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For the latest June’09 quarter TIL Ltd (250.00) reported flat bottomline of Rs 5.80 cr despite 10% fall in topline to Rs 163 cr on a standalone basis. Company is engaged in three business segment namely construction and mining solutions, material handling solutions & power systems solutions. It has long term technical and strategic alliances with leading equipment manufacturers in the world- Caterpillar Inc, Manitowoc crane Group, USA Famak S.A, Poland and Paceco Corp, USA. Pioneering the manufacture of mobile cranes in India, company deals in hundreds of specialized construction equipment like excavators, loaders, pavers, rollers, concrete mixers, batch plants, forklifts, conveyors, tower cranes, crushing plants, dumpers, demolition equipments etc. To cater the global clients effectively it has set up subsidiaries in Singapore, Myanmar & Nepal etc which are doing well. For FY09 on a consolidated basis company has recorded sales of Rs 1037 cr and PAT of Rs 44 cr leading to an EPS of Rs 44 on equity of Rs10 cr. With government planning to invest Rs. 2,002,000 cr in physical infrastructure (railways, roads, ports, airports, irrigation, urban and rural water supply and sanitation) as per Eleventh Five-Year Plan, the future prospect of the company looks robust. Thus company is even setting up a Greenfield plant in West Bengal under a capex of Rs 175 cr which may get ready by late 2010. Meanwhile the 30 lac convertible warrants (@ Rs 326) which were issued in Dec’07 to fund this expansion got lapsed due to poor market sentiment. But it doesnt make much difference as company can easily raise debt and complete the project. For FY10, on a consolidated basis it is expected to clock a turnover of Rs 1200 cr and PAT of Rs 48 cr i.e. EPS of Rs 48 on current equity. A solid bet

Once again Jupiter Bioscience (48.00) has reported satisfactory performance for the June’09 quarter. Sales improved by 15% to Rs 33 cr but PAT remained flat at Rs 7 cr posting an EPS of Rs 4.50 for the single quarter. Even for FY09, company had clocked 10% rise in sales to Rs 143 cr and 20% increase in profit to Rs 32 cr thereby posting an EPS of Rs 20 on a standalone basis. Although the consolidated nos are not available but it estimated to be marginally better. Company is operating in a very niche segment and is among the few companies in the world to have competency in synthesis of peptides. The technology focus of the company has enabled it to develop more than 400 products in its catalogue and establish a leadership position in the peptide business internationally. It is poised to become a global peptide solutions group having a broad canvas of peptide chemistry products, peptide reagents, coupling reagents, protective agents and supplier of key ingredients used in peptide based pharmaceuticals. However few experts have concerns over the non performance of its subsidiaries despite considerable capital being employed into them. Despite this investors can accumulate the scrip at current levels. The days its subsidiaries start performing scrip will see a vertical rise.

After witnessing the worst time of its history, things are gradually improving for Phillips Carbon Black (100.00). Due to economic meltdown and slump in auto sector, demand for carbon black also nose-dived during late 2008 which forced the company to cut down the production. Moreover the carbon black prices also fell due to dumping & inventory clearance by international players. Incidentally, company’s capacity utilization for FY09 stood at merely 79% (against 93% in FY08). However in the last few months the price as well as demand has improved to some extent. Also anti-dumping investigation against import of carbon black from Thailand, Australia, China, Russia, etc. is in progress and it is expected to be concluded in due course during FY10. In the meantime company reported encouraging performance for the June’09 quarter. After reporting significant operating loss in the preceding two quarters it recorded an operating profit of Rs 32 cr (OPM of 11%) for this quarter. Interestingly it reported only 10% fall in sales and PAT to Rs 291 cr & Rs 20.50 cr respectively against corresponding quarter last year. In order to generate extra revenue from sale of power, company has put up a huge 30 MW power generation plant which commenced commercial operation from April, 2009. For future growth company is looking to expand its installed capacity by whopping 140,000 tonne thru Greenfield as well Brownfield expansion along with adding another 32 MW of captive power generation facility. In short, post all expansion by end of 2010, its carbon black production capacity will stand augmented to 410,000 MTPA and power generation capacity to 80.50 MW. Worth a punt.

