Initiating Coverage | Auto Ancillary
November 23, 2015
Jamna Auto Industries
ACCUMULATE
CMP
`234
Play on MHCV upcycyle
Target Price
`258
Jamna Auto Industries (JAI) is engaged in the manufacturing of suspension
Investment Period
12 Months
products for commercial vehicles viz leaf springs and lift axles. It is the market
leader in the MHCV OEM springs commanding market share of about 60%, while
Stock Info
it has a 15% share in the aftermarket springs segment.
Sector
Auto Ancillary
Recovery in OEM segment coupled with aftermarket focus to drive growth
Market Cap (` cr)
890
The MHCV industry is clearly in an upcycle and is poised to grow at 16% CAGR
Net Debt (` cr)
54
over the FY2015-2018 period. This would be on account of economic pick-up
Beta
1.1
leading to uptick in freight, huge pent up demand due to low base (industry had
52 Week High / Low
275 / 130
halved over FY2013-2014 period), and improving profitability of the fleet
Avg. Daily Volume
4,346
operators on account of firm freight rates and decline in diesel prices. The
Face Value (`)
10
industry is likely to reach pre-slowdown levels by FY2018. Apart from growth in
BSE Sensex
25,868
the springs segment, JAI is witnessing robust demand for lift axles used in multi
axle vehicles (JAI commenced supplies to market leader Ashok Leyland). JAI is
Nifty
7,857
also in negotiation with high-end bus manufacturers for supplies of air suspension
Reuters Code
JMNA.BO
systems. We expect the share of new products to inch up from 4% of revenues in
Bloomberg Code
[email protected]
FY2015 to 7% by FY2018. We expect JAI to clock 14% revenue CAGR over the
next three years.
Shareholding Pattern (%)
Operating leverage, raw material localization and new products to
Promoters
43.8
augment margins
MF / Banks / Indian Fls
1.9
JAI would reap benefits of operating leverage on account of healthy double-digit
top-line growth. Steep reduction in crude prices due to slowdown would lower the
FII / NRIs / OCBs
1.0
power and fuel costs which account for 7% of the top-line. Further, increasing
Indian Public / Others
53.3
share of high margin products such as parabolic leaf springs and lift axles (new
products’ share would go up from 22% currently to about 30% by FY2018) would
also augment margins for the company. We estimate JAI’s operating margins to
Abs. (%)
3m 1yr 3yr
improve by 130bp over the next three years.
Sensex
(6.3)
(7.8)
41.1
JMNA
6.6
60.0
127.9
Outlook and valuation: JAI’s top-line is estimated to grow at 14% CAGR on
account of uptick in the MHCV OEM segment and ramp up of new products, ie
parabolic leaf springs and lift axles. Further, operating leverage coupled with a
3-Year Daily price chart
better product mix and savings on energy costs would enhance margins. We
300
expect JAI’s earnings to grow at a CAGR of 35% over FY2015-2018. JAI’s return
250
ratios are also estimated to improve on account of margin expansion, better working
200
capital management and lower gearing. We initiate coverage on JAI with an
150
Accumulate rating and target price of `258 (based on 15x FY2018E earnings).
100
Key financials
50
Y/E March (` cr)
FY2015
FY2016E
FY2017E
FY2018E
0
Net sales
1,095
1,292
1,486
1,620
% chg
31.4
18.0
15.0
9.0
Net profit (Adj.)
