Company Details

Asian Granito India Ltd. is an India-based company. The Company is engaged in the business

of manufacturing of Tiles. The Company incorporates products, including Ceramic Tiles which

mainly have similar risk and returns. The Company has an ultra modern plant in the ceramic

zone of Idar and Himmatnagar, spread over an area of 32,000 square kilometers and

production capacity of four plants is 81,000 square kilometers per day installed capacity,

including outsourcing. The operation of the Company is in India.

The Company’s products include Digital Micro Crystal Tiles, Hi-Tech Tuff Guard Digital Tiles,

Porcellanto Digital Tiles, Digital Glazed Vitrified Tiles (DGVT), Digital Ceramic Wall Tiles

(DCT), Digital Ceramic Floor Tiles, Grestek (GVT), Vitrified Polished Tiles (PVT), Grandura,

Ceramic Wall Tiles, Ceramic Floor Tiles, Marble and Quartz. In March 2014, Asian Granito

India Ltd acquired 100% shares of M/S AGL Industries Ltd.

The current market capitalisation stands at Rs 348.22 crore. The company has reported a

standalone sales of Rs 214.89 crore and a Net Profit of Rs 3.95 crore for the quarter ended

Sep 2014.

Category No. of Shares Percentage

Promoters 8,472,608 37.52

GeneralPublic 9,991,103 44.24

OtherCompan

ies2,533,217 11.22

ForeignInstitu

tions955,203 4.23

ForeignNRI 459,260 2.03

Others 170,650 0.76

FinancialInstit

utions500 0.00

Market Cap (Rs Cr) – 350.26

Company P/E – 21.88

Industry P/E – 46.62

Book Value (Rs) – 124.14

Dividend (%) – 0

EPS (TTM) – 7.09

Dividend Yield (%) – 0%

Face Value (Rs) - 10

Share Holding Pattern Financial Details

Company Details

Ceramic Tiles today have become an integral part of home improvement. It can make a huge difference to the

way your interiors and outdoors look and express. The Indian tile industry, despite an overall slowdown of the

economy continues to grow at a healthy 15% per annum. Investments in the last 5 years have aggregated

over Rs. 5000 crores. The overall size of the Indian ceramic tile industry is approximately Rs 18,000 crore

(FY12). The production during 2011-12 stood at approx. 600 million square meters.

The Indian tile industry is divided into organized and unorganized sector. The organized sector comprises of

approximately 14 players. The current size of the organized sector is about Rs 7,200 Crores. The unorganized

sector accounts for nearly 60% of the total industry bearing testimony of the growth potential of this sector.

India ranks in the top 3 list of countries in terms of tile production in the world. With proper planning and better

quality control our exports (presently insignificant) contribution can significantly increase. Ceramic tiles as a

product segment has grown to a sizeable chunk today at approximately 680 Millions Square meters

production per annum. However, the potential seems to be great, particularly as the housing sector, retail, IT &

BPO sectors have been witnessing an unprecedented boom in recent times.

The key drivers for the ceramic tiles in India are the boom in housing sector coupled by government policies

fuelling strong growth in housing sector. The retail boom in the Indian economy has also influenced the

demand for higher end products. Overall the bullish growth estimates in the Indian economy has significantly

influenced the growth of the Indian Ceramic tile industry.

The main product segments are the Wall tile, Floor tile, Vitrified tile and Industrial tile segments. The market

shares (in value terms) are 20%, 23% 50%, and 7% respectively for Wall, Floor, Vitrified, and Industrial tiles.

The tiles are available in a wide variety of designs, textures and surface effects.

