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Sunday, December 17, 2006

$$ DreamGains !! $$ Hidden Gems By Ashish Chugh - 18th Dec 2006

December 18, 2006

Ashiana Housing & Finance India Ltd.

CMP - Rs. 213 BSE Code -523716

Ashiana Housing & Finance India Ltd. (Ashiana) known for its housing projects in Bhiwadi, has positioned itself as a provider of housing at affordable rates.

The company has been in existence for almost two decades. Having started its operations in Patna, the company extended its operations to Jamshedpur, Bhiwadi, Ghaziabad, Gurgaon and Greater Noida. Since its inception in 1986, Ashiana Housing has built and delivered 40 lakh square feet of residential and commercial space to the clients. The Corporate philosophy has always been to provide quality construction at affordable prices. The company started its operations in Jamshedpur in 1986 and in Bhiwadi in 1993.

PAST PROJECTS

The company has in the past completed various projects which include :-

Ashiana Villas, Bhiwadi - The project on 5 Acres land comprised of 49 Villas having a total built up area of over 1 lakh square feet and got completed in 2004.

Ashiana Gardens, Bhiwadi - The project comprised of 316 units on a plot area of 11 Acres and a total built up area of 3.75 lakh square feet was completed in 2004.

Ashiana Gulmohar Park, Bhiwadi - The project comprised of 195 units on a plot area of 7 Acres and a total built up area of 2.50 lakh square feet was completed in 2001.

Ashiana Bageecha, Bhiwadi - The project comprised of 253 units on a plot area of 5.7 Acres and a total built up area of 2.40 lakh square feet was completed in 1998.

Ashiana Greens, Bhiwadi - The project comprised of 125 units on a plot area of 2.75 Acres and a total built up area of 1.35 lakh square feet was completed in 1996.

Ashiana Heritage, Ghaziabad - The project on 1 Acres land comprised on 98 Units having a total built up area of over 1.46 lakh square feet and got completed in 2000.

Ashiana Suncity, Jamshedpur - - The project comprised of 249 units on a plot area of 8.30 Acres and a total built up area of 2.90 lakh square feet was completed in 2003.

Ashiana Enclave, Jamshedpur - - The project comprised of 288 units on a plot area of 6.25 Acres and a total built up area of 3.17 lakh square feet was completed in 2001.

Ashiana Gardens, Jamshedpur - - The project comprised of 555 units on a plot area of 14 Acres and a total built up area of 6.20 lakh square feet was completed in 1997.

Ashiana Residency Greens, Jamshedpur - A project comprising residential apartments in Jamshedpur. The project had a choice of 2 and 3 bedroom apartments and executive floors - a total of 149 residential units.

Besides, the company has also executed residential projects like Residency Garden, Shantiniketan and Plaza in Patna and various commercial projects.

ONGOING PROJECTS

The ongoing projects of the company include :-

Ashiana Greenhill, Neemrana - Nestled in the foothills of the Aravali Hills, the clear sky, lush green surroundings and the view of the Neemrana Fort, make Ashiana Green Hill a choice for the residents of Gurgaon and Delhi as the weekend outhouse as well as those working in Neemrana as their home. The company has sold the entire 280 units in the project and construction work is in full swing at the site.

Ashiana Utsav, Bhiwadi - Ashiana Utsav, Bhiwadi is being targeted towards retired and retiring people as a Retirement Resort. The project well equipped with recreational facilities like swimming pool and club is being projected as a place Celebrate Life after Retirement. The project is nearing completion.

Ashiana Rangoli, Bhiwadi - Ashiana Rangoli is a premium project and comprises residential apartments equipped with all amenities and recreational facilities like club and swimming pool.

Ashiana Gymkhana Club, Bhiwadi - This is a club with state-of-the art facilities that lets you enjoy the company of friends and experience the essence of pleasure, recreation, fitness, entertainment and relaxation. The club is being positioned as lifestyle of the emperors.

