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Monday, June 27, 2011

Veejay Lakshmi Engineering Works Ltd:-Buy/sell/,growth prospects and recommendation,news and results,target and analysis,views and outlook,multibagger

Scripscan:Veejay Lakshmi Engineering Works Ltd(VLEW)

Story:Veejay Lakshmi Engg started its operations in the year 1975 to produce Twisting machines. The company has been specializing in the Twisting Machines and Automatic Cone Winder was added to the product line in the year 1998. Both the products are used in textile milss for post spinning/weaving preparatory operations. The company diversified into textile spinning in the year 1993 and textile unit now functions under a wholly owned subsidiary from 2003. Veejay has also invested in wind mills.VLEW has 100% subsidiary named VEEJAY TEXTILES LTD which has 13,000 spindles and is engaged in production of cotton yarn. VLEW has invested 12 cr in Equity shares of Veejay Textile and another 12 cr in Preference Shares of Veejay Textile. Thus, at cost, VLEW holds 24 cr worth investment in Veejay Textile.The company always endeavours to be zero stock company ,delivers all machines manufactured and stock of finished machineries normally remains zero on 31st March.VLEW investment at cost in spinning mill stands at Rs 24 crores. Current market cap of VLEW is just Rs 25 crores which means investors are getting VLEW just for Rs 1 crore (although market value of its 24 crore investments should be more than 60 crores).Finally considering that VLEW is monopoly producer in organised sector of twisters and automatic cone winders, above valuations are quite cheap.Numbers are expected to be decent in the present fiscal and stock is trading at less than 4 times its expected fy12 earnings.A safe defensive counter meant to provide investors with 15-18% CAGR returns over the coming 3-5 years.

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