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Rites Limited incorporated in 1974,RITES Ltd is a government of India enterprise, under the aegis of Indian Railways.RITES Ltd an ISO 9001:2008 company, is multi-disciplinary consultancy organization in the fields of transport, infrastructure, and related technologies. It provides a comprehensive array of services under a single roof and belives n transfer of technology to client organizations. In overseas project s, Rites actively pursues and develops cooperative links with local consultants/firms, as means of maximum utilization of local resources and as an effective instrument of sharing its expertise.
Since its inception, the company has evolved from providing transport infrastructure consultancy and quality assurance services and have developed expertise in:
In India, the clients include various central and state government ministries, departments, instrumentalities as well as local government bodies and public sector undertakings. These include Indian Railways, NTPC, Dedicated Freight Corridor Corporation of India Limited, High Speed Rail Corporation of India Limited, Public Works Department, , Steel Authority of India Limited, Rashtriya Ispat Nigam Limited, Hindustan Petroleum Corporation Limited, Bharat Coking Coal Limited, Metro Link Express for Gandhinagar and Ahmedabad (MEGA) Company Limited, Indian Port Rail Corporation Limited, Airports Authority of India, among others. The company also engages with various large private sector corporations including L&T Metro Rail (Hyderabad) Limited, Kanti Bijlee Utpadan Nigam Limited (KBUNL), Cimmco Limited, Titagrah Wagons Limited, Snowmex Engineers Limited, Unity Infraprojects Limited, Rajdeep Buildcon Private Limited, Mahalsa Constructions Private Limited, Marymatha Constructions Limited, AFCON Infrastructure Limited, INCAP, ARK Services, MNEC Consultants Private Limited, Indian Geotechnical Services Limited, Geokno India Private Limited and NATRIP Implementation Society among others.
Company Promoters:
The Promoter of the company is the President of India acting through the MoR. The Promoter currently holds, directly and indirectly (through his nominees), 100% of the pre-Offer paid-up Equity Share capital of the Company.
Company Financials:
| Summary of financial Information (Restated) | ||||||
| Particulars | For the year/period ended (in Rs. Millions) | |||||
| 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | 31-Mar-13 | ||
| Total Assets | 48,031.69 | 44,092.06 | 36,056.30 | 36,363.82 | 32,867.96 | |
| Total Revenue | 15,637.21 | 12,267.27 | 11,591.07 | 12,234.70 | 10,830.52 | |
| Profit After Tax | 3,624.16 | 2,827.31 | 3,122.88 | 2,605.36 | 2,330.57 | |
The objects of the Offer are:
1. To carry out the disinvestment of 24,000,000 Equity Shares held by the Selling Shareholder in the Company, equivalent to 12% of the issued, subscribed and paid up Equity Share capital of the Company as part of the Net Offer, and such Equity Shares that may be reserved for Employee Reservation Portion, if any, subject to necessary approvals
2. To achieve the benefits of listing the Equity Shares on the Stock Exchanges.
Issue Open: Jun 20, 2018 – Jun 22, 2018
Issue Type: Book Built Issue IPO
Issue Size: 25,200,000 Equity Shares of Rs 10 aggregating up to Rs 466.20 Cr
Face Value: Rs 10 Per Equity Share
Issue Price: Rs 180 – Rs 185 Per Equity Share
Market Lot: 80 Shares
Minimum Order Quantity: 80 Shares
Listing At: BSE, NSE
Company Contact Information
RITES LTD.
RITES BHAWAN, 1, Sector 29, Gurgaon,
Haryana, India-122001
Ph No. : 91-124-2571666
Fax No. : 91-124-2571660
Email : info@rites.com
Incorporated in 1970, Bharat Dynamics Ltd is Hyderabad based wholly-owned GoI Company engaged in the manufacture of surface to Air missiles (SAMs), Anit-Tank Guided Missiles(ATGMs), underwater weapons, launchers, countermeasures and test equipment. Bharath Dynamic have 3 manufacturing facilities located in Hyderabad , Bhanur and Visakhapatnam.
Company is the sole supplier of SAMs and ATGMs. Company is also the sole supplier of SAMs and ATGMs to the Indian armed forces. Additionally, Company is engaged in business refurbishment and life extension of missiles manufactured. Company is intend to offer products such as AKASH SAM light weight torpedoes and counter measure dispensing system to the international markets in near future.
Bharat Dynamics have over 3165 full-time employees, which includes 863 engineers.
Competitive Strengths
Company Promoters:
The promoter of the company is the president of India acting through the Ministry of Defence. Promoter along with its nominees, currently holds 100% of the pre-Offer Equity share capital of the company.