Ashiana Woodlands, Jamshedpur - Located in the foothills of the Dalma Hills in Pardih, Jamshedpur, the project offers 244 units comprising of three bedroom villas, executive floors and super deluxe apartments.

Financials

. The financial of the company are given as under :-


QUARTERLY - LATEST RESULTS - Ashiana Housing & Finance (India) Ltd (Curr: Rs in Cr.)

Particulars	Quarter Ended (Sep 06)	Quarter Ended (Sep 05)	Quarter Ended (% Var)	YTD / Latest Half (Sep 06)	YTD / Latest Half (Sep 05)	YTD / Latest Half (% Var)	Year Ended (Mar 06) (12)	Year Ended (Mar 05) (12)	Year Ended (%Var)
Sales	4.03	4.52	-10.8	9.13	12.25	-25.5	33.55	11.42	193.8
Other Income	0.72	0.43	67.4	1.56	0.95	64.2	2.61	1.47	77.6
PBIDT	0.16	0.11	45.5	1.4	1.23	13.8	5.33	0.17	3035.3
Interest	0	0	-	0	0	0	0	0	-
PBDT	0.16	0.11	45.5	1.4	1.23	13.8	5.33	0.17	3035.3
Depreciation	0.08	0.06	33.3	0.16	0.12	33.3	0.28	0.19	47.4
PBT	0.08	0.05	60	1.24	1.11	11.7	5.05	-0.02	LP
Tax	0.02	0.01	100	0.16	0.11	45.5	0.45	0	-
Deferred Tax	0	0	-	0	0	0	0	0.11	-100
PAT	0.06	0.04	50	1.08	1	8	4.6	-0.13	LP

(Source : Capitaline)

The stock price chart is given below :-

(Source : Capitaline)

The company has a small Equity Capital of Rs.5.35 crores with promoters holding 65%. The total market cap of the company at its current stock price is Rs.114 crores. As on 31.3.2006, the company had investments of roughly Rs.21.50 crores out of which around Rs.18 crores were in various Mutual Funds, mostly in the Debt schemes. The company had a Cash and Bank Balance of Rs.16.30 crores on 31.3.06. The company has negligible debt.

Future Plans & Conclusion

BHIWADI - The company has aggressive expansion plans. Towards this, the company has acquired 23 acres of land in Bhiwadi and is launching Ashiana Angan in Bhiwadi. The company has already received the licence (90-B) for the same and will shortly launch the project. The project comprises a total of 1300 apartments of 2 and 3 bedrooms. The project would be valued at roughly Rs.300 crores.

JAIPUR - The company has acquired 5 Acres of land at Jaipur and is launching Ashiana Greenwood. The company through its subsidiary Ashiana Retirement Villages Ltd., has also entered into a Joint Venture with Jaipur Based Mangalam Group for development in 18 Acres at Kalwar Road, Jaipur.

PUNE - The company has entered into a Memorandum of Association with Lavsa Corporation Ltd., Pune for acquisition of 31 acres of land in Lavasa, Pune for making retirement homes.

Besides, the company is also considering fresh land acquisitions at Bhiwadi and Lawasa, Pune. The company is also considering land acquisitions at various other places in the NCR of Delhi.

As regard the latest financials of the company, there is a decline in revenues for the first 6 months of the current FY compared to the same period last year with almost stagnant profitability. This is because of the fact that the company follows the accounting method based upon Sales completion model - where sales are booked when possession is handed over to the customer. The company expects to handover possession of roughly 1000 units over the next 18 months - these include around 640 units at Ashiana Utsav, Bhiwadi 240 units at Ashiana Greenhill, Neemrana and 100 units at Ashiana Rangoli, Bhiwadi. The Revenues and profitability are therefore set for a quantum jump over the next few quarters.

The management projects total project sales of around Rs.1000 crores over the next 4 years. The figure is huge given the small equity capital of just Rs.5.35 crores.

