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KEW Industries Ltd Stock Analysis

Small Cap
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The company was incorporated as KEW Industries Limited (KIL) on September 23, 1996 under the Companies Act, 1956, at Jalandhar and received the certificate of commencement of business on January 02, 2006.The campnay came with a public offer of 70,00,000 Equity Shares in 2006.KEW 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'04Mar'05Mar'06Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13
Return on Capital Employed 10.33%12.38%11.9%11.22%8.51%4.45%4.84%4.13%3.64%2.9%
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 30.438.739.950.362.853.262.910047.133.9
Y-o-Y Gr. Rt.-27.2%3%26.3%24.8%-15.3%18.2%59.3%-53%-28%
Adjusted EPS (Rs.) 3.715.765.083.262.790.841.130.490.14-0.02
Y-o-Y Gr. Rt.-55.3%-11.8%-35.8%-14.4%-69.9%34.5%-56.6%-71.4%-114.3%
Book Value per Share (Rs.) 22.2727.7232.7632.9634.1738.139.740.7140.8640.75
Adjusted Net Profit 1.72.734.23.81.31.70.70.20
Net Op. Cash Flow (Rs. Cr.) -2.31.12-6.10.7-11.3-1.4-3.74.92.7
Debt to Cash Flow from Ops -9.4418.988.97-2.4521.25-1.87-19.16-9.146.1111.17
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.
KEW Industries Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 1.2%-11.6%-18.6%-28%
Adjusted EPS -156%-137.3%-126.1%-114.3%
Book Value per Share 6.93.60.9-0.3
Share Price - - - -
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'04Mar'05Mar'06Mar'07Mar'08Mar'09Mar'10Mar'11Mar'12Mar'13
Return on Equity (%) 15.0620.9317.0812.367.542.252.861.210.35-0.05
Operating Profit Margin (%) 15.9317.1617.116.0114.113.913.238.6817.6321.47
Net Profit Margin (%) 5.716.977.498.336.022.362.710.740.45-0.09
Debt to Equity 2.051.650.910.350.340.370.450.560.490.48
Working Capital Days 0188207221226328351243540783
Cash Conversion Cycle 0183195180174287296190390524
Entity Percentage Holding
Promoters 7.70%
Non-Institutions 92.30%
Pledged *83.3693.1593.1593.1593.1593.1593.1575.8175.8175.81
* Pledged shares as % of Promoter's holding (%)
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The company was incorporated as KEW Industries Limited (KIL) on September 23, 1996 under the Companies Act, 1956, at Jalandhar and received the certificate of commencement of business on January 02, 2006.The campnay came with a public offer of 70,00,000 Equity Shares in 2006.

KEW is manufacturer and supplier of defense stores and automobile components for some renowned original equipment manufacturers. Presently, it enjoys the reputation of a major manufacturer of automotive components and

The company was incorporated as KEW Industries Limited (KIL) on September 23, 1996 under the Companies Act, 1956, at Jalandhar and received the certificate of commencement of business on January 02, 2006.The campnay came with a public offer of 70,00,000 Equity Shares in 2006.

KEW is manufacturer and supplier of defense stores and automobile components for some renowned original equipment manufacturers. Presently, it enjoys the reputation of a major manufacturer of automotive components and shell bodies for ministry of defence. The company has well established its name for product range in the domestic and export market.

KEW manufactures components of Alloys Steels, SG Iron and Cast Iron for both domestic and export markets. The company has a Laboratory and Modern Research & Development Department certified by the Ministry of Science & Technology. The company gets the casting and forging process outsourced to vendors. The names of the Vendors are disclosed on Page No. 38. The machining is done in-house to achieve the required dimensions and shapes.

KIL presently performs machining functions at its manufacturing units. The machine shop is fully equipped with latest technology backed up by quality control and Research and Development unit. All the products that are being produced pass through quality test control at each stage. The Company gets other services like forging and casting outsourced.

