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Wednesday, November 4, 2009

IP Rings Ltd:Future growth outlook analysis and updates

Scripscan:IP Rings Ltd

Story:IP Rings Limited manufactures auto components in India. The company offers steel, nodular iron, and grey cast iron piston rings; differential gears; polewheels; and other transmission products. It serves the original equipment manufacturers and aftermarket customers in the automobile industry. The company was founded in 1991 and is based in Chennai, India.The orderbook position for supply of components during the first half of 2009 - 10 appears to be near normal, a positive indicator that the industry is gradually returning to normalcy. There are also signs of improvement in the liquidity position and on the interest front.All these bodes well for the company as investors can hope to see better days ahead.The Company has entered into a new Technical Aid Agreement with Nippon Piston Ring Co. Ltd. Japan for the manufacture of Physical Vapour Deposition (PVD) rings to meet the new emission norms for the new models of automobile engines.The company hopes to have an increase in its topline through it.This company has got a track record of uninterrupted dividend for the last 16 years. Even during the time when auto ancillaries were not doing well, this company was a regular dividend payer, which only talks about the investor friendliness of the management.This company provides for huge depreciation in the balance sheet.This company has equity of about Rs 7 crore. Last year fy09, they provided about Rs 5crore of depreciation in the balance sheet. The cash EPS last year was Rs 8.5. So we have an auto ancillary, which is available at price to cash earning ratio of slightly over 7.So at the current price of Rs 60, the stock is of pure value.

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