Ironically, the net profit of Balaji Amines (85.00) remained same at Rs 5 cr despite 25% fall in topline to Rs 59 cr. It recorded a healthy OPM of 17% against 12% in the corresponding quarter last year. For FY09 its sales as well as net profit were up 15% to Rs 252 cr & 15 cr respectively. Company is among the few handful manufacturers across the world producing methylamines, ethylamines and their derivatives, as amine manufacturing technology is a closely guarded process. Ironically company is using indigenously developed technology i.e. without any technical foreign collaboration. It also produces specialty chemicals which are import substitutes like Morpholine,hydroxylamine, N-Methyl Pyrrolidone etc and few natural products (herbal extracts) such as solanesol, calcium sennosoid, coleus forskohlii, camptothesin etc. Infact couple of weeks ago it commissioned Gamma Butyro Lactone (GBL) plant with a capacity of 18 MT / day which is first of its kind in India and is a 100% import substitute. However being in a petrochemical industry with crude based feed stock, company’s performance is affected to some extent by the volatility in crude oil prices. For FY10 it is expected to register sales of Rs 250 cr and PAT of Rs 15~16 cr i.e. EPS of Rs 25 on equity of Rs 6.50 cr. Only long term investors can accumulate at declines.

Vivimed Labs Ltd - Rs 76.00

Incorporated in 1989, Vivimed Labs Ltd (VLL) is a speciality chemical manufacturer with prime focus on the Home and Personal Care (H&PC) segment. Its extensive range of speciality chemicals caters to segments including oral care, sun care, skin care, hair care, natural extracts, preservatives, anti microbial, anti oxidants, anti-aging molecule etc. In short company’s primary strength is in synthetic organic chemistry. Remarkably, VLL is the worlds 2nd largest manufacturer of Triclosan - an antibacterial used for oral care and one of the top three companies for Avis – a chemical which improves UV absorbing ability of Sunscreen. Thru acquisitions of Creative Health Care and merger of associated company VVS Pharmaceuticals & Pharmaceuticals Pvt Ltd, VLL has entered into the speciality pharma business as well. This specialty division has its inherent strengths in drug delivery and drug discovery with focus on providing cures in the oncology space, arthritis, syndrome X, macular degeneration, psoriasis and stress. Moreover, VLL is an active player in CRAM (Contract Research and manufacturing) segment providing vendor partnerships ranging from molecular research to collaborative manufacturing. It holds a unique position in the international H&PC industry with supply-chain relationship with global leaders including - Unilever, L'Oreal, Procter & Gamble, Johnson & Johnson etc. Having exclusive tie ups with global logistics companies, VLL has been offering shipment, warehousing, redistribution and door delivery services to large global majors. It has global network of offices, representatives and distributors across America, Europe, Far East and the Asia Pacific region.

Importantly, in May 2008 VLL acquired 100% stake in M/s James Robinson,UK (JR) which is an international manufacturer and supplier of speciality chemicals used in hair dyes, pharmaceuticals and photographic films/prints to ophthalmic sunglasses. Infact, one out of every three hair dyes in the world has a specialty chemical from JR. With manufacturing plants in UK, Germany and India, JR now a 100% subsidiary of VLL also offers a novel range of photochromic dyes for a wide variety of applications including ophthalmics, plastics, coatings and inks, and fluorescent dyes for both textile and non-textile applications. Thus this acquisition has seamlessly positioned VLL in the larger and high value space of high-end specialty chemicals. In order to avail the benefits of lower cost of production, manufacturing of most of the products of JR is being shifted to India.