KIL manufactures components of Alloys Steels, SG Iron and Cast Iron for both domestic and export markets. The company has well-equipped Laboratory and Modern Research & Development Department certified by the Ministry of Science & Technology. The company gets the casting and forging process outsourced to vendors. The machining is done in-house to achieve the required dimensions and shapes. The company has a list of the well-established auto players of the industry in its customer’s portfolio.

Its client portfolio includes Ashok Leyland Limited, Tata Motors, Punjab Tractors Limited, Indian Ordinance Factories under Ministry of Defence of India, Rail Coach Factory, Kapurthala.The Company started its operations to manufacture Diesel Engine Components. Since then the Company has come long way and established itself as one of the major manufacturers of Automotive components and shell bodies for bombs for Ministry of Defence.

Apart from making a formidable presence in the auto component market, KIL has been carrying out the critical business of production of Hi-Tech & sophisticated stores for country’s defence production. It produces wide range of products with great precession, accuracy, reliability and high quality standard which has always been the hallmark of the Company. KIL has created a niche for itself by demonstrating its unique expertise and capability in various spheres of production of autoparts, defence and railway components.

KIL has established itself today as one of the leading manufacturers for the automotive, railways, defence and farm sectors in India. KIL has the unique machining with in-house Laboratory and R& D facilities.

Today KIL is one of the established manufacturers of automobile components and has been catering the demand of automobile giants like Tata Motors Limited, Ashok Leyland Ltd. and Punjab Tractors Limited. Besides this the company is supplying its products to ministry of defence and railways . The company has developed many components for LHB Coaches which are being supplied to Rail Coach factory, Kapurthala.

Product range of the company includes:

Auto Components  

SG Iron Casted Products- These are used in heavy commercial vehicles and its major customers in this segment are Tata Motors and Ashok Leyland. In the international market, KIL supplies cover & Support Arm products to its clients.

Cast Iron Product- These products are used in MUV segment and ractors. The major customers in this segment are Ashok Leyland Limited & Tata Motors.

Defence - The company manufactures bombshells of 120mm and 51mm for the ministry of defence.

Railways Components - The company manufactures components viz., Control Arm, Brake Support and Axle  Box, etc. for Railways With the change in domestic and international market scenario, KIL has started diversifying its concentration towards the automobile sector. The supply orders in the automotive sector are expected to be of large quantity and steady over a long duration. Along with this, KIL will continue to cater to the demand from defense and railways.

Clientele:

The company has a list of the auto players of the industry in its customer’s portfolio. Its client portfolio includes Ashok Leyland Limited, Tata Motors, Punjab Tractors Limited, Indian Ordinance Factories under Ministry of Defence of India, Rail Coach Factory, Kapurthala.

Milestones:

  • 1963 - Commenced manufacturing of diesel engine parts and components
  • 1972 - Launch of Mono Block Pumps for agriculture and general applications
  • 1980 - KIL’s engineering facilities got recognition from Ministry of Defence, Government of India. The company gets approval as a civil manufacturer for supply of small bomb shells and other ammunition parts to ordinance factories under Ministry of Defence, Government of India.
  • 1990 - Diversification into manufacturing of tractor parts
  • 1995 - Conversion into a partnership concern
  • 1996 - Conversion into public limited company. Commenced development work in large size bombshell bodies.
  • 1998 - Setting up of unit at Focal Point, Jalandhar
  • 1999 -Chosen as the first private supplier for manufacture and supply of 155 mm bomb shells for Bofors Gun.
  • 2001 - Expansion of automotive component manufacturing unit
  • 2003 - Becomes OEM supplier to Tata Motors Limited and Ashok Leyland Limited.
  • 2004 - Commences exports of automotive components

Achievements/ recognition:

  • KEW’s engineering facilities got recognition from Ministry of Defence, Government of India. The Company gets approval as a civil manufacturer for supply of small bomb shells and other ammunition parts to ordinance factories under Ministry of Defence, Government of India.
  • Chosen as the first private supplier for manufacture and supply of 155 mm bombshells for Bofors gun.
  • The company has well-equipped Laboratory and Modern Research & Development Department certified by the Ministry of Science & Technology.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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