HBJ Capital - Ganesh Polytex Ltd

Ganesh Polytex Ltd.
- Ganesh Polytex Ltd, the Largest PET waste recycler in India manufactures Recycled/
Speciality Polyester Staple Fibre (Fibrefill) through recycling of post-consumer pet bottle
waste. Company has a capacity to produce 57,600 tonnes per annum (TPA) of Recycled
Polyester Stale fibre, which is more than Reliance Industries Limited’s capacity.
“Business Insight” stock for the month of May 2010

Best Buying Price…
2 Phase Buying Strategies Suggested [Always buy in SIP ways]
�1st �1 Phase : Buy at the current price range Rs 50-54 [60% of investment]
st Phase : Buy at the current price range Rs 50-54 [60% of investment]
�2 nd Phase : Add if the price falls down to Rs 40- 44 [40% of investment]
>>>Expect at least 8-10 times return in next 2 years time frame!!!

Table of Contents
� From the Desk of CEO, HBJ Capital – (Page – 5#)
� Overview : Ganesh Polytex Ltd – (Page – 7#)
�� Ganesh Polytex – Waste Recycling Company– (Page – 12#)
� Ganesh Polytex – Product Category – (Page – 17#)
� Ganesh Polytex – Expansion Plans (Page – 24#)
� Forward Revenue Estimates & Financial Statements – (Page – 28#)
� The Management – (Page – 33#)
� Shareholding Pattern – (Page – 35#)
� Buying Strategy – (Page – 38#)
� Investment Rationale – (Page – 41#)
� Risks and Concerns – (Page – 43#)

From the desk of CEO, HBJ Capital
Non Bio Bio-Degradable waste,
especially the PET bottles
pose serious threats to our
environment. Considering the
humongous growth in
consumption, there successful
recycling is extremely
important. I have selected the
Largest PET bottles recycler in
India and would like to share
the same.
Dear Investors,
�� The use of Plastic products has been a major cause of
concern since long. We have seen people, organizations
clamoring about reducing the usage of Plastic products.
�� These days as we move across streets, parks, etc, we see
many PET bottles littered around giving not just a bad
look but also posing serious threats to our environment.
�� �� PET is one of the fastest growing segments in plastics
providing a hygienic, durable and user friendly
packaging solution for all kind of bottled drinks,
beverages, liquor, pharmaceuticals, chemicals, and other
liquid products.
�� As the consumption of PET is growing, so as the quantum
of its waste is increasing at rapid pace. PET bottle waste
being Non-Biodegradable, its recycling is inevitable else
piling of it will be the biggest threat to the environment.

Contd..
� Taking note of the mentioned factors we have selected “Ganesh Polytex Ltd” (GANPOLY) as our BI pick for
the month of May 2010.
� Ganesh Polytex Ltd is a waste management company & is one of The Largest PET Waste Recycler in India
HBJ Capital & MPS is proud to bring you the “Business Insight” pick of the
month – Ganesh Polytex ltd.
� Company Business model is interesting as it transforms post-consumer pet bottle waste (which is otherwise
hazardous for environment being non bio-degradable in nature) back again into environmental friendly,
hygienic, and comfortable fibers which are more economical in comparison to virgin fibers.
� The company has charted out aggressive capex plans for the next three years. We expect the company’s
impressive business module coupled with aggressive expansion plans to translate into healthy growth with
increased profitability in the near future.
Happy Investing!
Regards,
Kumar Harendra, CEO, HBJ Capital Services Pvt Ltd, www.hbjcapital.com,
#141, 5 th Main, Girinagar, BSK 3 rd Stage, Bangalore – 85
Call : 098867 36791 or Mail : Info@hbjcapital.com

