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Banco Products (India) Ltd. Stock Analysis

Small Cap
Evaluated by 1264 users | BSE: 500039 | NSE: BANCOINDIA |
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Banco Products (India) started in 1962 with the goal of supplying quality products and services for maximum client satisfaction to clients throughout the world. It is working in collaboration with Elring Klinger, Germany and Japan Metal Gaskets, Japan for the Indian market.The company is...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Value Creation
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Capital Employed 18.41%18.56%8.76%14.71%9.44%18.36%20.26%19.89%18.5%10.14%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 468554446447420493510619736598
Y-o-Y Gr. Rt.-18.4%-19.6%0.3%-6.1%17.4%3.5%21.4%19%-18.7%
Adjusted EPS (Rs.) 8.229.684.798.865.6211.2314.3116.316.468.5
Y-o-Y Gr. Rt.-17.8%-50.5%85%-36.6%99.8%27.4%13.9%1%-48.4%
Book Value per Share (Rs.) 3744.234754.557.1263.3977.4885.9792.774.71
Adjusted Net Profit 58.869.334.263.440.280.310211711860.8
Net Op. Cash Flow (Rs. Cr.) 5031.481.388.761.25958.123.846.659.1
Debt to Cash Flow from Ops 2.263.571.921.280.380.030.040.10.060.04
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Banco Products (India) Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 2.8%7.3%5.5%-18.7%
Adjusted EPS 0.4%8.6%-15.9%-48.4%
Book Value per Share 8.15.5-1.2-19.4
Share Price 8.4% -1.2% -19.2% 33.6%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 23.7123.8210.4817.4310.0518.6220.2919.9218.4110.14
Operating Profit Margin (%) 20.0615.8814.8917.8815.1718.8118.3815.2614.0212.44
Net Profit Margin (%) 12.5712.57.6814.179.5616.2920.0618.8315.9910.15
Debt to Equity 0.430.350.460.290.0600000
Working Capital Days 141148196182164128134144141166
Cash Conversion Cycle 98829810210087889084107
Entity Percentage Holding
Promoters 67.88%
Institutions 0.03%
Non-Institutions 32.09%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)
Data is not available for this company.

The 5-year analysis of Banco Products (India) Ltd.'s performance infers:

Banco Products (India) Ltd. earnings have grown by 8.6%, whereas share price has depreciated -1.2% CAGR over the past five years, indicating the company's share price is likely undervalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Banco Products (India) Ltd. share prices over the last 10 years. Here is what we found out:

Banco Products (India) Ltd. share price has depreciated 3.2% annually over the past ten years.

Banco Products (India) started in 1962 with the goal of supplying quality products and services for maximum client satisfaction to clients throughout the world. It is working in collaboration with Elring Klinger, Germany and Japan Metal Gaskets, Japan for the Indian market.

The company is having four modern manufacturing plants based at Baroda (Vadodara), approximately 400 kilometers north from Bombay (Mumbai), with state-of-the-art facilities for Production, Design & Development and

Banco Products (India) started in 1962 with the goal of supplying quality products and services for maximum client satisfaction to clients throughout the world. It is working in collaboration with Elring Klinger, Germany and Japan Metal Gaskets, Japan for the Indian market.

The company is having four modern manufacturing plants based at Baroda (Vadodara), approximately 400 kilometers north from Bombay (Mumbai), with state-of-the-art facilities for Production, Design & Development and Quality Assurance. We have a dedicated and professional team working on innovative programs using advanced technology to meet tough challenges.

With a personnel strength of 600 plus dedicated to produce a better product, combined with constant investments in Design and Development, Banco Products (India) Limited is at the forefront of its field.

Banco Products (India) has been a dedicated supplier of high quality engine cooling components and engine sealing gaskets to the automotive industry for over four decades. It offers a complete line of radiators, intercoolers, oil-coolers and all types of engine gaskets.