As of today, VLL has two speciality chemicals plants – one in Bidar (Karnataka) and second in Hyderabad(AP). Apart from these it has three other pharmaceutical finished dose plants one each at Hyderabad (AP), Kashipur (Uttaranchal) and Haridwar (Uttaranchal) where it manufactures all types of solid oral, liquid orals, topical applications, small volume parenterals, cytotoxic etc. As the demand for end products in H&PC industry (like skin care, hair care, oral care products) is growing substantially, VLL is also witnessing robust demand for its chemicals. It has been constantly expanding its capacity and has chalked out capex plan for coming years as well. It has already bought land in Uttranchal for Greenfield expansion and another 23 acre land in Hyderabad to set up state-of-the-art R&D centre and pilot plant. Meanwhile its CRAM division, is focusing on exploring joint ventures / strategic alliances with manufacturers and IP companies in the specialty chemicals sector to partner in areas ranging from custom synthesis to commercial production. It offers contract manufacturing services from less than 1 metric tonne to more than 100 metric tonne. On the other hand its R&D section, is busy in researching and collaborating for creating new drug delivery systems with special thrust on anti-obesity dieting products, anti arthritic drug, anti-wrinkler, an anti oxidant, an anti cancer drug and an anti acne products. Notably, it has undertaken new formulations in urinary disorder and psoriasis treatment and the results are very encouraging.

Meanwhile, VLL is also open for inorganic growth. To increase its global footprint further and cut down the time to market for global customers, company recently in Dec 2008 finalized to acquire & merge Har-met International Inc, USA which is an importer of pharmaceutical and cosmetic ingredients since last two decades. To fund the JR acquisition and expansion plan, VLL had raised roughly Rs 60 cr thru FCCB of US$ 15 million in June 2007 to be converted @ Rs 185 per equity share. However out of this, company has now bought back US$ 12.50 million of FCCB with only US $ 2.50 million outstanding as on date. For FY09, on a consolidated basis VLL reported a turnover of Rs 280 cr (up 55%) and PAT of Rs 22 cr (up 40%) i.e. EPS of Rs 24 on equity of Rs 9.40 cr. Even for recent June’09 quarter it recorded 50% rise in sales to Rs 80 cr whereas net profit zoomed up 70% to Rs 7 cr. Accordingly for FY10, it is estimated to report a consolidated sales of more than Rs 325 cr and net profit of Rs 25 cr. This leads to an EPS of Rs 27 on current equity of Rs 9.40 cr. Investors are strongly recommended to buy at current levels as share price can double within 15 months.

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For the latest June’09 Genus power (190.00) reported 20% growth in revenue to Rs 120 cr but bottomline remained flat at Rs 8.00 due to higher interest cost. Company is amongst the leading integrated metering solutions' providers and the pioneer in implementing AMR (Automatic Meter Reader) technology. It has diversified into engineering construction and currently derives more than 50% from EPC power T&D projects where it provides absolute solutions for power transmission & distribution system. As a step forward, company has also launched IT enabled distribution transformer metering system, feeder monitoring and management system, smart street light management system with value added software application for providing end to end solutions for energy management. For FY09 it had recorded 6% rise in bottomline to Rs 51 cr on 25% higher sales of Rs 586 cr thereby posting an EPS of Rs 35. Recently, company cancelled the 16 lac convertible warrants and forfeited the advance amount received as the allottee’s didn’t exercised the option of conversion. Now there is no outstanding stock position which can dilute the equity. As power sector being the least affected due to slowdown, company is having an impressive order book position of more than Rs 1000 cr which is almost double its FY09 revenue. Moreover it has participated in tenders of around Rs ~1300 cr, out of which it is already 'L-1' bidder in tenders worth Rs.283 cr. Accordingly for FY10, it is estimated to do sales of Rs 700 cr and net profit of Rs 55 cr i.e. EPS of Rs 37 on current equity of Rs 14.80 cr.