29
48
60
68
Source: Company, Angel Research
% chg
NA
64.5
25.3
14.9
EBITDA margin (%)
8.6
9.3
9.8
9.9
EPS (`)
7.3
12.0
15.0
17.2
P/E (x)
32.2
19.6
15.6
13.6
P/BV (x)
4.7
4.0
3.4
2.9
RoE (%)
14.7
20.7
21.8
21.3
RoCE (%)
23.2
25.1
27.1
27.3
Bharat Gianani
EV/Sales (x)
0.9
0.8
0.7
0.6
022-39357800 Ext: 6817
EV/EBITDA (x)
10.4
8.4
7.0
6.2
[email protected]
Source: Company, Angel Research; CMP as on Nov 20, 2015
Please refer to important disclosures at the end of this report
1
Jamna Auto Industries | Initiating Coverage
Investment Arguments
MHCV industry in upcycle; expect 16% CAGR over FY2015-18
After two consecutive years of double-digit dip, the MHCV industry resurged
strongly in FY2015, reporting a healthy growth of 17%. Policy actions by the
government led to economic recovery. Further, government actions in terms of
clearing stalled projects, increased infrastructure activity, and resumption of mining
have further boosted MHCV sales. Also, improvement in fleet operators’
profitability due to firm freight rates and reduction in diesel prices have also
boosted demand. Huge pent up demand due to severe slowdown in FY2013/14
coupled with economic revival has stoked demand.
The MHCV industry is clearly in an upcycle and we expect the industry to maintain
double-digit growth momentum and clock 16% CAGR over FY2015-2018 period.
Given the pace of recovery, the MHCV segment should reach pre-slowdown levels
(levels seen in FY2012) by FY2018. JAI derives about 70% of its revenues from the
MHCV OEM segment and would be a beneficiary of the strong demand.
Exhibit 1: MHCV industry trend
Exhibit 2: Trend in freight rates and diesel prices
2.5
30.0
400,000
Implied
2.0
20.0
350,000
CAGR 16%
300,000
1.5
10.0
250,000
200,000
1.0
0.0
150,000
0.5
(10.0)
100,000
0.0
(20.0)
50,000
0
Freight Growth (%)
Diesel Price growth (%)
Source: SIAM, Angel Research
Source: SIAM, Angel Research
New product launches to boost top-line
Under the “Lakshya” initiative, JAI is aiming for 33% revenue contribution from
new products. JAI is focusing on new products such as parabolic leaf springs, lift
axles and air suspension systems. JAI has been a pioneer in introducing parabolic
springs (currently holds 95% market share) which are more strong as compared to
conventional springs and offer more driving comfort. The penetration of parabolic
springs currently stands at 18% and is expected to reach 25% levels over the next
three years.
JAI aims to be a leader in automobile suspension solutions. It aims to be a full
suspension system provider and has expanded its product profile. In 2013, JAI
ventured into manufacturing of lift axles and air suspensions with technological
collaboration with Ridewell Corporation, USA. JAI successfully commenced
supplies of lift axles to Ashok Leyland in FY2013 and is in negotiation with other
OEMs. The share of lift axles in the overall revenues increased to 4% in FY2015.
Similarly, JAI is also negotiating with SML Isuzu for commencing supplies of air
November 23, 2015
2
Jamna Auto Industries | Initiating Coverage
suspension systems. We expect the share of new products to improve from 22% to
30% by FY2018.
Exhibit 3: Lift axles
120
8
100
6
80
60
4
40
2
20
0
0
FY13
FY14
FY15
FY16E
FY17E
FY18E
Lift axle (` cr)
% of revenues
Source: Company, Angel Research
Operating leverage, lower energy prices coupled with better
product mix to improve margins
JAI’s revenues are likely to grow at 14% CAGR over the next three years owing to
steep uptrend in the MHCV OEM segment. The company is likely to draw benefits
of operating leverage due to double digit top-line growth. Also, given the slump in
oil prices due to slowdown in China, the energy cost for the company (forming
about 7% of the revenues) is likely to remain lower resulting into margin
improvement.
Also, JAI is likely to benefit from a better product mix viz lift axles and parabolic
springs. The MHCV industry is increasingly adopting technologically advanced
parabolic springs which offer more driver comfort and are long lasting as
compared to conventional springs. Parabolic springs fetch about 20% more
realisaton as well as better margins. JAI is the pioneer in introduction of parabolic
springs and already commands 95% market share. The share of parabolic springs
is likely to increase from 18% to 25% over the next three years. Also, the share of
lift axles is likely to inch up given the ramp up of supplies. We expect JAI’s margins
to improve by 130bp over the next three years.