In February 2010, the board of the company  decided to acquire Nederlandse Radiateuren Fabroiek and its subsidiaries, engaged in the business of manufacturing and distribution of heat transfer products, by purchasing 100 per cent of its equity from shareholders at an aggregate consideration of 17.70 million euros. In March the the company completed the acquisition and Nederlandse Radiateurn Fabriek B.V. - Netherlands become 100% subsidiary of the Company with effect from February 23, 2010.

In 2009, Banco Products finalised contracts with three US-based auto wholesalers in the July-September quarter, marking its entry into the US market.

In  September 2008, Banco Products (I)  announced that the Board of Directors at its meeting held on August 30, 2008, inter alia, has approved a proposal for amalgamation of Ganga Investments Pvt. Ltd with the Company. The Board of directors also approved share exchange ratio recommended by valuers as 236:1 i.e. 236 equity share of Rs 2 each of the Company to be given in exchange of every one equity shares of Rs 100 each held by the shareholders of Ganga Investments Pvt. Ltd whose names appear on Record Date as may be fixed by the Company in due course of time after obtaining the various approvals.

In 2007, Banco Products (I) allotted 6,78,208 equity shares of the face value of Rs 10 each share at a price of Rs 150 per share (33,91,040 equity shares of Rs 2 each at price of Rs 30 per share after sub division) to Japan Metal Gaskets Company Ltd Japan on preferential basis.

Products range of the company:

Gasket- The company manufactures a complete sealing solutions for applications in area of Automotive, Industrial and Agriculture. The company manufactures and exports a whole range of automotive gaskets for diesel engines, agriculture diesel engines, cylinder head gaskets including asbestos steel composite cylinder head gasket, copper cylinder head gasket, edge-moulded cylinder head gasket, gasket head kit, steel composite cylinder head gasket, graphite composite cylinder head gasket and multi layered steel cylinder head gasket.

Radiator- The company manufactures and exports radiators ranging from high performance radiator, auto radiator, car radiator, industrial radiators, intercoolers ranging from air to water intercooler, air to air intercooler, custom designed inter cooler, cabin heater and replacement cores for various automotive, industrial and agricultural applications. Banco also manufactures oil coolers in both brazed aluminium and copper-brass designs for automotive and off road applications.

Banco is a supplier and exporter of radiators and charge air coolers to all major OEMS within India and some leading companies in Europe. Our list of Customers include Tata Motors, Ashok Leyland, Mahindra & Mahindra, Same, Bharat Earth Movers Limited, Caterpillar, John Deere, Tafe, JCB, Massey Ferguson, Indian Railways, Boss Manufacturing Limited and Case New Holland.

It also caters to radiator replacement and auto and car part radiator markets with extensive range of radiators covering popular German, French and Japanese cars.

Compressed Fibre Jointing Sheets (CFJS) - Banco manufactures high quality compressed jointing sheets using non asbestos raw materials. Banco Products exports all varieties of compressed fibre jointing sheets which cover a complete range of Automotive and Industrial applications world wide.

Milestones and Awards

The quality systems of the company are certified to ISO/TS 16949:2002.

2010
-Banco Products (India) Ltd acquired of 100% Equity shareholding of NEDERLANDSE RADIATEURN FABRIEK B.V. - Netherlands
-Company has commenced manufacturing unit at Rudrapur mainly to meet the requirements in and around Rudrapur.

2011
- Banco Products (India) Ltd which is already holding 99.80% Equity Sharers of Kilimanjaro Biochem Limited, acquired 00.20% Equity Shares of Kilimanjaro Biochem Limited & now Kilimanjaro Biochem Limited is Wholly Owned Subsidiary of Banco Products (India) Limited
-Company made investment in 100% Equity shareholding of Lake Minerals (Mauritius) Limited

2012
-Banco Products (India) Ltd - Commercial production of Radiators started at its manufacturing facilities

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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