J Kumar (115.00) has once again reported excellent set of nos for the latest June’09 quarter. Total revenue jumped up 70% to Rs 153 cr whereas net profit increased by 60% to Rs 12 cr. Notably, company has been able to scale up its operation without any compromise on margin. Its OPM for the quarter stood at healthy 15%. For FY09 company had recorded 85% growth in topline to Rs 389 cr and 70% jump in bottomline to Rs 33 cr posting an EPS of Rs 16 on equity base of Rs 20.70 cr. Despite challenging times and overall slowdown company has been constantly bagging good orders. Last fiscal it had bagged huge orders to the tune of Rs 560 cr from MMRDA and MSRDC. Couple of months back it was awarded Rs 130 cr order for construction of nallah & Railway Bridge (Jogeshwari) in Mumbai. This week it has won another 155 cr order for construction of flyover and other dam/canal related marine project thereby taking its total order book position to nearly Rs 1300 cr. In order to fund its various project, company recently made a preferential allotment of 40 lac convertible warrants to promoters and others at the rate of Rs 60 per warrant. For FY10 it may clock a turnover of Rs 550 cr and PAT of Rs 38 cr which works to an EPS of Rs 15 on fully diluted equity of Rs 24.72 cr. Buy at declines only.

JB Chemicals (42.00) - flagship company of the Unique Group, manufactures and markets a wide range of pharmaceutical formulations, herbal remedies, bulk drugs, intermediates and radio-diagnostics products for domestic and international market. Headquartered in Mumbai, it has a large global presence with operations in over 50 countries across the globe. Exports contribute ~70% of total revenue with major chunk coming from key market like Russia/Ukraine/CIS countries. Infact it is one of the top three Indian companies in Russia with its flagship brand "Doktor Mom", being the most trusted and undisputed leader in its segment. Though company would continue to concentrate on its existing markets, it has identified South Africa, Australia, Brazil, Venezuela and other Latin American countries as future growth drivers. It has identified high potential for its herbal and ethical formulations in central European countries. In order to tap this potential, the company, during the year, has set up a wholly owned subsidiary in Romania. For the June’09 quarter its sales as well as net profit remained flat at Rs 139 cr and 13 cr respectively clocking an EPS of Rs 1.60 for the quarter. With an expected EPS of Rs 7 for FY10, scrip can be accumulated at declines.

Despite clocking good performance quarter after quarter, Aditya Birla Chemicals (64.00) is being ignored by the market for quite some time now. Even for the latest June’09 quarter its topline grew by 15% to Rs 60 cr and PAT improved by 20% to Rs 16 cr. It is one of the few companies which have been consistently reporting an OPM of ~40% and NPM of ~25%. Earlier known as Bihar Caustic, it is among the leading caustic soda producer in the northern and eastern region of the country having an installed capacity of 265 TPD of caustic soda, 200 TPD of liquid chlorine, 130 TPD of hydrochloric acid, 150,000 Nm3/day of compressed hydrogen and 3 TPD of sodium hypo chlorite. It has also set up a 25 TPD stable bleaching powder plant and 12000 TPA of aluminum chloride unit. To maintain its future growth, company is in the process of further augmenting the capacity of its caustic soda from 265 TPD to 300 TPD at a capital investment of Rs 30 cr. With nearly 70% its production being taken by Hindalco, company has an assured and ready market for its product. During Q2FY09, company faced minor disruption in production due to some problem in the power plant boiler which affected its bottomline. Hence, company is expected to report comparatively higher bottomline in the current quarter i.e. Q2FY10. And for entire FY10 it may post sales of Rs 240 cr and PAT of Rs 60 cr i.e. EPS of Rs 26 on current equity of Rs 23.40 cr. A screaming buy at current levels.