Even though the company has been in the business for almost 20 years, the management has been conservative regarding land acquisitions. This is definitely hurting the company in the short run since the stock analysts are valuing the companies based upon their land bank and not upon their development & delivery capabilities.

We however believe this phenomena is a short term aberration which may get corrected soon. This is due to the fact that every day we hear of unheard of names getting into real estate or companies shifting from their core business to venture into real estate business or merging real estate arms with the listed entities. The situation is somewhat similar to what we saw during the technology boom in the year 2000. One may choose to ride the wave depending upon one's risk appetite - for how long will the wave lasts is anybody's guess.

Over the longer term, the ability to execute and deliver the project will be a parameter which would be as important or probably more important than the land bank. The company scores high on this parameter since it has demonstrated its ability to develop and deliver the projects in time and has created a loyal customer base. Infact, most of the business is either from the existing customers or through referrals. The company's focus has been on development and delivery of the projects and to acquire land at reasonable valuations, which would lead to long term wealth creation for the shareholders.

Investors can accumulate the stock at the current price and on declines.

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Saturday, December 16, 2006

$$ DreamGains !! $$ 10Paisa.Com & MidCaps.In

HOT STOCKS (17/12/2006)

S.No.	Scrips	BSE Code	Recommended Rate	Target Rate	Stop Loss	Analysis Report
1.	Indo Rama Synthetics	500207	50.40	56.00	47.50	Indo
2.	Rico Auto (FV Re.1)	520008	60.60	66.50	57.50	Rico

NOTE :- You will get recommendation of 2 hot stocks worth Rs.10 to Rs.100 with short term target and stop loss every week alongwith weekly newsletter.

Newsletter dated 17/12/2006 (10paisa.com)

S.No.	Scrips	BSE Code	Recommended Rate	Target Rate.	Analysis Report
1.	Valiant Communications	526775	32.20	41.00	Valiant
2.	Rohit Ferro Tech	532731	33.70	43.00	Rohit
3.	Visesh Infotechnics	532411	36.60	46.00	Visesh
4.	Kovai Medical Center	523323	49.90	63.00	Kovai
5.	Mid-Day Multimedia	532416	50.35	63.00	Mid-Day

Target rates are expected in three months frame of time, but we recommend you that whenever any scrip touches its target rate, you must dispose of all shares or in parts(If you have invested in that scrip),so that you may be able to invest those funds in other scrips recommended in further newsletters.

HOT STOCKS (17/12/2006)

S.No.	Scrips	BSE Code	Recommended Rate	Target Rate	Stop Loss	Analysis Report
1.	Kale Consultants	532268	100.15	110.00	95.00	Kale
2.	Saregama India	532163	197.05	217.00	187.00	Saregama

NOTE :- You will get recommendation of 2 hot stocks worth Rs.100 to Rs.200 with short term target and stop loss every week alongwith weekly newsletter.

Newsletter dated 17/12/2006 (midcaps.in)

S.No.	Scrips	BSE Code	Recommended Rate	Target Rate.	Analysis Report
1.	Ahlcon Parenterals	524448	56.75	71.00	Ahlcon
2.	Mysore Cements	500292	62.10	78.00	Mysore
3.	Varun Shipping	500465	65.70	83.00	Varun
4.	California Software	532386	67.65	85.00	California
5.	Alps Industries	530715	72.05	91.00	Alps

1. FORTHCOMING I.P.O.'s :-

S.No.	Scrips	Offer Price	Opening Date	Closing Date	Rating
1.	Pyramid Saimira	88-100	11/12/2006	18/12/2006	*
2.	Ashtavinayak	140-160	14/12/2006	20/12/2006	*
3.	Lumax Auto	75	14/12/2006	21/12/2006	*

