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Fiem Industries Ltd. Stock Analysis

Small Cap
Evaluated by 910 users | BSE: 532768 | NSE: FIEMIND |
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The company was originally incorporated in India as Rahul Auto Private Limited on February 6, 1989 in New Delhi under the Companies Act, 1956. The company is promoted by J.K. Jain, its Chairman and Managing Director. The Company is one of the leading manufacturers of automotive lighting &...

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 15.66%13.85%12.64%15.25%15.37%18%11.27%10.64%11.29%14.42%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 4215346027188259871,0141,2381,4441,378
Y-o-Y Gr. Rt.-26.8%12.9%19.3%14.8%19.7%2.8%22.1%16.6%-4.6%
Adjusted EPS (Rs.) 21.9920.4924.6330.9835.447.7732.4938.1542.0960.65
Y-o-Y Gr. Rt.--6.8%20.2%25.8%14.3%34.9%-32%17.4%10.3%44.1%
Book Value per Share (Rs.) 93.51108.93128.96153.22178.49216.68311.42341.18362.2401.96
Adjusted Net Profit 26.324.529.537.142.457.142.850.255.479.8
Net Op. Cash Flow (Rs. Cr.) 15.751.971.376.682.112246124119209
Debt to Cash Flow from Ops 8.313.131.881.551.431.154.891.271.440.49
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.
Fiem Industries Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 14.1%10.8%10.8%-4.6%
Adjusted EPS 11.9%11.4%23.1%44.1%
Book Value per Share 17.617.68.911
Share Price 12.2% -3.6% -19% 29.7%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'11Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20
Return on Equity (%) 22.2918.1418.8620.2919.9622.8412.5211.6911.9715.87
Operating Profit Margin (%) 14.0213.581212.3212.4312.8611.5711.3610.7411.41
Net Profit Margin (%) 6.254.594.895.165.135.794.224.053.845.79
Debt to Equity 1.171.250.870.650.550.540.550.350.360.19
Working Capital Days 73767464606481909082
Cash Conversion Cycle 81616111045121614
Entity Percentage Holding
Promoters 66.56%
Institutions 9.94%
Non-Institutions 23.50%
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 Fiem Industries Ltd.'s performance infers:

Fiem Industries Ltd. earnings have grown by 11.4%, whereas share price has depreciated -3.6% 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 Fiem Industries Ltd. share prices over the last 10 years. Here is what we found out:

Fiem Industries Ltd. share price has depreciated 8.9% annually over the past ten years.

The company was originally incorporated in India as Rahul Auto Private Limited on February 6, 1989 in New Delhi under the Companies Act, 1956. The company is promoted by J.K. Jain, its Chairman and Managing Director. The Company is one of the leading manufacturers of automotive lighting & signaling equipments and rear view mirrors.

They set up their unit at HSIDC Industrial Estate, Kundli, Sonepat (Haryana) for carrying on the business of manufacturing rear view mirrors for two, three

The company was originally incorporated in India as Rahul Auto Private Limited on February 6, 1989 in New Delhi under the Companies Act, 1956. The company is promoted by J.K. Jain, its Chairman and Managing Director. The Company is one of the leading manufacturers of automotive lighting & signaling equipments and rear view mirrors.

They set up their unit at HSIDC Industrial Estate, Kundli, Sonepat (Haryana) for carrying on the business of manufacturing rear view mirrors for two, three and four wheelers. They changed the name of their company to FIEM Industries Private Limited w.e.f. May 7, 1992. Subsequently, the company was converted into a public company with effect from November 30, 1993 pursuant to which, the name of their company was changed to FIEM Industries Limited. During the year 1993-94, they added additional facilities for manufacturing of automotive lighting and signaling equipments such as head lamp, tail lamp, side indicator, reflex Reflector, fog lamp, etc. With a view to expand their business, they shifted all their manufacturing during the year 1993-94 to the plant situated at 32 Mile Stone, G.T. Road, Kundli, Sonepat, (Haryana) (Unit 1) having full fledged testing laboratory for manufacturing automotive lamps & rear view mirrors conforming to International Standards viz, JIS, ADR, DOT, ECE, SAE and Indian Standards viz.,   AIS and BIS in the year 1996, the company set-up a Joint Venture Company under the name and style of FIEM Sung San (India) Limited in association with Sung San Co. Limited, Korea and Daewoo Motors India Limited. Subsequently, FIEM Sung San ( India ) Limited became our subsidiary w.e.f September 30, 2005 pursuant to the acquisition of 32,50,000 Equity Shares of Rs.10 each. 

