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Tuesday, October 6, 2009

Ador Welding Ltd:Prospects/recomendation/news/views/analysis

Scripscan:Ador Welding Ltd

Story:Ador Welding Ltd (hereafter AWL) operates in the following 4 business verticals:Welding solutions - Welding arcs and electrodes,Cutting solutions - Metal cutting equipment, accessories and spares,Project Engineering solutions - Burners, furnaces and incinerators,Energy solutions - Hardware and software solutions for energy management.From FY06 to FY08, Total Income and PAT have decreased by an average rate of 6.79% and 32.12% respectively. The consistent fall is attributed to the slowdown in the economy and the shriking demand from metal industries.Dueto the decrease in profitability, the ROE has also gone down.The Current Ratio is falling throughout, but has again picked up in FY09. For FY09, as high as 58.52% of the the total assets are current assets, indicating a strong balance sheet.The company is a debt-free company as on 31 Mar 09. This will enable it to raiseadequate resources required for any expansion.For FY09, AWL has contingent liabilities of Rs.7.16 cr in the form of taxes and duties.AWL assumes that salary costs, which are 9.34% for FY09, would grow at the rate of 8% in the future In May 08, AWL undertook a multi-year major upgradation programme across its plants. This is expected to increase the net profit significantly in the next 1-2 years.AWL boasts an order book of Rs 18 crore. It has also bagged two orders for flares for Coke Oven gas and BF gas from IISCo,Burnpur.AWL's stock has experienced steady institutional interest in the recent past: For Q1FY10, Reliance Mutual Fund, HDFC Mutual Fund and DSP Blackrock Mutual Fund together held about 11% of AWL.Interestingly, AWL’s main rival, Esab India, has also picked up a 1.2% stake in the company at Rs 107 a share, which can be taken as a positive for Ador.A good buy for long term perspective

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