Rating:- *** Very Good ** Good * Normal

2. SECTORS TO WATCH :-

Automobiles
Banking
Information & Technology

3. STOCK IN FUTURES :-

S.No.	Scrips	BSE Code	Recommended Rate	Target Rate	Stop Loss	Analysis Report
1.	WIPRO Ltd. (FV RS.2)	507685	564.75	585.00	554.00	WIPRO

4. MULTIBAGGER :-

S.No.	Company Name	BSE Code	Recommended Rate	Target Rate (One Year)	Analysis Report
1.	Shyam Telecom Ltd.	517411	106.60	180.00	Shyam

5. LAST WEEK'S NEWS :-

11/12/2006
Yash Organochem acquires stake in Deep Industries

Yash Organochem has acquired 1.385 lakh shares of Deep Industries through inter transfer route on 7 December 2006. Post-acquisition, Yash Organochem shareholding in the company is up 5.11%.

12/12/2006
BSEL Infrastructure UAE unit bags investments worth $ 25 million

BSEL Infrastructure Realty's wholly owned subsidiary BSEL Infrastructure Realty FZE, UAE, has brought investment from gulf based NRIs to the tune of $ 25 million for the company. Based on this, companys current quarter will have bottom line of Rs 30 crore upwards translating into quarterly earning per share of more than Rs 5.

12/12/2006
Chowgule Steamships orders bulk carrier

Chowgule Steamships' subsidiary Chowgule Steamships (Overseas) has signed a letter of intent for building a 37,000 DWT, super box bulk carrier to be built by Saiki Heavy Industries, Japan, and supplied by Onomichi Dockyard, Japan. The delivery of the vessel will be taken in or around March 2011.The company or its subsidiary has an option to place orders for 4 more such vessels in the same series, details of which will be negotiated with the shipyard.

13/12/2006
Flawless Diamond bags Rs 17.80 crore order from Samdiam Trading

Flawless Diamond India has received orders worth Rs 17.80 crore through its newly launched classic and designer jewellery 'AUM Jewellery Collection' from Samdiam Trading, Switzerland. The company's newly launched designer studio has created the design of this designer jewellery.Further, the company is going to open 25 outlets before March 2007. the company is also planning to enter into retail segment for retailing its own designer branded and non branded jewellery very soon.

13/12/2006
Mid Day, Times group ink strategic business pact

Mid-Day Multimedia, the publisher of afternoon daily Mid Day, and Bennett, Coleman & Co (BCCL), the publisher of The Times of India (ToI) and The Economic Times, have entered into a strategic tie-up to support each other in different markets. The tie-up or the business co-operation agreement will straddle three important areas - advertising sales, distribution and printing facilities. Mid-Day Multimedia Chief Financial Officer Manajit Ghoshal said BCCL was picking up 6.65 per cent stake in the listed company. A couple of years ago, the Times group has a small stake in Mid-day Multimedia, which was later diluted. Better utilisation of spare printing capacity is the first thing that the two companies are targeting. At present, Mid-Day outsources the printing job for its Bangalore edition. But, Ghoshal said, 'Now, we can explore the possibility of printing the paper at the ToI press.' The two media companies are also planning to reduce costs by placing combined orders for newsprint. Besides utilising each other's strengths in distribution in different markets, the two groups hope to go for combined advertising sales. The combo offers are usually at competitive rates and draw more advertisers. A media planner remarked that since the two players were in the non-competing segments - Mid Day is an afternoon daily, while ToI is a morning paper - they could grow their ad share as a combined entity. Media experts say that for the Times group, such strategic tie-ups make sense as they face a real threat of competition from foreign newspapers as well as regional newspapers with national ambitions. 'Competition in print is heating up and it makes sense to have alliances,' said one of them.

14/12/2006
Caledonia Investments acquires stake in Alok Industries

Caledonia Investments has acquired 2.10% stake in Alok Industries through the open market route between 25 May and 12 December 2006. Caledonia Investments shareholding rises to 14.33%, post-acquisition.