They further expanded their capacities with the setting-up of their Unit II in the year 2003-04 at Tamil Nadu for manufacturing head lamps, tail lamps, / rear combination lamps, side indicator lamps, reflex reflectors and rear view mirrors. They set up their Unit III in the year 2004-05 at Kelamanglam, Tamil Nadu for manufacturing sheet metal items viz., frame, mudguards, stands, guard exhaust pipe. In the same year they set up Unit IV at Mysore Taluk, Karnataka for manufacturing value added products such as assembly of rear fender for two wheelers. They are presently conducting trail runs at their Export Unit (Unit V) at Kelamangalam, Tamil, Nadu for manufacturing mirror plates, mirror assembly, head lamps, tail lamps, and side indicators.They are also in the process of setting up of Unit VI at Nalagarh, Himachal Pradesh which shall engage in the manufacture of head lamps, tail lamps, side indicator lamps, rear fender, reflex reflectors and rear view mirrors primarily for the four wheeler segment. 

The company is supplying its products to almost all major OEMs in the domestic market as well as few global OEMs. Besides some global Tier I automotive lamp manufacturers.The list includes, Punjab Tractors Ltd, Hyundai Motors India Ltd, Tata Motors Ltd, Inter-national Tractors Ltd, SwarajMazda Ltd, Ashok Leyland Ltd, Force Motors Ltd etc.

Products of the company include:

  • TWO WHEELERS - lighting & signaling equipments and rear view mirrors.
  • FOUR WHEELERS - lighting & signaling equipments and rear view mirrors.
  • AUXILLARY LAMPS
  • WARNING TRIANGLES  
  • REFLEX REFLECTORS
  • LED LAMPS

Awards & Achievements:

  • The company was accredited with ISO-9002 in the year 1997 by BVQI, London . 
  • In the year 1999, their Unit Sonepat Haryana was accredited with ISO 9001: 2000 & ISO 9002 : 1994 and the quality system requirements certification QS 9000 : 1998 by Underwriters Laboratories Inc. (UL), USA for the manufacture of automotive lighting & signaling equipments and rear view mirrors.
  •  In the year 2004, their Unit I at Sonepat, Haryana was accredited with ISO/TS 16949 : 2002 by UL, USA.
  •  In the year 2005, their Unit II at Hosur , Tamil Nadu was accredited with ISO/TS 16949 : 2002 by UL, USA.
  •  In the same year, their Unit I at Sonepat, Haryana was accredited with ISO 14001-2004 by UL , USA.
  •  Prior to this in the year 2002, their unit I at Sonepat, Haryana also received the 'Confirmity of production' form RDW, Netherlands for e-marked products.
  • The Company was awarded Bhartiya shiromani Puruskar by the Institute of Economic Studies (IES), New Delhi in the year 2005. 
  • In 2007 Company has received QCDDM (Quality, Cost, Delivery, Development and Management) Award from its esteemed customer M/s Honda Motorcycle & Scooter India Pvt. Limited for 4th Consecutive year.

Recent developments

Fiem Industries has inked an Memorandum of Understanding (MoU) with Japan based Ichikoh Industries in May 2009. Ichikoh Industries is one of the world's renowned manufacturers in the field of automotive lighting and rear view mirrors. As per the MoU, Ichikoh would have equity participation in Fiem and extend technical assistance for development and manufacturing of automotive lightings and rear view mirrors for various car manufacturers in India.

Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323
Research Analyst - INH000000719

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