Overview – Ganesh Polytex Ltd

Ganesh Polytex Ltd – Overview

Basic Details..
� Ganesh Polytex Ltd (GPL). was incorporated as a Public Limited company in the year 1988. At Present
Company is the largest PET waste recycling company with prominent presence in recycled Polyester Staple
Fibre (RPSF) and largest to recycle PET bottle waste in the country, with forward integration to manufacture
RPFY.
� The company is having two production units:
o One at Raipur, Rania, Kanpur Dehat (U.P) which is on the main highway- Kanpur Jhansi Road.
o Second unit, where the company has done major expansions, is located at Rudrapur (Uttarakhand).
This unit is entitled for exemption from Central Excise and Income Tax for a period of 10 years.
� The company went into diversification in the year 1994 to produce Regenerated Polyester Staple Fiber in
India. This was the first venture of its type in India to produce PSF from polyester waste & bottle flakes.
� In the year 2006, the second unit at Rudrapur (Uttarakhand) was set up with a production capacity of 6000
MT per annum which was subsequently increased by installing three more lines. The total aggregate capacity
of the Kanpur & Rudrapur plant is 4800 MT per month or 57600 MT per annum.

Milestones..
Year Achievements
1987-88
1989
1991
1992-93
1993-94
1994-95
1996-07
2007-08
2008-09
Incorporation and commencement of business
Creation of Dyeing and Doubling facilities for 360 TPA
First public issue of 2.10 lakh shares and Capacity expansion
Dyeing 1080 MT
Creation of Texturising capacity – 216 spindles
Rights issue of 34.50 lakh shares
Expansion of Dyeing capacity to 1150 TPA.
Expansion of Dyeing capacity to 1800 TPA and recycled PSF to
10800 TPA. Equity Capital expanded to Rs.9.37 crore
Set up Rudrapur Unit for recycled PSF with an capacity of 21600 TPA and
Expanded dyeing capacity to 2400 TPA.
Expanded Capacity of Kanpur Unit for RPSF to 18000 TPA.
Equity Capital expanded to Rs.9.87 Crores

Some key stats..
� CMP = Rs 51.15 (May 27 th 2010) – The stock is
in the uptrend phase & is looking strong on
charts as it is making new top highs & top
bottoms.
� 52 week’s high/low = Rs 54/7.6 –The stock
recently made a new 52 week high. As it is in
the strong bullish phase it can continue to make
new highs.
� Peak share price = Rs 54 (7th April ‘2010) –
Always when the stock reaches its life time high
it goes into a strong bullish phase in the
absence of any resistance present, and at cmp
Ganesh Polytex is very close to its life time
peak of 54.
� Trading volume = Min 0.46 lacs shares (approx)
per day –These are early days for a company
which is soon going to create a huge impact in
the Waste Recycling sector. The stock is liquid
This shall help investors to get in and out of
stock easily.
� EPS = Rs 6.50 – The company is expected to end
the FY 2009-10 with a net profit of Rs 8-9 crore
on the equity base of Rs 12.3 crore, culminating
into an EPS of Rs 6.5
� PE = 7.69 Going forward, the revenue is expected to
increase multi-fold due to the major capacity expansion.
At present the company commands very low multiple on
account of low visibility. However, it should be able to
command a very high multiple once the investors
understand the business model.
� Shareholdings : No Of shares [% Share Holding ]
� Total Foreign: 0.3lakhs [0.3%]
� Total Institutions: 0.1 lakh [0.1%]
� Total Non Promoter Corporate Holding 25.1lacs
[20.3%]
� Total Promoters 0.586 crore [47.6%]
� Total Public & others 39.2lacs [31.8%]
� Total Outstanding Shares 1.23crore [100 %]
� Debt/Equity = 2 [Mar’10]
� ROCE = 14.2% [Mar’10]
� ROE = 17.6% [Mar’10]
� Current Ratio = 1.0 [Mar’10]
� Delivered Volume per day = Approx 58%
� BSE Code 514167

Ganesh Polytex -Waste Recycling Company

Waste Recycling company..
� Ganesh Polytex Ltd is the largest PET waste recycling
company with prominent presence in recycled Polyester
Staple Fibre (RPSF) and largest to recycle PET bottle waste
in the country, with forward integration to manufacture
RPFY.
� Ganesh Polytex is market leader in this segment of
manufacturing of Recycled polyester staple fibre (RPSF)
& has been in the field of Recycled PSF for over 15 years.
� Besides procuring the Waste from vendors, the company
has set up its own procurement centers in different cities to
insulate itself from raw material shortage as well as price
fluctuations.
� Finished product finds application for spinning of yarn,
stuffing in toys and other life style products like pillows,
quilts, mattresses and furniture, non-woven carpets and
fabrics, medical & packaging textile, geo textile, fur fabrics,
construction and paper industry and other technical
textile.