November 23, 2015
3
Jamna Auto Industries | Initiating Coverage
Exhibit 4: EBIDTA margins to improve
Exhibit 5: Energy cost trend
150
12
25
10
9
120
10
20
8
15
90
8
7
10
6
60
6
5
5
30
4
0
4
0
2
FY11
FY12
FY13
FY14
FY15
FY16E FY17E FY18E
EBIDTA (` cr)
Margin (%)
Power and Fuel Costs (` cr)
% of sales
Source: Company, Angel Research
Source: Exchange rates, Angel Research
Margin improvement coupled with improvement in leverage to
boost return ratios
JAI’s margins are estimated to improve by 130bp from 8.6% in FY2015 to 9.9% in
FY2018. Also, JAI is following better working capital management by adopting
just-in-time approach (leading to lower inventory) and having better negotiation
terms with customers. Given the robust top-line growth coupled with improved
working capital cycle, JAI’s capital expenditure is likely to be met through internal
accruals. JAI’s debt/equity ratio is likely to remain low at 0.3x. Given the above
factors, we expect JAI’s RoCE to improve from 23.2% in FY2015 to 27.3% in
FY2018. Similarly, the RoE is estimated to improve from 14.7% in FY2015 to
21.3% in FY2018.
Exhibit 6: Capital Gearing
Exhibit 7: Return ratios
1.4
30
1.2
25
1.0
20
0.8
15
0.6
10
0.4
5
0.2
0
0.0
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
FY12
FY13
FY14
FY15
FY16E
FY17E
FY18E
(5)
Capital Gearing
RoE (%)
RoCE (%)
Source: Company, Angel Research
Source: Company, Angel Research
Focus on Aftermarket segment to augment growth
In a bid to reduce dependence on the OEM business, JAI is focusing on the
aftermarket segment. As per industry estimates, the size of the aftermarket segment
is similar to the OEM (aftermarket size is pegged at `1200cr-1500cr). JAI’s
aftermarket revenues have grown at 15% CAGR over the FY2011-15 period. JAI is
pretty strong in the Northern and Western markets with it deriving about 70% of
the aftermarket revenues from these markets. JAI is expanding dealerships in the
Southern and the Eastern markets as well to boost revenues.
November 23, 2015
4
Jamna Auto Industries | Initiating Coverage
Further as per JAI, the unorganised players currently constitute about half of the
overall aftermarket industry. Unorganised players are mostly from the cottage
industry and do not pay taxes, leading to a price advantage. As per the
Management, the rollout of GST would virtually eliminate the pricing advantage of
the unorgainsed players. Organised players such as JAI would benefit from GST
and are likely to see market share gains.
November 23, 2015
5
Jamna Auto Industries | Initiating Coverage
Management targets
JAI has a vision to be a leader in automobile suspension solutions. To achieve this,
the Management has charted out an action plan - Lakshya 33. Lakshya 33
envisages the following:
33% revenue from new products: JAI aims to derive one-third of its revenues
from new products. JAI has successfully introduced new products viz lift axles,
air suspension systems and new generation springs.
33% revenues from new markets: The Management is aiming to derive one-
third of the revenues from new segments, viz the aftermarket segment and
exports. The company is strengthening its dealer network in Eastern and
Southern markets to boost aftermarket sales. Further, JAI is setting up a plant
in Hosur to supply to global OEMs, viz General Motors and Ford.
Lower breakeven point: JAI is aiming to lower the breakeven point to 33% of
the installed capacity. The Management aims to achieve this by focusing on
operational efficiencies and reducing fixed costs.
RoCE and dividend payout of 33%: The Management aims to achieve RoCE
of 33%, led by lowering the breakeven point and a better product mix.
Further, to award shareholders, the Management would increase the dividend
payout to 33%.
