Sintex Industries Limited(SINTEX) - Anand Rathi Industries Limited(SINTEX) RISK MEDIUM Bloomberg Code SINT IN NSE Code SINTEX Sector PLASTIC PRODUCTS Industry PLASTIC PRODUCTS

Time Horizon – 12 Months

September 1, 2015

VV

AA

LL

UU

EE

CMP: ` ` ` ` 92929292

Target: ` 146` 146` 146` 146

Sintex Industries Limited(SINTEX)

RISK MEDIUM

Bloomberg Code SINT IN

NSE Code SINTEX

Sector PLASTIC PRODUCTS

Industry PLASTIC PRODUCTS

Face Value (`) 1

BV per share (` ) 110

Dividend yield (%) 0.77%

52 Week H/L (`) 136.60/70.10

Market Cap (` mn. ) 66263.76

Key Data (In `̀̀̀ mn) FY14 FY15 FY16E FY17E

Net Sales 58426 70066 84079 101736

EBITDA 10416 12788 16590 20724

EBITDA Margin (%) 16.13 16.88 17.73 18.37

EPS (`) 11.68 12.41 16.33 22.44

Ev/Sales (x) 1.33 1.18 1.00 0.84

Ev/EBITDA (x) 8.25 6.99 5.65 4.58

P/E (x) 8.14 7.66 5.82 4.23

Price Performance CY12 CY13 CY14 YTD

Absolute 3% -48% 182% -11%

Relative -24% -55% 150% -6%

NIFTY 28% 7% 31% -6%

Anand Rathi Research

Source: Company, Anand Rathi Research, Ace Equity

EE

PP

II

CC

kk

Analyst: Ridhi Mehta

[email protected]

Relative stock performance (Aug’14=100)Shareholding Pattern (as on Jun’15)

Sep-14 Dec-14 Mar-15 Jun-15

Promoters 41% 39% 34% 33%

Non-Institutional 38% 36% 36% 40%

Institutional 22% 25% 30% 28%

Total 100% 100% 100% 100% 80

100

120

140

160

180

CNX Nifty Sintex

� Established in 1931, Sintex Industries Limited (SIL), the flagship Company of Sintex group is one of the leading manufacturer of plastics

and composites along with a strong presence in structured fabrics in India. It has a proven track record of pioneering innovative

concepts in plastics and textile sectors in India. Historically, the Company has explored both inorganic and organic growth

opportunities and became leaders in the segments that it operates.

� The Company is headquartered in Kalol (Gujarat) and enjoys a pan-India presence with global footprints spread across 12 countries in

four continents. Sintex has strong presence in the European, American, African, and Asian markets including countries like France,

Germany and USA and serves many reputed Fortune-500 global as well as domestic companies.

� It globally operates through its 30 subsidiaries, which mainly includes Bright Autoplast Ltd., Sintex Infra Projects Limited, Sintex

Wasaukee Composites Inc., USA & its subsidiaries and Sintex NP SAS, a French Company & its subsidiaries.

One of the leading providers of plastics and niche textile-

related products globally


2 Anand Rathi Research

� As on 2015, companies‘ consolidated revenue crossed 70 bn mark with blended margin at 18.11%. It has an uninterrupted 82 years of

dividend payment to its shareholders.

� For Q1 FY16, company registered top line growth of 9% on y-o-y basis on back of healthy growth of 24% in custom molding business.

EBITDA & PAT both grew by 12% on y-o-y basis.

� Sintex aims to be Global market leader across its product range and strive to achieve over Rs 100 Billion Top line by 2017-18.

� With huge government spending in social welfare, its prefabrication segment is expected to see high growth opportunity. The

company will also significantly benefit from new Gujarat textile policy. At CMP the stock is trading at 5.82x FY16E EPS and 4.23x FY17E

EPS. We have assigned PE of 9xs to the current year earnings, here by arriving at a target price of `146 per share.