Raw Material..
� The major raw material required for Recycled PSF is post- consumer PET bottle waste.
� PET is one of the fastest growing segments in plastics providing a hygienic, durable and user friendly
packaging solution for all kind of bottled drinks, beverages, pharmaceuticals, liquor, chemicals, and other
liquid products.
� As the consumption of PET is growing, so as the quantum of its waste is increasing.
� PET bottle waste is non bio-degradable in nature (takes thousands of years in decomposing) and hence, poses
a serious threat to soil, water sources and forests and thus harmful for human being and other living
creatures. Therefore, its recycling is inevitable else piling of it will be the biggest threat to the environment.

Increase in consumption of PET bottles
Region PET Resin Capacity Demand
Global 17.5 million tonnes 14.0 million tonnes
India 0.80 million tonnes 0.40 million tones and the rest is being exported
due to price advantage
� Domestic demand of PET is expected to grow to 0.50 million tonne by 2010.
� With life style changes and higher disposable income, demand of PET bottles is set to grow at much faster
pace as the per capita PET consumption in India is 0.22 kg. as compared to the world average of 2.1 kg. in
2008.
� As per industry estimates, about 65% of PET bottles consumption is available for recycling. That means,
indigenous availability of PET bottle waste would be 3.0 lakh tone during 2010, which is much more than the
overall requirement of entire domestic recycling capacity (aggregate installed capacity of about 1.75 lakh ton
per annum during 2010) in the country.
� The consumption of PET bottles is expected to grow to 0.60 million tonne by 2012, availability of waste will
also increase correspondingly.
� The present installed capacity of Recycled PSF in India is about 1.63 lakh tonne, Ganesh Polytex Ltd has a
capacity of 57600 MT per annum & is at the first position in the sector.

Collection of Raw Material..
� Availability of Raw material is almost free of cost, but the critical
issue is collection of waste and transportation / processing cost.
� Ganesh Polytex Ltd. is in this line of business since last 15 years and
has a well-streamlined network of its collection centers (operating
on franchisee module) of PET waste spread all over the Country at
strategic locations.
� It has also developed a network of traders over the periods who
exclusively supply the material to the Company.
� Further there is huge possibility of imports of PET bottle waste from
foreign countries and this avenue is still to be tapped by the
Company as imported bottles are little bit costly due to
transportation factor. In case of need, the company may plan to set
up a raw material processing /washing unit in near future at Europe
or USA, where abundant quantity of raw material is available.
� Company also uses other types of polyester waste viz. Waste
undrawn fibre, POY/ PFY waste, polyester film waste etc., which is
also available in small quantities.

Ganesh Polytex- Product Category

Product Category..
Recycled Polyester Staple Fibre (RPSF)
Ganesh Polytex Products Category
Raw Material Used
Dyed Texturised / Twisted Filament Yarn
Post Consumer PET bottle Waste and POY/FDY and Grey Texturised Yarn
other kind of industrial Waste of Polyester
Application/ End use
Textile Sector : Spun Yarn; Hosiery Yarn etc.
Industrial Sector – Filter Fabrics; Geo textile;
Non-woven carpets and Fabrics; Medical and
packaging textile etc.
Fabrics, Saree, Dress Material,
Upholstery and furnishing fabrics,
Sewing Threads, Cords etc.

Recycled Polyester Staple Fibre (RPSF)..
� Ganesh Polytex (GPL) product includes low-end basic segment to mid
and high-end premium segment.
� Recycled PSF replaces 100% virgin PSF in textile sector due to its most
distinctive advantage of cost-effectiveness and it replaces Foam,
Cotton, P.P. fibre etc. in other industrial sectors due to its durability,
comforts and hygienic characteristics besides cost-effectiveness.
� Polyester has now become common man’s fabrics in terms of prices,
durability and comforts in comparison to cotton and other fibres.
� With growth in the economy and growing middle class, the per capita
consumption of polyester fabric is also set to increase both for clothing
and non-clothing applications. In fact, with growing per capita income
consumption of non-clothing fabric will grow at much faster rate than
clothing fabric.
� As Recycled Polyester Fibre is suitable both for clothing and nonclothing
applications, its demand is improving both in textile and
industrial sector. This bodes well for GPL as it has strong presence in
both the sectors.

