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Monday, January 11, 2010

Sicagen India Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Sicagen India Ltd
Code: 533014

Story:Sicagen is India's leading providerof trading and marketing services for construction-related industrial and retail infrastructure. Sicagen's core business is trading of building materials such as steel tubes, MS/GI pipes, boiler tubes, seamless tubes, rectangular/square hollow sections, TMT steel rebars, PVC pipes, electrical cables, steel fittings and cement. Sicagen is the authorized distributor for Tata Steel, Jindal Pipes, SAIL, Finolex Cables, Supreme Industries, Maharashtra Seamless and ACC Cements.Sicagen is also the leading dealer of commercial vehicles for Tata Motors in Tamil Nadu state. It operates showrooms and and workshops at Chennai and Trichy covering 11 districts in Tamil Nadu.It's customers include corporates, retail vendors, high income individuals.The above two mentioned businesses are the core businesses and contribute more than 90% to the company's revenue.They're the sole agents in India for Woodward USA Governers, the no.1 worldwide in this area. It has huge applications in power, heavy industries,engineering.The company can be a true value play with its current MCAP at Rs.70 Cr. The company has about Rs.10 Cr in cash and about Rs.280 Cr as Net current assets.Even if one values the inventory at 50% of the value mentioned in the books, then Net current assets stand at Rs.255 Cr.The book value of the shares of the company is Rs.89.54, which makes it a value play at the current price tag. The price to book is only 0.1 which makes it one of the cheapest stocks in this space.The company is expected to do well going forward due to overall improving environment.In the coming years, the company plans to introduce large retail formats with a more comprehensive range of building materials products. The Indian retail market for construction materials holds great potential and it is expected that such new venture will be able to delight customers with best-in-class products and service.The Company expects a robust growth to continue in FY10 for which the marketing team has been suitably trained & motivated. The Company is also planning to expand further beyond the existing range by catering to a wide customer base and increasing our product portfolios.Alltogether a value play.

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