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Tuesday, May 22, 2012

Inter Globe Finance Ltd:Buy/sell/growth prospects and recommendation,news and results,target and analysis,view and outlook,multibagger

Scripscan:Inter Globe Finance Ltd

Investing-reflections:Inter Globe Finance is a non-banking finance company (NBFC) operating out of Kolkata.It conducts three activities, which are – financing, inter-corporate investments, and capital market operations. Net interest income forms the largest component of income.The company has undergone a lot of restructuring in the recent past, which involved a reduction in share capital and then the issue of shares to amalgamate 22 companies into itself, which included the induction of new promoters into the fold.The company repaid its debt with the new equity infusion. It owned about 4cr of quoted investments at market. Loans to companies of about 7cr formed the bulk of remaining assets (creditworthiness and loan underwriting standards unknown).Due to the restructuring and new management, analysis of the past record appears to be futile except to the extent that past accumulated losses are now wiped out and future prospects are uncertain.Management plans to expand the company’s financial products/service offerings and also enter into warehousing activities, in which their competence is unknown.The lending activities are subject to the risks of changing interest rates, credit misappraisals, economic downturns and the capital market activities are exposed to financial market risks.Worryingly, the company is actively attempting to increase its borrowing power to aggressively expand loan portfolio in the next year or two.

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