Company Financials:
| Particulars | For the year/period ended (in Rs. million) | ||
| 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | |
| Total Assets | 86,007.92 | 96,406.32 | 84,119.70 |
| Total Revenue | 51,980.73 | 46,013.75 | 32,532.28 |
| Profit After Tax | 4,903.19 | 5,620.69 | 4,435.48 |
Objects of the Issue:
The objects of the Offer are:
Issue Detail:
»» Issue Open: Mar 13, 2018 – Mar 15, 2018
»» Issue Type: Book Built Issue IPO
»» Issue Size: 22,451,953 Equity Shares of Rs 10 aggregating up to Rs 960.94 Cr
»» Face Value: Rs 10 Per Equity Share
»» Issue Price: Rs 413 – Rs 428 Per Equity Share
»» Market Lot: 35 Shares
»» Minimum Order Quantity: 35 Shares
»» Listing At: BSE, NSE
A discount of Rs 10 per equity share on offer price is offered to retail and employees.
Lead Managers : IDBI CAPITAL MARKETS & SECURITIES LIMITED
SBI CAPITAL MARKETS LTD.
IDBI CAPITAL MARKETS & SECURITIES LIMITED
SBI CAPITAL MARKETS LTD.
YES SECURITIES (INDIA) LTD.
YES SECURITIES (INDIA) LTD.
Incorporated in 1991, Godrej Agrovet is India based agri-business Company offering products including Animal Feed, Crop Protection, Oil Palm, Dairy and Poultry and Processed Foods. Godrej Agrovet is leading animal feed company and the largest crude palm oil producer in India.
Product Portfolio
Company Strengths:
1. Pan-India presence with extensive supply and distribution network.
2. Diversified businesses with five business verticals.
3. Emphasis on R&D
4. Part of the Godrej group. Part of strong ‘Godrej’ brand.
5. Leading position in the segments it operate.
Objects of the Issue:
The Issue comprises a Fresh Issue and an Offer for Sale.
Offer for Sale
Each of the Selling Shareholders will be entitled to the respective portion of the proceeds of the Offer for Sale net of their proportion of Issue related expenses. Our Company will not receive any proceeds from the Offer for Sale.Except for listing fees which shall be solely borne by our Company, all Issue expenses will be shared, upon successful completion of the Issue, between our Company and the Selling Shareholders on a pro-rata basis, in proportion to the Equity Shares issued and allotted by our Company in the Fresh Issue and the Equity Shares sold by the Selling Shareholders in the Offer for Sale.
Fresh Issue
Our Company proposes to utilise the Net Proceeds from the Fresh Issue towards:
(i) repayment or prepayment of working capital facilities availed by our Company;
(ii) repayment of commercial papers issued by our Company; and
(iii) general corporate purposes, subject to the applicable laws.
Issue size is between Rs 1145 to 1157 Cr. The public issue of Godrej Agrovet Limited
The Promoters of the Company are Nadir B Godrej and Adi B Godrej
Godrej One, 3rd Floor, Pirojshanagar, Eastern Express Highway, Mumbai, Maharashtra – 400079
Phone: 25194416 Fax: 25195124. http://www.godrejagrovet.com
Incorporated in 1969, Cochin Shipyard Limited is one of the largest public sector shipyard in India in terms of dock capacity. They operates a shipyard that provides ship building and ships/offshores repair service.
Cochin Shipyard’s shipbuilding activities include the construction of vessels for clients operating in the defense and in the commercial sector shipping industry. In addition to shipbuilding and ship repair, they also offers marine engineering training programs as well as offer additional courses, including 6 months practical training for marine engineering students from colleges affiliated to universities, fire prevention and fire fighting , and elementary first aid training through its marine engineering training institute; and chemical, mechanical, and non destructive testing services of metals, welds, and alloys.
They have and delivered vessels across broad classification including bulk carriers, tankers, platform supply vessels(PSVs) , Anchor handling Tug supply vessels (AHTSs) , barges, bollard pull tugs, passenger vessels and fast patrol vessels(FPVs).They are currently building India’s first Indigenous Aircraft Career(IAC) for the Indian Navy.
Company Promoters:
The Promoter is the President of India acting through the Ministry of Shipping. the Promoter, along with its nominees, currently holds 100% of the pre-Issue paid-up equity share capital of the Company. After this Issue, the Promoter shall hold 75% of the post Issue paid-up equity share capital of the Company. As the Promoter is the President of India, acting through the Ministry of Shipping, disclosures on the Promoter Group (defined in regulation 2(zb) of the SEBI ICDR Regulations) as specified in Schedule VIII of the SEBI ICDR Regulations have not been provided.
| Summary of financial Information (Consolidated) | ||||
| Particulars | For the year/period ended (in Rs. Million) | |||
| 31-Mar-17 | 31-Mar-16 | 31-Mar-15 | ||
| Total Assets | 33,164.37 | 33,488.61 | 28,912.85 | |
| Total Revenue | 22,085.01 | 20,968.81 | 16,604.52 | |
| Profit After Tax | 3,121.82 | 2,917.52 | 692.82 | |
Company proposes to utilize the Net Proceeds towards funding of the following objects:
Discount of Rs 21 is offered to RII and Employee. Discounted price band is Rs 403 – Rs 411 for Retail and Employee.