Source: Company, Anand Rathi Research


SINTEX INDUSTRIES

CUSTOM Molding 44%

BUILDING PRODUCTS

46%

STORAGE

TEXTILES

10%

• Niche market

focus on high

Diversified Portfolio


INDIA OVERSEAS PREFAB MONLITHICSTORAGE

TANKS

• Products

molded or

fabricated for

OEMs across

market

segment like

aerospace &

defensive

automotive,

electrical.

• Presence in

USA, Europe &

North America

• Acquired

companies to

gain technology

& customers

• Introduced

prefab

structures like

school, toilets,

primary health

center, agri-

sheds, RO

water

enclosures, etc.

• Designed &

introduced

monolithic

• Construction in

India to address

mass & low cost

housing needs

• Make popular

liquid storage

tanks, doors,

windows,

profilers,

frames, pallets,

etc

focus on high

end structured

dyed yarn

fabrics

• Alliance with

various

European

design houses

like Amani,

Hugo, etc.


High potential opportunity

� Globally prefabs is 10-15% of construction industry, however in India the

numbers are just scratching the surface. 60-70% people in rural households still

have poor or no access to toilets. Huge CSR opportunity lies to leverage in

private sector for education, healthcare, sanitation and environmental

products. Approximately 23 percent of public spending goes to basic household

services; this has risen faster than GDP. Health care, drinking water, and

sanitation would require up to 53% of total social spending in 2022, an increase

from 23% in 2012.


Prefab – High Growth, High Return Business

50%

75%

100%

1262

31

6 4[%]

% of Total social spending


� Currently, healthcare spending needs to grow at 18%pa to fulfill target of

density for hospitals beds and healthcare workers across rural and urban.

Requirement of one million primary classrooms and 0.28 million secondary

classrooms by 2022 for 100% urban and over 75% penetration in rural areas for

a ratio of over 30 students to a teacher.

� India loses 10 to 20% of perishable products due to inadequate warehousing

and cold storage infrastructure. According to National Horticultural Board, 90%

fruits and vegetables India produces have no storage facilities. The losses are

either borne by the farmers or the middlemen which results in increased prices

at the consumer end. Opening up of retail sector and emphasis on wastage

reduction will drive the segment for cold storage and warehousing for prefabs.

0%

25%

2012 2022

23

539

Healthcare Drinking water n Sanitation

Education Housing


Long term potential

� Recent governmental policies such as the Swach Bharat Abiyaan,

Sarva Shiksha Abhiyan and the Clean Ganga Mission have emerged

as key business drivers in this segment. Under “ Swach Bharat

Abhiyan” to cover 1.04 crore households for toilets, 2.5 lakh seats

of community toilets, 2.6 lakh seats of Public toilets and solid

waste management facility in the identified 4041 statutory towns

at a cost of Rs. 620 bn over next 5 years.

� Under the CSR activity, there will be demand for Primary health


Sintex Positioning

� Sintex has pioneered itself into Prefab segment in India

with 26% growth in revenue and EBITDAM at 26%. It

comprises 21% of total consolidated revenues, as on

FY15.

� The company has established product portfolio which

comprises of Healthcare centers , schools & public

administration buildings, Project & site offices,

Residential units for long-gestation projects, Sanitation,

Prefab business……continue


center, Classrooms, Bio-gas plants, Mass Housing etc. It is

estimated that activity covers 16000 entities, resulting into an

annual CSR expenditure of Rs 150-200bln p.a.

Shelters for defense and RO water shelter enclosures.

They have aligned its products with CSR activity.

� The company has pan India network along with

dedicated installation team that provides readymade

solutions for speedy implementation.

� It has launched Do-it-Yourself- Kit through innovative

distribution and received overwhelming response as

well.

5000

10000

15000

20000

25000

FY13 FY14 FY15 FY16E FY17E

9700 11700

1430017446

21633

Revenue


Custom Molding – Diversified Play


� Sintex’s presence in custom molding in India and globally is through its subsidiaries Sintex NP SAS (Europe), Sintex Wausaukee

Composites Inc. (the US) and Bright Auto Plast Ltd. (India). These companies provide highly-engineered custom molding solutions to

large global and Indian brands that have a presence in diverse sectors.