Market Demand & Industry Scenario..
Non-woven/technical
textile
Major User Industry Of Recycled PSF
Yarn spinning Stuffing

Non-woven/Technical textile..
� Textile for non-clothing applications is classified in non-woven and technical textiles, which are growing
roughly at twice rate of textiles for clothing applications and now account for major chunk in total textile
production.
� The large Indian population of over one billion with nearly 48% in the age group of 18-35 and 250 million
strong middle class which has high purchasing power and living standards presents a potential huge market
for non-woven products & with the Indian economy poised for a rapid growth of more than 8% during the
next five years, non-woven production and consumption is expected to see rapid growth.
� Areas of non-woven applications like infrastructure, automotive textiles, carpets, interlinings and wading,
furnishings and beddings, agricultural textiles, medical textiles, sports textiles etc are already seeing a lot of
activity and are bound to grow at rapid rate in order to catch up with the developed world.
� The market size of technical/non-woven textile in India grew from Rs.31,000 crore during 2003-04 to Rs.44,000
Crore during 2007-08. Further, as per an internal document prepared by the textile ministry, it is estimated
that the technical textile market would grow to Rs.78,060 Cr. by 2014–15 with an annual growth rate of 14%.

Yarn spinning..
� Recycled PSF is used in yarn spinning in replacement of virgin grade PSF, which is about 15% costlier that
recycled PSF.
� Recycled PSF can be used 100% in coarse counts of yarn (up to 30 count – which account for almost 40% of
the total yarn consumption in India), and for fine counts (above 30, which are mostly used in apparels &
wearing cloths), it is blended with virgin grade PSF.
� Due to cost & sale price equation as well as growing demand for non-apparels fabric, use of virgin grade PSF
is being replaced by Recycled PSF.
� This has opened up a large window for Recycled PSF in spinning sector because present domestic market
size of coarse denier spun yarn is about 4.00 lakh tonne per annum.

Stuffing..
� With improvement in life style and urbanization coupled with
increasing disposable income, use of home furnishing
products like quilts, comforters, mattresses, pillows, furniture
etc. is increasing and growth in their market size is in double
digit.
� Traditionally these products were stuffed with cotton, foam,
coir etc. with increasing prices and decreasing availability,
cotton is almost out for such uses.
�� Recycled PSF is now being preferred over other traditional
products like foam and coir because of its inherent qualities
like hygiene, wash-ability, light-weight and user friendly
characteristics.
� Likewise there is phenomenal growth in market of soft toys,
where there is no substitute of Recycled PSF in stuffing.
� Estimated market size of all these products in India is over
Rs.15,000 crore.

Ganesh Polytex Ltd- Expansions Plans

Players In Recycled Polyester Staple Fibre…
Rank Company In this Sector (RPSF) Place Present Capacity
MTPA
1. Ganesh Polytex Ltd Kanpur &
Rudrapur
57600
2. Reliance Industries Ltd Hazira 42000
3. Shiva Tex Fab (P) Ltd Ludhiana 18000
4. Rishiraj Filaments Ltd - 12000
5. Allainz Fibres Gujrat 6000
6. Arora Fibres Ltd Silvassa 6000
7. Himalaya Fibres Baddi (H.P) 6000
8. K.K.Fibres Baddi (H.P) 6000
9. Capital Fibres (P) Ltd - 600
10. Nirmal Fibres Gajraula
(U.P)
3600
TOTAL 1,63,200 MTPA

Economies of Scale…
� Ganesh Polytex Ltd. has the largest capacity in the industry, which has enabled the company to optimize per
unit cost of production and ward off the competition due to economics of scale.
� Since the product is replacement of downstream virgin PET product market, it has ever increasing demand
from both - the replacement market and growing uses from consumer market.
� PET recycling has drawn the attention of many big business houses including Reliance Industry. Company
would not be affected by the presence of large players like Reliance because of enough wide market and
multiple uses.
� Rather their presence is beneficial for the development of down stream consumption of recycled PET and
products .
� Ganesh Polytex Ltd is having the largest product range in the industry on the one hand and source of raw
material (PET bottle waste) is open market which can’t be influenced.

