of
“Phoenix Lamps India Limited” in 1991 (presently known as “Halonix Limited”) which
they grew from 500 lamps a month in 1989 to 9,000,000 lamps per month in 2007.In
2007, Phoenix Lamps was sold to the private equity firm, Actis. Phoenix Lamps
manufactured Halogen Lamps which is another technology intensive product.
Page
4. Healthy order book of the Company: As of July 31, 2010 Company has an order book
worth Rs.10, 119 Mn from 11 customers from 7 countries of which Rs.1708 Mn has
been executed as of July 31, 2010.
RISK CONCERNS
1. High Cost of Solar Power as Compared to other conventional and renewable

resources:
Fuel Coal Gas Wind Solar

Capital Cost per MW in Rs. Mn 450- 350- 550- 1550-
470 400 600 1600
Per Unit cost of Generation in Rs. In 2.7-3 2.6-3.1 5.5-5.8 18-18.5
India
(Source: CRISIL Research)
Solar Power is the most expensive resource of energy as compared to any other resource.
2. Technology Obsolescence Risk: Looking at a high cost of generation per unit and
average efficiency of about 16-17% there is a lot of research and development going on
around the globe. Thus, any major technological breakthrough could make most of the
existing players like Indosolar laggards in terms of Technology. Also there are no long
term contracts to secure companies against this risk. As on date Indosolar has the well
proven technology of Crystalline silicon (CS) from Schmid.CS. This technology is being
used by 93% of manufactures around the globe as of now.
3. Industry is still at a mercy of various State and Central Governments around the
world: Countries across the world have doled out subsidies and incentives to promote
solar energy, be it the Kyoto Protocol, Feed in Tariff scheme in Europe or our own
JNNSM or SIPS offered by Indian government. If all these incentives are partially or
fully withdrawn then companies could face huge margin pressures. With existing
efficiencies and technologies, their profitability is highly dependent on these incentives.
4. Huge Land Requirement: Solar power needs a lot of land. Concentrated Solar Thermal
(CST) projects in the United States use 6 to 10 acres per MW of power. India has a big
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land bank which can be used for solar power generation but acquiring land in India has
its own set of problems. Moreover, acquiring land at market rates will make projects
uneconomical.
BOARD OF DIRECTORS
NAME DESIGNATION
Mr. Bhushan Kumar Gupta Executive Chairman
Mr. Hulas Rahul Gupta Managing Director
Mr. Anand Kumar Agarwal Executive Director and Chief Financial Officer
Mr. Ravinder Khanna Independent Non Executive Director
Mr. Aditya Jain Independent Non Executive Director
Mr. Gautam Singh Kuthari Independent Non Executive Director

Phone: +91-22-25963838
Fax: +91-22-25946969
Email: indosolar.ipo@linkintime.co.in
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Enam Securities Private Limited
Registered Office :
Indosolar Limited,
C-12, Friends Colony (East),
New Delhi 110065, India.
Phone: +91 11 26841375
Fax: +91 11 26843949
Email: atul.mittal@indosolar.co.in
Website: http://www.indosolar.co.in
CONCLUSION
Indosolar is in a growing industry but the industry is still evolving in terms of technology and
profitability. The issue appears fairly priced when compared to it’s peer Websol Energy
Systems Limited(Websol) which trades at a EV per MW of Rs.200 Mn as against Indosolar
which has EV per MW of Rs.102 Mn based on March 2010 capacity.
Also in terms of EV/Sales on 2011E sales, Websole trades at 4x times as against Indosolar at
about 3.2x times. But Websole has a track record of about 15 years. It is also a profit making
company whereas Indosolar is in its first year of operation and is yet to make profits.
Considering all the variables as they stand right now, traders can participate in this issue from
the point of view of listing gains as Indosolar will be the biggest listed Indian company in the
Solar Photovoltaic space.
Page
Longer term investors who are willing to bet on JNNSM and willing to take on the technology
risk (there has been no major change in technology over the past 5 years) can consider
subscribing to this issue.
Page
Page
Page
REFERENCES:
Websites/WebPages:
 www.nseindia.com
 www.moneycontrol.com
 www.moneylife.in
 www.coalindia.in
 www.chittorgarh.com
 www.economictimes.com
 www.stockmarkettipz.info
 www.anagram.co.in
 www.indiainfoline.com
 www.indiastudychannel.com
 www.bellthebull.com
 www.indlawnews.com
 www.investorwords.com
 http://www.sebi.gov.in/dp/coaldrhp.pdf
Page 1
 http://www.sebi.gov.in/dp/psbank.pdf
 http://www.sebi.gov.in/dp/Persistentdrp.pdf
 http://www.sebi.gov.in/dp/vatechdraft.pdf
 http://www.sebi.gov.in/dp/sjvndraft.pdf
 http://www.sebi.gov.in/dp/asterdraft.pdf
 http://www.sebi.gov.in/dp/technofabdraft.pdf
 http://www.sebi.gov.in/dp/bajajcorp.pdf
 http://www.sebi.gov.in/dp/gujaratpipavavdraft.pdf
 http://www.sebi.gov.in/dp/indosolardraft.pdf
 http://www.sebi.gov.in/dp/hathwaydraft.pdf
 http://www.sebi.gov.in/dp/intrasoft.pdf
 http://www.sebi.gov.in/dp/shekhawatidraft.pdf
 http://www.sebi.gov.in/dp/cantabildraft.pdf
 http://www.sebi.gov.in/dp/tecprodraftrhp.pdf
 http://www.sebi.gov.in/dp/ashokdraft.pdf
 http://www.sebi.gov.in/dp/seatv.pdf
 http://www.sebi.gov.in/dp/commercialeng.pdf
 http://www.sebi.gov.in/dp/prestigedrhp.pdf
 http://www.sebi.gov.in/dp/parabolic.pdf