Company Contact details:
Cochin Shipyard Ltd
Administrative Building,
Cochin Shipyard Premises,
Perumanoor, Kochi – 682015
Phone: +91 (484) 2501306
Fax: +91 (484) 2384001
Email: secretary@cochinshipyard.com
Website: http://www.cochinshipyard.com
Incorporated in 1985, Security and Intelligence Services (India) Limited provides private security and facility management services in India and Australia. They offers cash logistics; security services, including manned guarding, cash logistics, and electronic security; and facility management services, such as mechanized cleaning, and pest and termite control services.
SiS servers customers that operate in various industries and sectors, which include banking and financial services, IT/ITeS and telecom, automobile, steel and heavy industries, governmental undertakings, hospitality and real estate, utilities, educational institutions, healthcare, consumer goods, engineering, and construction.
SIS Group is present across all the 29 states in India. They have joint ventures with affiliates of Prosegur Compañía de Seguridad, S.A and Terminix International Company, L.P. (“Terminix”), a multi-national provider of termite and pest control services.
Company Promoters:
The promoters of the company are:
Voter ID Number : RAB0546127
Company Financials:
| Summary of financial Information (Consolidated) | ||||||
| Particulars | For the year/period ended (in Rs. Million) | |||||
| 31-Mar-16 | 31-Mar-15 | 31-Mar-14 | 31-Mar-13 | 31-Mar-12 | ||
| Total Assets | 5,173.28 | 4,393.85 | 3,629.42 | 3,038.69 | 2,370.46 | |
| Total Revenue | 12,873.22 | 10,562.87 | 8,244.94 | 5,826.73 | 4,648.84 | |
| Profit After Tax | 339.08 | 246.38 | 332.15 | 298.93 | 110.53 | |
The object of the issue are:
Issue Profile:
Company Address
Security and Intelligence Services (India) Ltd
Annapoorna Bhawan,
Telephone Exchange Road,
Kurji, Patna 800 010
Phone: +91 612 226 6666
Fax: +91 612 226 3948
Email: compliance@sisindia.com
Website: http://www.sisindia.com
Description
Unit Linked Insurance Plans refer to Unit Linked Insurance Plans offered by insurance companies. These plans allow investors to direct part of their premiums into different types of funds (equity, debt, money market, hybrid etc.). Where as
A mutual fund pools the money from investors and uses it to invest in various securities according to a pre-specified investment objective. Both unit Linked Insurance Plans and Mutual Funds expose investors to market risks.
Objective
Unit Linked Insurance Plans are long term plans offering you a dual benefit of insurance and investment. Where as Mutual funds are ideal investment tool for the short to medium term.
Regulatory
ULIP is regulated by Insurance Regulatory and Development Authority (IRDA) Where as Mutual funds are regulated by Securities and Exchange Board of India (SEBI).
Tax Benefits
All Unit Linked Plans offer tax benefits under section 80C. While in Mutual Funds, only investments in tax saving funds are eligible for section 80C benefits.
Switching
Unit Linked Plans allows you to switch your investment between the funds linked to the plan. This enables you to change the risk return. But in Mutual Funds, no switching option is available. If you are not satisfied with the performance of the fund you can exit completely from the same by paying exit charges, if applicable.
Additional Benefits
Some of the Unit Linked Plans give you an additional benefit or loyalty benefit by issuing extra fund units. But there are no additional benefits issued by mutual funds.
Potentials of returns
Since ULIPs invest in relatively low risk products, the potential of returns is also low. The reason is that they have to promise sum assured irrespective of whether the plan makes money. Mutual funds are of different varieties. Equity oriented mutual funds give higher returns than the hybrid ones. Hybrid mutual funds offer better returns than debt funds.
Liquidity and Lock in
Unit Linked Plans have limited liquidity. One needs to stay invested for a minimum period of time as specified in the policy (lock period minimum 3-5 years) before redeeming the units. Where as you can easily sell mutual fund units (except for Equity Linked Savings Scheme and funds that have a minimum lock-in period).
Money utilization
The premium payments towards ULIP go towards the expenses, insurance Cover and equity mutual funds, where as the premium payments towards mutual funds goes towards the expenses and towards the stocks.