� Custom molding business comprises of two segments – products customized to specific applications and products customized around

the needs of a particular customer. The key verticals in the products customized to specific applications segment are: SMC products,

Industrial containers, Pallets, Insulated boxes

� As of FY15 custom molding business contributes 44% of total revenue. Over all custom molding business has seen revenue growth of

21% on consolidated basis with 22% and 20% growth in international and domestic business respectively.

� Sintex caters to automotive, electrical , Aerospace & Defense, Mass Transit, Medical Imaging, Industrial trucks & tractors and retail


� Sintex caters to automotive, electrical , Aerospace & Defense, Mass Transit, Medical Imaging, Industrial trucks & tractors and retail

segments

� The company enjoys high brand recall and acceptability throughout India and locational advantage as it has presence in four

continents and nine countries with low cost manufacturing base.

� During FY15 company received sizeable business for enclosures from State Electricity Boards of Uttar Pradesh, Karnataka, Andhra

Pradesh, Kerala, Uttar Pradesh and Chhattisgarh. It received bulk orders for SMC across arms from various states.

� The Company manufactures large industrial tanks to store dyes, colors and chemicals in multiple sizes to suit diverse industrial uses.

Rising industrialization and increasing thrust towards a safe working environment has accelerated the demand for these products.

� Sintex’s products are approved by leading oil marketing companies namely IOC, HPCL and BPCL for installation at their new dispensing

stations, pan-India. In 2014-15, the Company successfully installed 20 FRP tanks at fuel dispensing stations.

� With growing distances between the producing centers and consuming markets,

safe and secure logistics has emerged critical. This has increased the need for

superior material handling. Sintex manufactures lightweight, cost-effective and

customized plastic pallets, catering to various industries like pharmaceuticals,

automotive, electrical, engineering, textiles, fisheries, logistics and warehousing.

� Unlike other business segments this is relatively low-volume, high margin business;

volumes are sustained over the years providing revenue predictability. The Company

product basket includes the following:

- Fuel tanks and mud guards to M&M, AMW, Ashok Leyland and Escorts – off road


Custom molding Product Portfolio

Custom Molding Business….Continue


vehicles.

- Fuel tanks for generator set manufacturers namely Kirloskar and Cummins.

- Packaging crates for the engineering sector, primarily some of the Tata Group

companies.

� Sintex has made various domestic and overseas acquisitions, to acquire technologies

and gain access into new markets. It achieved significant improvement in the

performance of the acquired companies with strategic direction given by

management and also Integrating high capability international operations with low

cost Indian base.



23600 25600

31000

37820

46140

12.4%

13.2%

13.8%13.9%

14.0%

12.0%

12.5%

13.0%

13.5%

14.0%

14.5%

20000

30000

40000

50000

FY13 FY14 FY15 FY16E FY17E

Revenue & Margins

Revenue Margins

63%

37%

Oversea India

2010

59%

41%2015

Growing High Margin India Business

Custom Molding …. Wide International Presence


Revenue Margins

1190011200

12900

15100

18400

FY11 FY12 FY13 FY14 FY15

Global CM has Seen Robust Revenue Growth

6800

8200

10600 10600

12700


India Custom Moulding revenue



Custom Molding – Differentiated Play….Well Poised to

Capture Significant Growth


Source: Company, Anand Rathi Research,

Business Overview

� Sintex is leading player in monolithic construction in India. Under

this segment, the company offers holistic solutions comprising of

engineering, designing, drawing and manufacturing. Monoliths are

used in low cost mass housing solutions like slum rehabs, Janta

housing and LIG (low income group) houses which are affordable,

quick to construct, low maintenance.

� As on FY15, monolithic contributes 19% to the total revenues

Revenue Includes Rs.7290 millions of Infra at EBITDA of 10 %. The

total EBITDA contribution stands at 13.5% in FY15.


Monolithic – Leading the Change

Market Opportunity

� As per the National Housing Bank (NHB) report, the Indian

housing market is facing a demand-supply mismatch with a

housing shortfall of 90% in India, mostly in lower and

middle income groups, which indicates a huge growth

potential for the company as Monolithic concrete

construction is ideal for mass housing.