November 23, 2015
6
Jamna Auto Industries | Initiating Coverage
Outlook and Valuation
JAI’s top-line is estimated to grow at a CAGR of 14% on account of uptick in the
MHCV OEM segment and ramp up of new products, ie parabolic leaf springs and
lift axles. Further, operating leverage coupled with a better product mix and
savings on energy costs would enhance margins. We expect JAI’s earnings to grow
at a CAGR of 35% over FY2015-2018. JAI’s return ratios are also estimated to
improve on account of margin expansion, better working capital management and
lower gearing. We initiate coverage on JAI with an Accumulate rating and target
price of `258 (based on 15x FY2018E earnings).
Exhibit 8: One-year forward EV/Sales band
1,400
1,200
1,000
800
600
400
200
0
EV (` cr)
0.3x
0.5x
0.7x
0.9x
Source: Company, Angel Research
Company Background
Jamna Auto Industries Ltd is India's largest and world's third largest manufacturer
of tapered leaf springs and parabolic springs for automobiles. The company was
first to introduce parabolic springs in India. It has six strategically located
manufacturing facilities at Yamuna Nagar, Malanpur (near Gwalior), Chennai,
Jamshedpur, Hosure and Pantnagar (under subsidiary entity). The company is the
market leader with 57% market share in the Indian OEM segment and produces
over 410 modes of springs for OEMs.
November 23, 2015
7
Jamna Auto Industries | Initiating Coverage
Exhibit 9: Manufacturing footprint
Pant
1. TATA Motors
Nagar
2. Ashok Leyland
Ropar
1. SML ISUZU
Lucknow
TATA Motors
JAI - Pantnagar
Indore
1. VECV
JAI - Yam
2. Force Motors
3. MTI
JAI - Gwal
Bhuj
1. AMW
Jamshedpur
TATA Motors
1. VOVLO
JAI - Hosur
2. Ashok Leyland
1. Ashok Leyland
Chennai
M Plants
Bangalore
3. Kamaz Vectra
2. Bharat Benz (Daimler)
JAI Existing Plants
4. Leyland Nissan
ai
3. Renault Nissan
5. Scania
4. Ford India
5. ISUZU -Coming up in 2014
Source: Company, Angel Research
JAI is the domestic leader in the manufacturing of leaf springs for commercial
vehicles. It has a well established client base supplying to major domestic
customers such as Tata Motors, Ashok Leyland, Volvo Eicher Commercial Vehicles
and foreign players such as Daimler India. Springs constitute about 95% of the
company’s sales. Conventional springs contribute 77% of the revenues while the
parabolic springs account for 19%. The recently introduced lift axles constitute 4%
of the top-line. The MHCV segment contributes a major chunk of revenues for the
company, forming about 90% of the overall top-line. Besides the MHCV segment,
JAI also supplies to the LCV segment which constitutes about 10% of the revenues.
Exhibit 10: Product breakup
Exhibit 11: Segmentwise breakup
Lift axles, 4%
Parabolic leaf
springs, 19%
LCV,
10%
Conventional
MHCV, 90%
leaf springs,
77%
Source: Company, Angel Research
Source: Company, Angel Research
The OEM segment is the largest contributing segment, accounting for about 84%
of revenues. Aftermarket is the second largest segment constituting ~15% of the
revenues. Exports currently constitute about 1% of the overall sales.