Expansion Plans..
� GANESH POLYTEX LTD is encouraged to expand its production to match with the demand and diversify
into forward integration for value added products. Company has a ambitious growth plans which includes
enhancing the recycling capacity to over 100,000 TPA in stages over the next 2 years.
� Aggressive Capex Plans Over The Next Three Years.
� Ganesh Polytex has charted out expansion plan with a capital outlay of Rs.850millions over the next
three years. The company shall invest Rs.250millions for ramping up of Recycled PSF capacities by
14,400 MT/pa. The project shall be operational in FY11.
� The company has expanded additional capacity of Recycled Polyester Staple Fiber (RPSF) by 18,000
TPA at Rudapur with an estimated cost of Rs.250mn.
� The company has also firmed up plans to set up a facility for manufacturing Recycled Partially
Oriented Yarn (POY) as a part of forward integration for value added product. The plant will have a
capacity of 18000MT/pa and shall entail an investment of Rs.350 millions. The new facility shall be
operational in FY12.

Forward Revenue Estimates & Financial
Statements

Revenue forecast..
FINANCIAL MATRIX 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12
Actual Projections
Net Sales (Cr) 51.94 62.67 105.42 135.37 190 234 400
Other Income (Cr) 0.2 0.33 0.38 0.08 0 0 0
EBDITA (Cr) 5.77 7.01 12.35 17.1 26 35 75
EBDITA Margin (%) 11.1 11.18 11.71 12.63 14 15 17
CAGR Growth (%) 28.25% 35%
Depreciation (Cr) 1.4 1.81 3.6 5.66 7 10 17
PAT (Cr) 1.46 1.89 3.75 4.35 9 13 30
PAT margin(%) 2.81 3.01 3.55 3.21 4.35 9 13
PAT margin(%) 2.81 3.01 3.55 3.21 4.35 9 13
Cash Generation (Cr) 2.86 3.7 7.35 10.01 16 23 47
Equity Share Capital (Cr) 9.37 9.37 9.86 9.86 9.86 13.38 19
Net worth (Cr) 14.2 15.99 20.2 23.98 31 48 108
Total Borrowing (Cr) 14.19 27.91 46.6 61.35 82 68 82
Gross Block (Cr) 32.45 47.29 66.97 85.83 111 116 175
Debt Equity Ratio 0.36 0.78 1.11 1.29 1.37 0.66 0.51
EPS (Rs) 1.57 2.03 3.62 4.35 8.01 8.78 15
Book Value (Rs) 15.16 17.07 20.5 24.33 31.7 35.86 54
RONW(%) 9.92 11.5 16.33 16.26 25.29 24.46 27.36

Income Statement(Last 4 years)
� The Company’s sales and net
profits have grown at healthy
compound annual growth rate
(CAGR) of 28% and 30%
respectively in the past four
years.
� The Revenue and Profitability
grew exponentially from Rs 52
crore to Rs 135 crore and Rs
1.47 crore to Rs 4.35 crore
respectively.
� Its EBIDTA improved to Rs.
10.91 crore in FY08-09 from Rs.
4.77 crore in FY06 on the back
of improved product mix.
� Growth plans are likely to
propel CAGR of 35-40% in its
top and bottom lines during
next five years.

Quarterly Results
� In FY 2008-09 the company recorded revenue of
Rs 136 crore, while the company has already
recorded revenue in excess of Rs 136 crore for 9
months ending Dec’09.
� The net profit for the Nine months ending Dec’09
stands at about Rs 5.89 crore which is already
higher than Rs 4.35 for the entire previous fiscal.
� In the December’09 quarter, sales grew by 39% to
Rs.52.56 crore. EBIDTA rose by 33% to Rs.6.16
crore. Net profit grew by 169% to Rs.2.85 crore.
� The company is likely to close this fiscal reporting
40% growth in revenues along with 52% rise in
EBIDTA and 105% rise in net profits.
� The company should be able to record a net EPS
of Rs 7, while at CMP range of Rs 48 - 52, it is
available extremely cheap at a P/E multiple of
approx. 6-7.