� Sintex is well-positioned to capitalize on the Market

Opportunity. It has increased business volume by

undertaking G + 7/G+13 housing projects. Also it has


total EBITDA contribution stands at 13.5% in FY15.

� During the year, company executed the single largest township

development project in Delhi (600 units). It also successfully forayed

into new geographies - Pondicherry, parts of Rajasthan and Uttar

Pradesh. Sintex is moving up the value chain in the monolithic

segment by undertaking housing projects for MIG and HIG.

undertaking G + 7/G+13 housing projects. Also it has

introduced dual-tech houses comprising of monolithic

concrete walls and new generation roofing.

Key CustomerSource: Company, Anand Rathi Research

13400

1090010300

12500 1350021%

19%16%

13% 14%

0%

3%

5%

8%

10%

13%

15%

18%

20%

5000

8000

11000

14000


Revenue Margins

� Under the brand name of BVM, Sintex runs its textile division which is a profitable and high-margin segment. With the tag of the

largest producer of High End Jacquard and structured fabric in India, company specialize in distinctive products, catering to the upper

segment of fashion industry. Sintex has diversified product range to sophisticated home furnishing and technical textiles. This makes

them as a provider of total fabric solution at one place.

� Textile division can be segregated into:

1.High end men’s structured shirting fabrics in finer counts like 60s, 70s, 100s, 2/80s and 2/100s.

2.Yarn-dyed cotton jacquard shirting.

3. Superfine and ultima cotton yarn based corduroy in limited edition.

� Company has state-of-the-art composite mill at Kalol in Gujarat and it is one of the reliable and consistent mill in India manufacturing


Textile Business….To drive the future growth


� Company has state-of-the-art composite mill at Kalol in Gujarat and it is one of the reliable and consistent mill in India manufacturing

high end Jacquard and difficult structured fabric. The company is well equipped to deliver designs with variety of weaving including

Corduroy, Dobby, Jacquard and double beam etc.

� Sintex has alliances with various European design houses and a UK based textile marketing company which helps them to stand apart.

The company provides fabrics to reputed brands like Arrow and Van Heusen. Internationally, they indirectly sell fabrics to global retail

majors like Armani, Hugo Boss, Diesel, Burberry, DKNY, S.Oliver, Zara, Mexx, Meggimo Dotti, Banana Republic , G. STor etc.

� The company has launched new textile project which includes 300,000 spindles unit to cost approx. INR1700Crores. This is likely to be

ramped up to 1 million Spindles in 5 years time horizon. 300 thousand units will provide 500 direct and 1200 indirect employment.

The Project is expected to yield IRR of 18% with payback period of 3-4 years. The Project COD approx within 24 months. The Project

to augment better profitability on existing business due to value add Yarn and with in house production benefits.


� 7% Interest Subsidy over and above 4% TUF by Central Govt.

Hence cost of borrowing is almost Zero.

� Gujarat has surplus power and will be available to Spinning units

on subsidized rate lesser by Rs. 1/unit.

� Duty exemption @ 15% on power tariff is also expected

� VAT refund till cost of Project is recovered.

� Gujarat has 70% of cotton production but production of Yarn

mainly outside states which are not so power efficient.


Gujarat - New Textile Policy


mainly outside states which are not so power efficient.

� Policy intended to increase value add in entire chain of Fiber to

Fabric and Fabric to Foreign, and hence better earning to farmers

as well as Industrialists.

� Good Infrastructure in terms of Roads, Ports and Industrial

environment.


� Sintex – Wausaukee Composites is a leading manufacturer of engineered composite products for Original Equipment

Manufacturer (OEM) customers in Construction Equipment, Agricultural Equipment, Mass Transportation, Medical and Security

Imaging, Commercial Site Furnishings, Therapeutic Systems. A range of component molding including: Light Resin Transfer Molding

(LRTM), Sheet Molding Compound (SMC), Liquid Composite Molding (LCM), and Reaction Injection Molding (RIM). Product offering

includes full service design, tooling, prototype development, product manufacture, and value-added secondary assembly services.