14/12/2006
California Software Company Limited

California Software Company Limited has informed the Exchange that California Software Co Ltd (Calsoft) has entered the Deloitte Technology Fast 500 Asia Pacific 2006 rankings at the award function held in Hong Kong on 12th December 2006. Calsoft was earlier ranked by Deloitte among the top 50 fastest growing technology companies in India. A media release in this regard dated December 13,2006, titled 'Calsoft enters Deloitte's Technology Fast 500 Asia Pacific 2006'.

14/12/2006
SAT reprieve for Heidelbergopen offer

Heidelberg Cement on Wednesday got a temporary reprieve with the Securities Appellate Tribunal (SAT) allowing the German company to go ahead with its open offer to shareholders of Mysore Cements, pending a final order.SAT has, however, said that if its order was not in favour of Heidelberg, the cement company will have to pay the difference amount of Rs 14.50 per share.Heidelberg had earlier this month approached SAT against a SEBI directive for raising its open offer price to shareholders of Mysore Cements by 25 per cent.The SEBI directive meant Heidelberg would have had to pay the shareholders Rs 72.50 per share against its open offer of Rs 58 per share, a difference of Rs 14.50 per share.The open offer was triggered after Heidelberg acquired a majority stake in Mysore Cements from the promoters, the S.K. Birla Group. Priced at Rs 58 a share, the public offer was to open on September 6 and close on September 25.

14/12/2006
SkyTeam selects Kale Consultants' product Apex

Kale Consultants has announced that SkyTeam, the global airline alliance, has selected the company's Apex as a neutral fare proration engine for ITAT's First & Final Billing Service.Post-selection, the company adds the entire global airline alliance of SkyTeam including Air France KLM, Korean Air, Alitalia, CSA, Aeromexico, Aeroflot to its customer list. Continental Airways, Northwest Airlines and Delta are existing customers of the company. All Skyteam alliance members will now use company's Apex for their F&F settlement.

15/12/2006
Four Soft plans to acquire European firm

Hyderabad-based Four Soft, a transport and logistics software technology company, is scouting for acquisitions in Europe. The company is planning to raise capital by issuing ADR/GDR or bonds to fund the acquisition. It is learnt that the size of the acquisition would be in the region of $4 million to $10 million.The company board is slated to meet on December 20 to finalise details on fund raising. The proposed acquisition is expected to strengthen its presence in the Europe. When contacted, company officials declined to reveal any details.FourSoft had, in October, entered into an agreement to acquire the assets of the freight and shipping software business of the UK-based FWL Technologies through its subsidiary Four Soft UK Ltd. The cumulative purchase consideration for this deal was in the range of Rs 10 crore to Rs 12 crore based on certain performance parameters in an all-cash transaction.

15/12/2006
IDBI arm for gilts trading

IDBI Ltd is setting up a separate subsidiary for its primary dealership business called IDBI Gilts Ltd.The bank informed the Bombay Stock Exchange on Thursday that it has received a certificate of incorporation from the Registrar of Companies. The PD subsidiary will be a wholly-owned subsidiary of IDBI Ltd.Currently the bank is carrying out trading in government securities and debt through its capital market subsidiary, IDBI Capital Market Services Ltd.

6. MUTUAL FUND'S SCHEME :-

S.No.	Scheme	NAV	Details
1.	Sundaram BNP Paribas CAPEX Opportunities Fund (G)	17.29	Sundaram

7 . DERIVATIVES :-

S.No.	Scrips	BSE Code	Expiry	Strike Price	Recomm. Rate	Target	Stop Loss	Analysis Report
1.	Zee Telefilms ( FV Re.1)	505537	28/12/2006	340.00	3.35	8.00	1.00	Zee

8. BIG STOCK :-

S.No.	Scrips	BSE Code	Recommended Rate	Target Rate	Stop Loss	Analysis Report
1.	Action Construction	532762	328.95	360.00	318.00	Action