Balance Sheet (Last 6 years)
� For the last 5 years the Gross Block of the company has witnessed continuous expansion from Rs 28 crore to
Rs 85 crore. The company has been expanding its capacity on a consistent basis enabling the company report
higher sales and profitability.
� As per the projected estimates, the company intends to bring down its Debt/Equity ratio to almost 0.5 in the
next two years, while it will still continue with capacity expansion through internal accruals and limited
equity dilution.

The Management

Ganesh Polytex Ltd.- Management
Management..
� Mr. Shyam S. Sharma - Chairman and Managing Director - He is a textile engineer. Served the Birla Group
for 25 years in various senior positions and promoted the said company in the year 1987. He is well versed
with the fibre and textile technology with an experience of more than 45 years.
� Mr. V.D Khandelwal - Executive vice president - He is a post graduate in commerce and having experience
of more than 36 years in trading of different types of textile yarns. He is one of promoter director of the
company and looking after the affairs of the company since inception.
� Mr. Sharad Sharma - Joint Managing Director - He is a commerce graduate and having more than 17 years
in marketing of yarns and fibre. He is engaged with the company since 1992.

Shareholding Pattern

Shareholding– Promoters & Non-Promoters
� At the end of Mar’ 10 the Promoter holding stands at 47.55%, which is reasonable and the increase in stake
further reflects the confidence of the management in the prospects of the company.
� The Promoter’s have been increasing their stake consistently for the last 5 quarters.
� The total Paid-up Equity Share Capital of the Company has been enhanced from Rs. 9,85,50,000/- to Rs.
12,32,00,000/- because of allotment of 24.65 lakhs Equity Shares to the Promoters and Others, consequent
upon the exercise of conversion option of warrants.

Mar’10 – Promoters and Non - Promoters
� An early entry into this
stock, can give huge
returns, with major
institutions coming in
later, thereby giving
exposure to the company.
� As the largest player in the
segment among all big
players like Reliance and
Sector being highly
scalable, company should
be able to command
higher multiples.
� As the Promoter are
consistently increasing
their holding in the
company, this shows the
faith they have in the long
term prospect of the
company.

Buying Strategy

Uptrend Pattern…
Huge volumes coupled
with increase in share
price, strong bullish sign
� The stock is in the uptrend phase & is looking strong on charts as it is making new (top) highs & bottoms.
� As illustrated in the chart , the stock price of Ganesh Polytex was dull & underperformed for a long period of
time , but as the company started churning out good number & successfully completed its capacity
expansion program , the stock reacted positively to it.
� The recent highs scaled by the company have been backed by larger volumes, thus validating the recent
upward move.

Near Lifetime high…
Stock Price is Moving upwards and is
currently inside a channel.
� As illustrated in the chart, the stock price has been moving upwards and is currently inside a channel.
� Increase in share price comes along with the higher volumes , immediate support comes at around 43.
� The stock price is very near to its lifetime high of 54, when the stock reaches its life time high it goes into a
strong bullish phase in the absence of any resistance.

Investment Rationale

Investment Rationale
� The company is the leader in its area of operations and recently surpassed the annual production capacity of
Reliance Industries Ltd.
� The investors lack the understanding of the Business Model of the company. Once the investors realize the
true potential and the main area of operation i.e. Waste Recycling, the stock will command very high
multiples.
� The company is contemplating a change in the name of the company to reflect the true operations. A change
in name will lead to better visibility and a change in perception, which will result in Re-rating.
� The company has chalked out an aggressive expansion for the next two years, which will not only increase
the profitability and sales but also result in margin expansion.
� Based on the Projected income and sales, the company is available at low valuations thereby ensuring safety
of margin.

Risks and Concerns

Risks & Concerns…
Risks:-
� A change in the manufacturing technology of PET bottles may affect the
company’s ability to recycle the waste
� Availability of Raw material is almost free of cost, but the critical issue is
collection of waste and transportation / processing cost.
Concerns:-
�� The strong performance in the past is not a bullish sign and doesn't indicate the
same or better performance in the future. Each year is different from the
previous one!
� Do not let representative bias win over your common sense! Always do your
homework and do not forget to do a research before you invest your money!
� As and when there is a change in the Government, there might be a change
in its policies too. Any adverse changes in its policies may affect the business
operations of the company

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