It operates ISO 9001:2008 certified facilities in Wisconsin and Michigan supporting more than 400 employees and is a subsidiary of

Sintex Industries, Ltd., a multi-national manufacturer and distributor of structural plastics and textiles, with manufacturing

operations located in North America, Europe, and India. For FY15 , company reported PAT of `0.84 crs on turnover of `117 crs.

� The Sintex NP Group is the European subsidiary of Sintex Industries. It operates in France, Germany, Eastern Europe (Poland,

Hungary and Slovakia) and North Africa (Tunisia and Morocco). It supplies industries in the car manufacturing,



Hungary and Slovakia) and North Africa (Tunisia and Morocco). It supplies industries in the car manufacturing,

electrical/electromechanical equipment manufacturing, aeronautics/defense, household appliances, medical, building, sport and

leisure sectors among others. The Group's core business involves transforming thermo sets by compression and injection,

transforming all thermoplastic grades (P/E to PEEK), stamping thermoplastic composite grades commonly used in aeronautics,

precision cutting ferrous and non-ferrous metals, steel-stainless steel-non-ferrous wire forming, manufacturing tension-

compression-torsion springs, electronic circuit boards using SMD or TH technology and wiring harnesses. The subsidiary reported

turnover of `350 crs and PAT of `35crs.

� Bright Autoplastic is incorporated in the year 2007 as the fully owned subsidiary of Sintex Holding B V , Netherlands. The company

has acquired the knowledge with the developing automotive industry in India for the past 37 years & have been offering innovative

solutions to its customers. The company has an established a process for integrating the design, engineering & manufacturing

through which knowledge acquired in different platforms are deployed across the locations. The subsidiary reported turnover of

`441 crs and PAT of `2crs.Source: Company, Anand Rathi Research


Leveraging Global Manufacturing Bases

� The Company is headquartered in Kalol (Gujarat) and enjoys a pan-India presence through 13 manufacturing facilities in India.

� Besides, its operations are spread across 12 countries in four continents through 37 manufacturing facilities and 30 global subsidiaries, which

mainly includes Bright Autoplast Ltd., Sintex Infra Projects Limited, Sintex Wasaukee Composites Inc., USA & its subsidiaries and Sintex NP SAS, a

French Company & its subsidiaries




Marquee Global Clientele Driving Cross-border

Synergies




1.16 1.16 1.13

0.99

0.850.75

0

0.2

0.4

0.6

0.8

1

1.2

FY12 FY13 FY14 FY15 FY16E FY17E

Debt/Equity Ratio

44368

50794

58426

70066

86042

104111

20000

40000

60000

80000

100000

120000


Revenue

Healthy Financials…..


11.6%

10.4% 10.3%11.3%

12.9%

14.6%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%


11.0%

9.5%

10.6%11.2%

12.6%

14.2%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%


ROEROCE


� Sintex is building up well on both prefab and custom molding

segments on high amount of visibility. The company is

expected to enter into high growth era with a blend of

synergies flowing in future.

� Sintex’s presence across the spectrum of sectors and across

the geographies has helped company to differentiate

themselves from its competitors. With huge government

spending in social welfare, its prefabrication segment is

expected to see high growth opportunity. The company will

also significantly benefit from new Gujarat textile policy.

Relative stock performance (Aug’14=100)

Valuation and Recommendation:


80

100

120

140

160

180

Aug-2014 Oct-2014 Dec-2014 Feb-2015 Apr-2015 Jun-2015 Aug-2015


also significantly benefit from new Gujarat textile policy.

� At CMP the stock is trading at 5.82x FY16E EPS and 4.23x

FY17E EPS. We have assigned PE of 9xs to the current year

earnings, here by arriving at a target price of `146.

� We are initiating our coverage on Sintex Industries Ltd. with

“BUY” recommendation and target price of ` 146 per share.