JMC Projects (India) Ltd - Rs 155.00

Founded in 1982, JMC Projects (India) Ltd (JMC) was originally promoted by Mr. Suhas Joshi & Mr. Hemant Modi as Joshi & Modi Construction Pvt Ltd. Later it was renamed as JMC Projects Ltd and subsequently in 2004 was taken over by the renowned and well diversified Kalpataru group. Since then, under the new corporate leadership JMC has been growing leaps and bounds and today it is among the top seven players for building and factory construction in India. It provides all types of construction services including fabrication and erection of structural steel components, pre-casting and allied works. It has successfully ventured into fields of turnkey execution involving civil, mechanical, electrical, HVAC, fire fighting, architectural and landscaping works. Over the years JMC’s major thrust has been setting up industrial plants for automobiles, textiles, heavy engineering, chemicals, cement, pharmaceuticals, sugar, power etc, and institutional building comprising hospitals, software parks, hotels, educational institutes etc. It boasts of several landmark projects such as construction of IIM Ahmedabad campus, three elevated Delhi Metro railway station, Software Park for Infosys in Bangalore, residential/commercial complex at Bhopal for MP housing Board, Vardhman Medical College at Delhi, Software development centre in Pune for Syntel Int apart from constructing factory/plant for Nirma, Arvind Mills, Maruti Udyog, Hindustan motors, Indian Rayon, Alstom Projects etc.

However in the last few years JMC has started focusing on infrastructure and power projects. It now undertakes several projects to construct bridges & flyovers, roads & highways, railways stations, marine work, water supply & irrigation projects and construction of power plants. It is aggressively bidding for government contracts and is even executing big road projects for NHAI. Because of its excellent track record, technological & execution capabilities and strong backing by the parent company i.e. Kalpataru Power Transmission Limited, JMC has been successful in getting some major orders from prestigious clients such as BHEL, Godrej, Brigade Ent, Wipro, MPRDC, NHAI, Vedanta Aluminium, JP Associates etc. It has been hardly two year that JMC ventured into power sector and it is already getting repeat orders from biggies like Reliance Energy, Reliance Infrastructure, BHEL, Alstom, Elecon Engineering etc. It has also achieved a major breakthrough during the first year of operation, in the Eastern India region, in terms of securing and successfully executing large value projects. However due to economic & political factors, JMC received new contracts of approx. Rs. 1030 cr during the entire FY09 (against Rs 1840 cr for FY08). Despite this it boasts of having order book position of Rs 2200 cr (i.e. 1.7x times its FY09 turnover) of which nearly 50% consists of industrial construction/buildings segment, 30% of infrastructure related and 12% of power projects. JMC is also executing major fast track projects in Delhi for the Commonwealth Games 2010. For future growth, it is focusing on the infrastructure sector especially roads, urban infrastructure and power Sector which are relatively less affected by the economic slowdown. It also intends to take up railways, airports and water management projects on an EPC basis which will further add to its execution capabilities.

Since the beginning of the last year construction industry has been affected to a major extent due to the economic meltdown. Infrastructure projects are witnessing a slow down and the real estate sector is in a slump. Private investors have pushed back several big projects planned earlier, either due to lack of funds or these becoming unviable. But in the view of the latest developments, it appears that the situation might begin to look positive by the end of the year 2009-10. Moreover sustained focus of the government to improve infrastructure especially roads, ports, power, housing and increased allocation to various schemes such as NHDP, Bharat Nirman, RIDF, Jawaharlal Nehru National Urban Renewable Mission (JNNURM) would result in continued growth for the construction industry. Some areas like roads, rail lines, ports and airports are already operating at saturation, so further expansion is inevitable for economic growth. As per Eleventh Five Year Plan, more than US$ 500 billion worth of investment is planned to flow into India’s infrastructure by 2012. And the construction industry accounts for a significant portion of the proposed investments. So construction and modernization of airports, Urban Development Projects, Bus Rapid Transit System (BRTS) and Metro Rail Projects in mega cities, major power projects and SEZs has opened up a plethora of business opportunities for construction companies in general and JMC in specific. Thus except for the ailing real estate sector, the overall scenario for the construction industry looks to be optimistic.

