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Saturday, April 11, 2009

International Conveyors Ltd:-A good solid bet

Scripscan:International Conveyors Ltd
code:509709
cmp:120

Story:ICL is engaged in manufacturing PVC conveyor belts.ICLs product finds application in mining and material handling activities. ICL is having a plant at Chikalthana, Aurangabad (Maharashtra) and is near major consumers like South Eastern Coal Fields (SECL) and Western Coal Fields (WCL). So far as management of company is concerned promoters are having 40 years of experience in coal industry. Also it has a sound and professional management team to its credit, which adds strength to the company.Since its inception, the company is fulfilling the need of PVC conveyor belts for the coal mines in India. ICL started exporting its products in 2001. Since then the company has increased its exports revenue continuously.ICL participates in the global tenders invited by subsidiaries of Coal India Ltd. i.e. SECL, WCL, Eastern Coal Field Ltd. (ECL), Bharat Coking Coal Ltd. (BCCL), Central Coal Fields Ltd. (CCL) and Sigarenl Collieries company Ltd. (SCCL). Domestic market is estimated around 250 KM of PVC Belting amounting to around Rs. 450mn. They have competition with Fenner Belting Co. Pvt. Ltd. in the domestic market which holds balance 50% of the market.The slower growth in the domestic market in the past few years has enabled ICL entered the global market, which is estimated to be around Rs. 600 cr. Currently, the company is having insignificant share in the global market but due to the global acceptability of their product, ICL has enough room for increasing their share in the global pie. In the global market, the company is facing competition with the players like Fenner International, Goodyear (South Africa). Depreux (France), Shanxi (China) and Dunlop.In this industry, entry barriers are very high due to stringent application norms like getting approval of their product from Director General Mining Safety and the User Industry which test the product for 18 months. ICL is well placed to grab a major chunk of business from growing mining focus of the government. ICL is expected to grow 30% CAGR for next 2 years.Stock is trading quite cheap.ICL is gradually coming in the limelight with improved performance.Thus considering all the points,Its a safe buy at dips.

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