Source: Bloomberg, Anand Rathi Research

Sintex


(In `̀̀̀ mn) FY14 FY15 FY16E FY17E

EPS (`) 11.68 12.41 16.33 25.66

P/E (x) 8.14 7.66 5.82 4.23

P/B (x) 0.83 0.86 0.75 0.65

ROE 10.3% 11.3% 12.9% 14.6%

ROCE 10.6% 11.2% 12.6% 14.2%

Ev/EBITDA (x) 8.25 6.99 5.65 4.58

Consolidated Financials:


(In ` ` ` ` mn) FY2014 FY2015 FY2016E FY2017E

Net Sales 58426 70066 84079 101736

Total Expenditure 49003 58242 69171 83046

EBITDA (Excl OI) 9423 11824 14909 18690

Other Income 993 964 1682 2035

EBITDA 10416 12788 16590 20724

Depreciation 2548 2605 3975 4409

EBIT 7869 10183 12616 16316

Interest 2894 2835 2722 2727

Exceptional Item -161 -218 -296 -401

(In ` ` ` ` mn) FY2014 FY2015 FY2016E FY2017E

LIABILITIES

Shareholders’ Funds 35439 46978 56352 65289

Equity Share Capital 311 424 447 447

Reserves and Surplus 35127 46553 55906 64842

Non Current Liabilities 36167 37825 39327 40978

Long-term borrowings 32104 31817 32117 31517

Deferred Tax Liabil ities 3289 4694 5633 7122

Other Long Term Liabil ities 774 1314 1577 2340

Current Liabil ities 19281 28249 33125 41421



Exceptional Item -161 -218 -296 -401

PBT 4814 7130 9598 13187

Tax 1180 1863 2303 3165

Consolidated PAT 3634 5267 7294 10022

Total Liabilities 90886 113052 128804 147688

ASSETS

Non Current Assets 59141 74459 87165 104179

Fixed Assets 38013 51926 64125 79958

Long Term Loans and Advances 16920 17271 19678 20824

Other Non-Current Assets 4208 5261 3362 3397

Current Assets 31745 38594 41639 43509

TOTAL-ASSETS 90886 113052 128804 147688

Margins FY-14 FY-15 FY-16E FY-17E

Sales Growth % 15.0% 19.9% 20.0% 21.0%

Operating Margin % 16.1% 16.9% 17.7% 18.4%

Net Margin % 6.2% 7.5% 8.7% 9.9%

� Currency Risk

� Changes in government policy

� Low off tick in overseas business

Key Risks:




Rating and Target Price history:

SINTEX rating detailsSINTEX rating history & price chart


20

50

80

110

140

170

Date Rating Target Price ( `) Share Price (`)

28-Aug-2015 BUY 146 95


Source: Bloomberg, Anand Rathi Research Source: Bloomberg, Anand Rathi Research

NOTE: Prices are as on 28th Aug 2015 close.

CNX Nifty Sintex


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against the company’s name?. NO

2

ARSSBL/its Associates/ Research Analyst/ his Relative have actual/beneficial ownership of one per cent or more securities of the subject company, at the

end of the month immediately preceding the date of publication of the research report or date of the public appearance?. NO

3ARSSBL/its Associates/ Research Analyst/ his Relative have any other material conflict of interest at the time of publication of the research report or at

NO



3 the time of public appearance?. NO

4 ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation from the subject company in the past twelve months. NO

5ARSSBL/its Associates/ Research Analyst/ his Relative have managed or co-managed public offering of securities for the subject company in the past

twelve months.NO

6ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for investment banking or merchant banking or brokerage

services from the subject company in the past twelve months. NO

7

ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation for products or services other than investment banking or

merchant banking or brokerage services from the subject company in the past twelve months. NO

8ARSSBL/its Associates/ Research Analyst/ his Relative have received any compensation or other benefits from the subject company or third party in

connection with the research report. NO

9ARSSBL/its Associates/ Research Analyst/ his Relative have served as an officer, director or employee of the subject company.

NO

10 ARSSBL/its Associates/ Research Analyst/ his Relative has been engaged in market making activity for the subject company. NO

Documents

Sintex Industries Limited(SINTEX) - Anand Rathi Industries Limited(SINTEX) RISK MEDIUM Bloomberg Code SINT IN NSE Code SINTEX Sector PLASTIC PRODUCTS Industry PLASTIC PRODUCTS