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1 BUY CMP Target Price DOC CODE: FOTL_ _3 IGARASHI MOTORS INDIA LTD Result Update (PARENT BASIS): Q3 FY16 FEBRUARY 9 th 2016 ISIN: INE188B th h, 2013 Index Details Stock Data Sector Auto Parts & Equipment BSE Code Face Value wk. High / Low (Rs.) / Volume (2wk. Avg. Q.) 8396 Market Cap (Rs. in mn.) Annual Estimated Results (A*: Actual / E*: Estimated) YEARS FY15A FY16E FY17E Net Sales EBITDA Net Profit EPS P/E Shareholding Pattern (%) (QUARTERLY) As on Dec-15 As on Sep-15 PROMOTER PUBLIC OTHERS Year Comparative Graph IGARASHI MOTORS INDIA LTD BSE SENSEX SYNOPSIS Igarashi Motors Ltd is specialized in the design & manufacture of small, permanent magnet DC motors and gear motors. The company s Net profit rose by 15.24% y-o-y of Rs million in 3 rd quarter of FY16 compared to Rs million in the corresponding quarter of previous year. In Q3 FY16, net sales increased by 3.41% y-o-y to Rs million against Rs million in Q3 FY15. During the quarter, operating profit increased by 2.70% y-o-y at Rs million as against Rs million in the corresponding quarter of the previous year. Profit before tax (PBT) at Rs million in Q3 FY16 compared to Rs million in Q3 FY15, registered a growth of 17.13% y-o-y. Net sales for the nine months ended Dec 31, 2015 was at Rs million, registered a growth of 12.40% compared to Rs million for the nine months ended Dec 31, Net profit grew by 41.31% to Rs million for the end of 9M FY16 compared to Rs million for the end of 9M FY15. Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 37% over 2014 to 2017E respectively. PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Igarashi Motors Ltd HI-Tech Gears Ltd Automobile Corporation Of Goa Ltd Enkei Wheels (India) Ltd

2 QUARTERLY HIGHLIGHTS (PARENT BASIS) Results updates- Q3 FY16, Igarashi Motors has developed an international presence as a means of providing quality product to companies throughout the world. With sales offices, manufacturing facilities and distribution centers worldwide. Reported its financial results for the quarter ended 31 st December, Rs. In million Dec-15 Dec-14 % Change Net Sales PAT EPS EBITDA The company s turnover of Rs million for the 3 rd quarter of the financial year as against Rs million in the corresponding quarter of the previous year. EBITDA of Rs million in Q3 FY16 and increase of 2.70% against the corresponding period of last year. In Q3 FY16, net profit is at Rs million against Rs million in the corresponding quarter of the previous year. The company has reported an EPS of Rs for the 3 rd quarter as against an EPS of Rs in the corresponding quarter of the previous year. Break up of Expenditure Break up of Expenditure (Values in Million) Q3 FY16 Q3FY15 Chg % Cost of Material Consumed % Employee Benefit Expenses % Dep & Amortisation Exp % Other Expenses %

3 COMPANY PROFILE Igarashi Motors Ltd started in the year 1946 by Eiji Igarashi who established a private company in Kawasaki, for the production and sales of D.C. motors for toys and model ships. It has been developing and manufacturing small D.C. motors, for more than fifty years. In India the company was established in the year 1993 in a joint venture with Crompton Greaves for development, production and sales of DC motors, DC motors with accessory, and assembly service like end cap/case/armature. The company has developing and manufacturing small DC motors for more than fifty years and has done pioneering work in product development, improvement and testing for the creation of new manufacturing technologies. The design/development/technical departments in Japan, China, and India will continue to dedicate to providing better technology and realizing the creation of highly efficient small DC motors. Motors produced by Igarashi Motor Sales are designed in accordance with ISO 9002 regulations to ensure quality products with optimal functionality. Before, during, and after production, our motors are subject to intense quality controls and testing methods to ensure reliability. Design FMEA and Process FMEA are extensively used to secure efficiency and dependability Technology Igarashi has been developing and manufacturing small DC motors and Gear motors for over half a century and has done so by pioneering work in product development, process improvement and ongoing testing. Our design, development and technical departments in Japan, China and India are dedicated to providing continual improvements through new technologies and material selections in order to provide our customer base with efficient and high reliability products. Products The Company has manufacturing the following products the equipment process. DC Motors Flat Type Motors Round Type Motors High Voltage Motors Gear Motors Planetary Gear motors Spur Gear motors

