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Note: The artciles are not research reports but assimilation of information available on public domain and it should not be treated as a research report.

Registration status with SEBI: I am not registered with SEBI under the (Research Analyst) regulations 2014 and as per clarifications provided by SEBI: “Any person who makes recommendation or offers an opinion concerning securities or public offers only through public media is not required to obtain registration as research analyst under RA Regulations”

Disclosure: It is safe to assume that I might have the dkiscussed companies in my portfolio and hence my point of view can be biased.Readers should consult registered consultants before making any investments
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Thursday, July 24, 2008

Balaji Amines:A great buy

Company Name:Balaji Amines Ltd
Traded in:Nse-Bse
CMP:98
Industry: Chemicals

Introduction:Balaji Amines Limited (BAL) is one of the leading manufacturers of Aliphatic Amines in India.BAL commenced manufacture of Methyl Amines in the year 1989and subsequently added facilities for manufacture of Ethyl Amines and other derivatives of Methyl Amines and Ethyl Amines.The company over the past few years has been consistently adding capacities and thats the reason that today, BAL's products are well accepted in international markets and have gained the distinct export quality status, which makes it one of the few companies in India having the potential to match the stringent international quality standards.

Facilities:BAL`s state-of-the-art manufacturing facility is located at Tamalwadi Village, near Solapur (Maharashtra State, India).The facility is fully equipped with latest technology like digital computerized controlled systems, which facilitates the control of operations from the control room in addition, BAL also possesses an excellent R&D facilities and laboratory, which helps in conducting basic research and to fine tune the process.

Some more distinctions:-

1)ISO 9001:2000:Balaji amines is an ISO 9001: 2000 certified company.

2)Worldwide Presence:Balaji amines has a presence in countries USA, UK, Latin America, Canada, Israel, Pakistan, Bangladesh, Oman, Germany, Italy, Egypt, South Africa, Korea, Taiwan, Spain, France, The Netherlands, Belgium, Norway, Poland, Ukraine, Mexico, Brazil etc.

3)Lowest producer:BAL is the first company in India to test an indigenously developed technology, as compared to its peers, viz- Alkyl Amines Chemicals Ltd and RCF, who preferred technical collaboration with foreign players.Thus along with this, the sharp reduction in power & fuel cost, helped BAL emerge as the lowest cost producer of Methyl Amines in the world.

Outlook:Balaji over the last few years has gradually broadened its product profile and currently markets around several derivatives.I expect substantial ramp up in overall operations in next two years on back of increase in capacity utilisation, new product launches, contribution from natural products division and higher exports.On the back of these improved measures i expect sales to cross Rs 3 bn in FY09 and profits crossing Rs 200mn.

Conclusion:The management,products,unique business model,low equity,solid brand image,sophisticated technology,stupendous manufacturing facility,export thrusts,cost cutting initiatives,expansions of capacity,innovative products launch,iso certifications, all favours the company. Further Balaji is sitting with huge reserves(nearly 6 times of the total equity),which makes me feel that a bonus is inevitable.At CMP of Rs 98, BAL trades at less than 3 times its 1 year forward earnings.Altogether a "GREAT BUY"



Regards,
ARUN
I can be reached at:arunanalyst@rediffmail.com

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