Charges
Charges in a unit linked plan include mortality charges for the life insurance provided. In addition, premium allocation charge, fund management charge and administration charges are applicable. Where as mutual fund charges include an entry load, the annual fund management charge and an exit load, if applicable.
Conclusion
ULIPs and Mutual funds offer a variety of products based on risk profile. Investors should understand their risk profile and investment period and then decide accordingly. If an investor has low risk profile and an investment horizon of 3 years, investing in ULIPs or mutual funds with major portion in equity is not a good idea. Similarly an investor with longer investment horizon and high risk appetite should go for equity oriented mutual fund or ULIPs with bigger exposure to equities.
ULIPs and mutual funds both have their benefits, and comparing them is like comparing apples and oranges. But it is important as an investor to consider that ULIPs are long term plans. As a product, ULIP have evolved with time, they much better than they were in their earlier edition.
If liquidity is the main concern then it is better to go for mutual funds without lock in period. But ULIPs offer an additional option to switch funds to enhance or protect the fund value. They come with lower costs and lesser risks in the long run.
Contributed By ::
B Sridhara Subudhi
Introduction:
REITs is a mode of investment in real estate which is modelled after Mutual Funds. It allows both small and large investors to acquire ownership in real estate ventures, in some cases operate commercial properties such as complex, shopping malls, hotels, warehouses etc.
Reit invests in real estate through property or mortgages and is traded on major exchanges like stock.
REITs provide investors with highly liquid stake in real estate. They receive special tax consideration and are offered high dividend yield.
Types of Reits:
It allows investors to own the property and generate revenue by letting out for rent. They are responsible for the equity or value of their real estate assets. Their revenue comes from leasing space to tenants. These rents are distributed to shareholders as dividends. Equity Reits may sell the property holdings, which affects the capital appreciation, reflected in dividends.
2.Mortgage Reits:
It allows investors to earn property mortgages, purchase mortgage properties and loan money. Profits from these Reits are received from the interest earned on the mortgage loan.
Both equity and mortgage Reits when combined are called hybrid Reits. Hybrid Reits invest both in properties and mortgages.
Other Types: (Popular In US Market)
These Reits invest in shopping malls and freestanding retail stores. It is considered as the single biggest investment type in America. They make money from the rent they charge from tenants. Preferably, rents from these units should have good profits, low debt, strong balance sheets.
These Reits own and operate multi-family rental apartment building and manufactured housing. They focus on large urban centres.
These Reits invest in hospitals, retirement homes and other healthcare centres. They are beneficial as long as the healthcare system is in place and healthcare funding is strong.
These invest in office buildings and receive rental income from tenants. An investor should look into metrics like economy, unemployement, vacancy rates, before investing in office Reits.
Legal Regulations:
Process of REIT:
REIT is a process to generate funds from a lot of investors to directly invest in profitable real estate. All trusts with REIT will be listed with the stock exchanges, REIT assets will be held with independent trustees for investors.
Objective:
REIT’S objective is to provide the investors with dividends that are generated from the capital gains accruing from the sale of commercial assets. It is also supposed to provide diversified and safe investment opportunities with reduced risks and ensure maximum return on investments.
Advantage:
90% of distributable cash at least twice in a year
REIT will showcase the full valuation on a yearly basis and will also update it on half-yearly basis.
According to the guidelines, REIT should invest in a minimum of two projects with 60% asset value in a single project
At least 80% of the assets will have to be invested into revenue generating and completed projects. Remaining 20% can include under construction projects, equity shares of the listed properties, mortgage-based securities.
Selecting a REIT:
While assessing a Reit, look for the following things:
REITs In India Till Date:
The REIT platform has already been approved by the Securities and Exchange Board of India (SEBI).
The real estate sector in India has not been a profitable venture in the past few years. The introduction of REITs will open up a platform that will allow all kinds of investors (large and small) to make safe and rewarding investments into the Indian real estate market.
Investing in REIT can be compared to investing in Gold Bonds. Indians are partial to buying physical Gold rather than in Gold Bonds. It means having one’s own investment in property will always provide Indians greater satisfaction than mere paper investments.
At the end of the day, REITs are investment instruments and not a means to acquire actual properties.
In 2016 Budget, Modi Government removed the major obstacle in the path of the successful listing of Reits, ie Dividend Distribution Tax (DDT). DDT was exempted on Special Purpose Vehicles(SPV’s). Rules for REITS were relaxed. SPVs are now allowed have holdings in other SPV structures and the limit on number of sponsors has also been removed.
Future Scope:
Conclusion:
Though there is not much buzzing about Reits in India at present, it will soon gain importance in the near future as there are initiatives coming up by concerned regulating authorities.
Contribution By:
R. Rupa and V.N.M.Kishore
Tradewell Securities Ltd 