4 High Voltage Motors Armatures Global Network Igarashi Motors has developed an international presence as a means of providing quality product to companies throughout the world. With sales offices, manufacturing facilities and distribution centers worldwide. China : Heng Gang Yat Yue Industrial. China : Heng Gang Igarashi Electrical Works U.S.A : Igarashi Motor Sales, LLC Germany : Igarashi Motoren India : CG Igarashi Motors Ltd China : Zhubai Igarashi Electric Works Japan : Hanamaki Nippa Industrial Ltd Japan : Igarashi Electric Works Ltd Hong Kong: Yat Yue Industrial Ltd Hong Kong: Igarashi Electric Works Ltd.

5 FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions) Balance Sheet as at March31, E FY14A FY15A FY16E FY17E I. EQUITY AND LIABILITIES: A. Shareholders Funds: a) Share Capital b) Reserves and Surplus Sub-Total-Net worth B. Non-Current Liabilities: a) Long-term borrowings b) Deferred Tax Liabilities [Net] Sub-Total-Long term liabilities C. Current Liabilities: a) Short-term borrowings b) Trade Payables c) Other Current Liabilities d) Short Term Provisions Sub-Total-Current Liabilities TOTAL EQUITY AND LIABILITIES (A+B+C) II. ASSETS D. Non-Current Assets: Fixed Assets 1. Tangible Assets Intangible Assets Capital work-in-progress Intangible Asset under Development a) Sub Total- Fixed Assets b) Non Current Investments c) Long Term Loans and Advances Sub-Total- Non-Current Assets E. Current Assets: a) Inventories b) Trade Receivables c) Cash and Bank Balances d) Short Term Loans and Advances Sub-Total- Current Assets TOTAL ASSETS (D+E)

6 Annual Profit & Loss Statement for the period of 2014 to 2017E Value(Rs.in.mn) FY14A FY15A FY16E FY17E Description 12m 12m 12m 12m Net Sales Other Income Total Income Expenditure Operating Profit Interest Gross profit Depreciation Exceptional Items Profit Before Tax Tax Net Profit Equity capital Reserves Face value EPS Quarterly Profit & Loss Statement for the period of 30 th Jun, 2015 to 31 st Mar, 2016E Value(Rs.in.mn) 30-Jun Sep Dec Mar-16E Description 3m 3m 3m 3m Net sales Other income Total Income Expenditure Operating profit Interest Gross profit Depreciation Profit Before Tax Tax Net Profit Equity capital Face value EPS

7 Ratio Analysis Particulars FY14A FY15A FY16E FY17E EPS (Rs.) EBITDA Margin (%) PBT Margin (%) PAT Margin (%) P/E Ratio (x) ROE (%) ROCE (%) Debt Equity Ratio EV/EBITDA (x) Book Value (Rs.) P/BV Charts

8 OUTLOOK AND CONCLUSION At the current market price of Rs , the stock P/E ratio is at x FY16E and x FY17E respectively. Earning per share (EPS) of the company for the earnings for FY1 6E and FY17E is seen at Rs and Rs respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 13% and 37% over 2014 to 2017E respectively. On the basis of EV/EBITDA, the stock trades at x for FY16E x for FY17E. Price to Book Value of the stock is expected to be at 5.25 x and 4.47 x respectively for FY16E and FY17E. We recommend BUY in this particular scrip with a target price of Rs for Medium to Long term investment.