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COAL INDIA LIMITED

BACKGROUND AND BUSINESS

 Besides this, They provided 85 hospitals and 424 dispensaries.

 Pre issue shareholding: 100% GoI

Particulars For the year/period ended (Rs. in Lakhs)

»» Issue Open: Oct 18, 2010 - Oct 21, 2010

Issue Price Current Price %Gain/Loss as on 31st

After Reliance Power IPO, this IPO is expected to be the largest.

STRENGTHS AND RISK FACTORS

2. Well positioned to capitalize on the high demand for coal in India

3. Track record of growth and cost efficient operations

4. Strong track record of financial performance

5. Strong capabilities for exploration, mine planning, research and development

6. Experienced senior management team and large pool of skilled employees

2. Environment Clearance Issues: There can be environment related hurdles on the

Mr. N.C. Jha Director (Technical), executive non

Mr. R. Mohan Das Director (Personnel & Industrial Relations),

Dr. A.K. Sarkar Director (Marketing), executive non

Mr. A.K. Sinha Director (Finance), executive non

Mr. Alok Perti Government nominee Director, non

Mr. Sanjiv Kumar Mittal Government nominee Director, non

Dr. A. K. Rath Independent Director

Mr. Arvind Pande Independent Director

Mr. P.K. Banerji Independent Director

Prof. S.K. Barua Independent Director

Mr. S. Murari Independent Director

Ms. Sheela Bhide Independent Director

Mr. Kamal R. Gupta Independent Director

Link Intime India Private Ltd

BOOK RUNNING LEAD MANAGER(S)

1. Citigroup Global Markets India Private Limited

2. Deutsche Equities India Private Limited

3. DSP Merrill Lynch Limited

4. Enam Securities Private Limited

5. Kotak Mahindra Capital Company Limited

6. Morgan Stanley India Company Pvt Ltd

COMPANY CONTACT INFORMATION

PUNJAB AND SIND BANK

2. To meet the expenses of the Issue

3. To achieve the benefits of listing on the Stock Exchanges

31-Mar-10 31-Dec-09 31-Dec-08 31-Dec-07 31-Dec-06

»» Issue Open: Dec 13, 2010 - Dec 16, 2010

Issue Price Current Price %Gain/Loss as on 31st March

STRENGTHS AND RISK FACTORS

1. High asset quality and robust financial growth.

2. Wide distribution network and infrastructure.

3. Streamlined risk management controls, policies and procedures.

4. Stringent provisioning coverage ratio for advances.

5. Presence predominantly in Punjab and other north Indian states.

REGISTRAR OF THE ISSUE

Link Intime India Private Ltd

BOOK RUNNING LEAD MANAGER(S)

1. Enam Securities Private Limited

2. ICICI Securities Limited

3. SBI Capital Markets Limited

COMPANY CONTACT INFORMATION

BAJAJ CORP LIMITED

Proceed is being used for:

2. Acquisitions and other strategic initiatives;

3. General Corporate Purposes

Particulars For the year/period ended (Rs. in Millions)

31-Dec-09 31-Mar-09 31-Mar-08