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Monday, December 27, 2010

Gujarat Reclaim & Rubber Products ltd:-Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Gujarat Reclaim & Rubber Products ltd
Bse code:509152
Cmp:1115

Story:The company is into processing and reclaiming rubber from scrap of tyres and its components or other rubber products for different applications in both tyre and non-tyre rubber products. Nearly two-thirds of its sales go to tyre manufacturers. It has plants at Ankleshwar, Panoli and Solapur with a total capacity of 45,000 tonnes with full capacity utilisation.GRRP supplies to leading tyre manufacturers such as Ceat , MRF , Apollo Tyres , JK Tyre and Bridgestone . More than half of its revenues come from exports. The company has also set up a power plant in Ankleshwar for captive consumption. The reclaimed rubber industry in India is a mix of 125 small and medium-scale manufacturers.In December 2009, the company added 6,000 tonne capacity at its Panoli plant, full benefits of which will be available in FY11. The company also has plans to expand its existing plants apart from setting up new units in strategic locations. The company is currently in the process of tying up Rs 63 crore loan to fund these expansions, which could come up over the next couple of years.In the past three years, the proportion of reclaimed rubber in tyres has gone up from 3% to 5%, which is expected to increase to 10% within five years.It is likely to see an increase in demand for its recycled rubber with natural and synthetic rubber prices soaring. Being the industry leader, its expansion plans are likely to offer great growth opportunities as acceptance of recycled material increases.At present price of 1100rs its quoting at low single digit one year forward earnings. Considering its attractive valuations, stable financials and growth prospects, long-term investors can consider this stock at dips.

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