9 INDUSTRY OVERVIEW The Indian auto industry is one of the largest in the world with an annual production of million vehicles in FY , following a growth of 8.68 per cent over the last year. The automobile industry accounts for 7.1 per cent of the country's gross domestic product (GDP). The Two Wheelers segment with 81 per cent market share is the leader of the Indian Automobile market owing to a growing middle class and a young population. Moreover, the growing interest of the companies in exploring the rural markets further aided the growth of the sector. The overall Passenger Vehicle (PV) segment has 13 per cent market share. India is also a prominent auto exporter and has strong export growth expectations for the near future. In FY , automobile exports grew by 15 per cent over the last year. In addition, several initiatives by the Government of India and the major automobile players in the Indian market are expected to make India a leader in the Two Wheeler (2W) and Four Wheeler (4W) market in the world by Market Size The industry produced a total million vehicles including PVs, commercial vehicles (CVs), three wheelers (3W) and 2W in April-October 2015 as against in April-October 2014, registering a marginal growth of 3.07 per cent year-on-year. The sales of PVs grew by 8.51 per cent in April-October 2015 over the same period last year. The overall CVs segment registered a growth of 8.02 per cent in April-October 2015 as compared to same period last year. Medium & Heavy Commercial Vehicles (M&HCVs) registered very strong growth of 32.3 per cent while sales of Light Commercial Vehicles (LCVs) reduced by 5.24 per cent during April-October 2015 year-on-year. In April-October 2015, overall automobile exports grew by 5.78 per cent. PVs, CVs, 3Ws and 2Ws registered growth of 6.34 per cent, per cent, per cent and 3.22 per cent respectively in April-October 2015 over April- October Government Initiatives The Government of India encourages foreign investment in the automobile sector and allows 100 per cent FDI under the automatic route. Some of the major initiatives taken by the Government of India are: Government of India aims to make automobiles manufacturing the main driver of Make in India initiative, as it expects passenger vehicles market to triple to 9.4 million units by 2026, as highlighted in the Auto Mission Plan (AMP)

10 In the Union budget of , the Government has announced to provide credit of Rs mn (US$ billion) to farmers, which is expected to boost the tractors segment sales. The Government plans to promote eco-friendly cars in the country i.e. CNG based vehicle, hybrid vehicle, and electric vehicle and also made mandatory of 5 per cent ethanol blending in petrol. The government has formulated a Scheme for Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India, under the National Electric Mobility Mission 2020 to encourage the progressive induction of reliable, affordable and efficient electric and hybrid vehicles in the country. The Automobile Mission Plan (AMP) for the period , designed by the government is aimed at accelerating and sustaining growth in this sector. Also, the well-established Regulatory Framework under the Ministry of Shipping, Road Transport and Highways, plays a part in providing a boost to this sector. Road Ahead India s automotive industry is one of the most competitive in the world. It does not cover 100 per cent of technology or components required to make a car but it is giving a good 97 per cent, as per, Corporate Vice- President, Nissan Motor s Datsun. Leading auto maker Maruti Suzuki expects Indian passenger car market to reach four million units by 2020, up from 1.97 million units in The Indian automotive sector has the potential to generate up to US$ 300 billion in annual revenue by 2026, create 65 million additional jobs and contribute over 12 per cent to India s Gross Domestic Product, as per the Automotive Mission Plan prepared jointly by the Society of Indian Automobile Manufacturers (SIAM) and government. Disclaimer: This document is prepared by our research analysts and it does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but we do not represent that it is accurate or complete and it should not be relied on as such. Firstcall Research or any of its affiliates 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. Firstcall Research and/ or its affiliates and/or employees will not be liable for the recipients investment decision based on this document.

11 Firstcall India Equity Research: C.V.S.L.Kameswari Pharma & Diversified U. Janaki Rao Capital Goods B. Anil Kumar Auto, IT & FMCG M. Vinayak Rao Diversified G. Amarender Diversified Firstcall Research Provides Industry Research on all the Sectors and Equity Research on Major Companies forming part of Listed and Unlisted Segments For Further Details Contact: Tel.: / / Telefax: /

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