November 23, 2015
8
Jamna Auto Industries | Initiating Coverage
Exhibit 12: Client base
Domestic customers
International customers
Tata Motors, Ashok Leyland, VECV,
Daimler India, Volvo, Renault-Nissan,
Swaraj Mazda, AMW, Mahindra & Mahindra Isuzu, Ford, General Motors
Source: Company, Angel Research
Exhibit 13: Customer segmentation
Exports, 1%
Aftermarket,
15%
OEM , 84%
Source: Company, Angel Research
November 23, 2015
9
Jamna Auto Industries | Initiating Coverage
Profit & Loss Statement
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016E
FY2017E
FY2018E
Total operating income
980
833
1,095
1,292
1,486
1,620
% chg
(12.5)
(15.0)
31.4
18.0
15.0
9.0
Total Expenditure
895
785
1,001
1,172
1,340
1,459
Net Raw Materials
645
563
735
863
988
1,077
Personnel
60
60
69
79
89
97
Other
190
162
197
230
263
285
EBITDA
85
48
94
120
146
160
% chg
(17.6)
(43.6)
95.9
27.2
21.2
10.1
(% of Net Sales)
8.7
5.8
8.6
9.3
9.8
9.9
Depreciation & Amortisation
29
26
31
37
43
46
EBIT
59
24
65
86
106
118
% chg
(19.9)
(58.7)
168.7
31.0
23.3
11.6
(% of Net Sales)
6.0
2.9
6.0
6.6
7.1
7.3
Interest & other Charges
27
24
18
14
16
15
Other Income
2
2
2
3
3
4
PBT (recurring)
32
0
47
72
90
103
% chg
(41.2)
(99.2) 17,639.2
51.3
25.1
14.8
Extraordinary Expense/(Inc.)
-
16
-
-
-
-
PBT (reported)
32
17
47
72
90
103
Tax
4
3
18
24
30
34
(% of PBT)
13.8
17.2
38.0
33.0
33.0
33.0
Minority Interest
0
0
0
-
-
-
Preference dividend
0
0
0
0
0
0
PAT (reported)
27
14
29
48
60
68
ADJ. PAT
27
(0)
29
48
60
68
% chg
(33.0)
NA
NA
64.5
25.3
14.9
(% of Net Sales)
2.8
(0.0)
2.6
3.7
4.0
4.2
Basic EPS (`)
6.9
3.4
7.3
12.0
15.0
17.2
Fully Diluted EPS (`)
6.9
(0.0)
7.3
12.0
15.0
17.2
% chg
(33.0)
NA
NA
64.5
25.3
14.9
November 23, 2015
10
Jamna Auto Industries | Initiating Coverage
Balance sheet statement
Y/E March (` cr)
FY2013 FY2014 FY2015 FY2016E FY2017E FY2018E
SOURCES OF FUNDS
Equity Share Capital
43
41
40
40
40
40
Reserves& Surplus
132
140
157
190
233
282
Shareholders Funds
175
182
196
230
273
322
Total Loans
166
125
64
90
95
85
Deferred Tax Liability
16
15
16
16
16
16
Other long term liab.
1
1
1
1
1
1
Long term provisions
3
3
4
5
6
8
Total Liabilities
360
326
282
342
391
432
APPLICATION OF FUNDS
Gross Block
463
467
479
579
669
729
Less: Acc. Dep.
198
208
237
274
317
363
Net Block
265
259
242
305
352
366
Capital WIP
17
2
8
3
3
3
Investments
5
0
0
0
0
0
Long Loans and adv.