Balance Sheet

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

Sources Of Funds

Total Share Capital 22.58 22.16 21.06 21.06 21.06

Equity Share Capital 22.58 22.16 21.06 21.06 21.06

Reserves 257.76 239.91 218.52 202.92 185.28

Networth 280.34 264.62 239.58 223.98 206.34

Secured Loans 214.81 226.93 164.02 145.33 137.08

Unsecured Loans 33.24 9.99 15.26 0.01 0.04

Total Debt 248.05 236.92 179.28 145.34 137.12

Total Liabilities 528.39 501.54 418.86 369.32 343.46

Application Of Funds

Gross Block 307.34 282.03 272.19 255.60 234.52

Less: Accum. Depreciation 130.00 108.40 87.25 67.15 48.19

Net Block 177.34 173.63 184.94 188.45 186.33

Capital Work in Progress 7.16 2.75 0.07 0.90 0.06

Investments 19.79 18.05 3.00 0.00 0.05

Inventories 204.97 190.39 159.52 123.76 110.88

Sundry Debtors 185.98 169.88 129.56 83.66 64.46

Cash and Bank Balance 18.12 29.06 25.37 12.14 17.81

Total Current Assets 409.07 389.33 314.45 219.56 193.15

Loans and Advances 71.79 64.65 35.93 40.61 43.29

Total CA, Loans & Advances 480.86 453.98 350.38 265.15 240.36

Current Liabilities 152.57 142.81 113.87 69.10 62.33

Provisions 4.17 4.05 5.66 19.02 26.29

Total CL & Provisions 156.74 146.86 119.53 88.12 88.62

Net Current Assets 324.12 307.12 230.85 177.03 151.74

Total Assets 528.41 501.55 418.86 369.31 343.45

Book Value (Rs) 124.14 118.26 113.76 106.35 97.97

Profit and Loss Account

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

Income

Sales Turnover 759.14 707.49 623.80 542.53 432.18

Excise Duty 0.00 0.00 0.00 39.99 25.80

Net Sales 759.14 707.49 623.80 502.54 406.38

Other Income 1.30 3.31 2.52 2.43 3.41

Stock Adjustments -8.13 26.06 24.89 15.67 9.04

Total Income 752.31 736.86 651.21 520.64 418.83

Expenditure

Raw Materials 474.62 429.17 370.80 262.24 193.27

Power & Fuel Cost 116.32 123.26 110.61 84.60 71.28

Employee Cost 37.47 36.34 30.69 25.03 20.42

Other Manufacturing Expenses 5.90 9.21 10.67 2.00 1.70

Selling and Admin Expenses 0.00 0.00 0.00 83.29 77.10

Miscellaneous Expenses 52.90 66.59 59.18 3.42 2.62

Total Expenses 687.21 664.57 581.95 460.58 366.39

Operating Profit 63.80 68.98 66.74 57.63 49.03

PBDIT 65.10 72.29 69.26 60.06 52.44

Interest 21.00 25.21 20.35 13.36 9.56

PBDT 44.10 47.08 48.91 46.70 42.88

Depreciation 21.60 21.69 21.89 18.98 15.20

Profit Before Tax 22.50 25.39 27.02 26.41 26.37

PBT (Post Extra-ord Items) 22.50 25.39 27.02 26.36 25.83

Tax 8.35 8.27 8.96 6.26 6.79

Reported Net Profit 14.14 17.11 18.05 20.14 19.04

Total Value Addition 212.59 235.41 211.15 198.34 173.12

Equity Dividend 0.00 0.11 2.11 2.11 2.11

Corporate Dividend Tax 0.00 0.02 0.34 0.35 0.36

Per share data (annualised)

Shares in issue (lakhs) 225.83 221.61 210.61 210.61 210.61

Dividend History

Index and Company Comparison

PBIT – 5.54 v/s 6.65

RoCE – 8.23 v/s 10.08

RoE – 5.04

Net Profit Margin – 1.85 v/s 2.40

Return on net worth – 5.04 v/s 6.52

Reserves – 257.76 cr v/s 239.91 cr

PAT – 14.14 cr v/s 17.11 cr

Total assets – 528.41 cr v/s 501.55 cr

Net sales – 759.14 cr v/s 707.49 cr

Book Value – 124.14 v/s 118.26

Days BSE NSE

30 142.55 142.59

50 147.04 147.01

150 108.59 108.57

200 89.47 89.44

Important Ratios Simple Moving Average

Recommendations

Buy Asian Granito Ltd. current or lower market

levels

Reasons for the recommendations are :

Sound financial position of the company.

Reduction in interest rates will increase the profitability of the company.

Increase in Indian middle class population and boom in real estate sector will

increase the sales of the company.

Under performance of the company when compared with competitors.

Highly impressive QoQ sales.