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Friday, October 30, 2009

IVP Ltd:Future growth prospects and outlook

Scripscan:IVP Ltd
cmp:28
Code:507580

Story:IVP is known to the investors as a company involved in the edible oil business. But this company is no more into edible oil business. To give you a background, this is a 75-year old company; it was taken over by the present management, which is the Allana Group of Mumbai from Shapoorji Pallonji Group in mid-80’s. The transfer of the company happened from Forbes Campbell to the new promoters. Now Allana Group is one of the leading exporters of meat and meat products from the country and they also have the Asia’s largest meat processing plant in India.IVP was mainly into three-lines of businesses, the main being the edible oil business; this company is also into foundry chemicals and industrial ceramic business. Now pursuant to a restructuring exercise, which the company undertook few years ago, the edible plant of the company located in Bombay has been closed down. The industrial ceramic division of the company has been sold to the Murguppa Group for a total consideration of about Rs 6 crores, 25 lakhs.The company is now left with only the foundry chemical business with four manufacturing plants for manufacture of foundry and industrial chemicals.Foundry chemical business is the business where the company is making profit, which is now getting reflected in the financials of the company.This company is trading at a marketcap of just about Rs 28 crores. This probably reflects the valuation of only the foundry chemical business.Now a very big hidden asset in this company is its edible oil plant, which was located at Rhey Road in Mumbai, the management is tightlipped about the size of the land there. But this plant was started in the early 1930’s when land was not such a scarce commodity, and vanaspati and edible oil business generally requires big areas of land. They also had their storage terminals located in the same premises. So given all these factors, I would assume that the land area would be close to at least about 2-3 acres, if not more.If the current marketcap of the company is not taking into account the land area, the management is keeping all the cards close to its chest and they are not wanting to divulge any information at this point of time. But announcement of any plans by the company to develop that land and the way the real estate prices have been going up in Bombay, it can lead to a huge upward re-rating for this stock at a marketcap of Rs 28 crores. The downside looks extremely restricted since it’s a 70-year old company, the assets it is sitting on at historical values, would be valued much more than probably the current marketcap of the company.So the big trigger for this company could be that land, which it holds in Mumbai.

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