39
32
39
47
53
58
Current Assets
274
245
206
243
272
322
Cash
15
14
11
8
3
14
Other
259
231
196
234
270
308
Current liabilities
241
213
214
256
291
318
Net Current Assets
32
32
(8)
(13)
(18)
4
Total Assets
360
326
282
342
391
432
November 23, 2015
11
Jamna Auto Industries | Initiating Coverage
Cash flow statement
Y/E March (` cr)
FY2013
FY2014
FY2015
FY2016E FY2017E FY2018E
Profit before tax
32
17
47
72
90
103
Depreciation
19
10
29
37
43
46
Change in Working Capital
9
(1)
37
3
(1)
(11)
Others
1
0
2
0
1
2
Direct taxes paid
(4)
(3)
(18)
(24)
(30)
(34)
Cash Flow from Operations
57
23
96
88
103
105
(Inc.)/ Dec. in Fixed Assets
(28)
11
(17)
(95)
(90)
(60)
(Inc.)/ Dec. in Investments
0
5
0
0
0
0
(Inc.)/ Dec. in Loans & Adv
2
7
(7)
(7)
(7)
(5)
Cash Flow from Investing
(26)
23
(24)
(102)
(97)
(65)
Issue of Equity
0
(2)
(2)
0
0
0
Inc./(Dec.) in loans
(17)
(41)
(61)
26
5
(10)
Dividend Paid (Incl. Tax)
(8)
(4)
(9)
(14)
(17)
(19)
Others
(1)
(1)
(4)
0
0
0
Cash Flow from Financing
(25)
(47)
(75)
11
(12)
(29)
Inc./(Dec.) in Cash
5
(1)
(3)
(2)
(6)
11
Opening Cash balances
10
15
14
11
8
3
Closing Cash balances
15
14
11
8
3
14
November 23, 2015
12
Jamna Auto Industries | Initiating Coverage
Key ratios
Y/E March
FY2013
FY2014
FY2015
FY2016E
FY2017E
FY2018E
Valuation Ratio (x)
P/E (on FDEPS)
34.1
NA
32.2
19.6
15.6
13.6
P/CEPS
16.5
36.0
15.5
11.0
9.1
8.1
P/BV
5.3
5.1
4.7
4.0
3.4
2.9
Dividend yield (%)
0.9
0.4
0.9
1.5
1.8
2.1
EV/Sales
1.1
1.2
0.9
0.8
0.7
0.6
EV/EBITDA
12.6
21.6
10.4
8.4
7.0
6.2
EV / Total Assets
3.0
3.2
3.5
3.0
2.6
2.3
Per Share Data (`)
EPS (Basic)
6.9
0.0
7.3
12.0
15.0
17.2
EPS (fully diluted)
6.9
0.0
7.3
12.0
15.0
17.2
Cash EPS
14.2
6.5
15.1
21.3
25.8
28.8
DPS
2.0
1.0
2.2
3.6
4.2
4.8
Book Value
43.9
45.7
49.4
57.8
68.6
81.0
Dupont Analysis
EBIT margin
6.0
2.9
6.0
6.6
7.1
7.3
Tax retention ratio
0.9
0.8
0.6
0.7
0.7
0.7
Asset turnover (x)
2.8
2.7
4.0
3.9
3.8
3.9
ROIC (Post-tax)
14.7
6.5
15.0
17.2
18.3
18.9
Cost of Debt (Post Tax)
13.9
15.9
17.4
10.4
11.3
11.8
Leverage (x)
0.9
0.6
0.3
0.4
0.3
0.2
Operating ROE
15.4
0.6
14.3
19.7
20.6
20.5
Returns (%)
ROCE (Pre-tax)
16.4
7.5
23.2
25.1
27.1
27.3
Angel ROIC (Pre-tax)
17.1
7.8
24.1
25.7
27.3
28.2
ROE
15.6
(0.1)
14.7
20.7
21.8
21.3
Turnover ratios (x)
Asset Turnover (Gross Block)
2.1
1.8
2.3
2.2
2.2
2.2
Inventory / Sales (days)
49.0
44.1
36.4
37.0
37.0
38.0
Receivables (days)
39.8
47.5
18.8
19.0
19.0
21.0
Payables (days)
89.9
93.3
71.4
72.3
71.4
71.6
WC cycle (ex-cash) (days)
6.4
7.9
(6.2)
(6.1)
(5.2)
(2.2)
Solvency ratios (x)
Net debt to equity
0.9
0.6
0.3
0.4
0.3
0.2
Net debt to EBITDA
1.8
2.3
0.6
0.7
0.6
0.4
Interest Coverage (EBIT / Int.)
2.2
1.0
3.6
6.1
6.6
7.9
November 23, 2015
13
Jamna Auto Industries | Initiating Coverage
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
regulatory, compliance, or other reasons that prevent us from doing so.
This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced,
redistributed or passed on, directly or indirectly.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Jamna Auto Industries
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
November 23, 2015
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