Fundamentally, JMC is doing well as it clocked 45% growth in topline to Rs 1309 cr and 20% rise in PAT to Rs 37 cr for FY09 posting an EPs of Rs 19 on equity of Rs 18 cr. Incidentally, company’s bottomline was affected on stoppage of work in Agra Bypass Road Project of NHAI due to non-availability of land. Meanwhile for the recent Q1FY10, its revenue declined by marginally to Rs 292 cr but net profit remained flat at Rs 6.50 cr. Recently, JMC converted the 12,50,000 Optionally Convertible Preference Shares of Rs. 202/- each into Non-Cumulative Redeemable Preference Shares as the holders didn’t exercise their option for conversion into equity shares. Further company has decided to redeem these preference shares of Rs 25 cr for which it is coming out with a right issue of Rs 40 cr in the ratio of 1:5 @ Rs 110/- per share. The issue has been priced in line with FY09 book value which is Rs 111 as on 31st March 2009. Unfortunately, the issue will be EPS dilutive as most of the money will be utilized to redeem the preference shares and rest will utilized for working capital. The scrip has already gone ex-right on 24th July 2009. For FY10 company is expected to clock a turnover of Rs 1500 cr and NP of Rs 42 cr i.e. EPS of Rs 19 on diluted equity of Rs 21.75 cr. Looking at the market dynamics its possible that scrip may see a correction upto Rs 125~130 where investors can accumulate for a price target of Rs 210 in 15~18 months.

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Once again Transformer & Rectifiers (290.00) has reported flat nos for the June’09 quarter. Sales as well as PAT remained very flat at Rs 86 cr and Rs 9 cr respectively, posting an EPS of Rs 7 for the quarter. For FY09 its sales were up 40% to Rs 425 cr whereas PAT had increased by 35% to Rs 44 cr translating into EPS of Rs 34 on equity of Rs 12.90 cr. Company is one of the few manufacturers in the country manufacturing the entire range of transformers namely power generation, transmission and distribution transformers, industrial transformers such as furnace transformers, and special transformers such as mobile substation, rectifiers, testing transformers etc. Infact, it is among the largest manufacturer of furnace transformers in India. Moreover in May’09 its Greenfield plant in Moraiya (Ahmedabad) with an installed capacity of 16000 MVA went on stream which tripled the company’s production capacity to 23200 from 7200 MVA currently. However in the current fiscal company is expected to make total production of 10,000 MVA which still leads to 50% rise in volume terms. Thus it estimated to clock a turnover of Rs 600~650 cr with a net profit of Rs 65 cr which works out to an EPS of Rs 50 on current equity. A solid bet even at current levels.

Because of forex gains, Hitachi Home & Life Solutions (70.00), was able to report decent set of nos for the June’09 quarter. Its sales improved by 15% to Rs 211 cr whereas net profit increased by 20% to Rs 18.70 cr posting an EPS of more than Rs 8 for the quarter. Traditionally, it is the important quarter for the company as it operates in a seasonal business. For FY09 ending March’09 it recorded 50% fall in PAT to Rs 21 cr (including forex loss of Rs 12 cr) despite 6% rise in topline to Rs 474 cr. Thus for entire FY09, it posted an EPS of Rs 9 on equity of Rs 23 cr. Being, a 68% subsidiary of Hitachi-Japan and proud owner of “HITACHI” brand company manufactures high technological home and commercial air conditioners like window AC, split AC, concealed splits, ductables, chillers and specific telecom cooling solutions. To reduce its dependence on air conditioners company has of late ventured into refrigerators/washing machines and is even planned Rs 45 cr capex to expand its line of business. For FY10 it may clock a turnover of Rs 525 cr and PAT of Rs 35 cr leading to an EPS of Rs 15 on current equity. Being almost a debt free company coupled with strong foreign promoter backing, scrip deserves a better valuation. Buy only at sharp declines as scrip has seen a smart rally in the recent past.

Retail investors are quite disappointed on seeing the June quarter performance of Numeric power (390.00) as company has reported 40% decline in PAT to Rs 8 cr. But the corresponding quarter of the last year includes exceptional profit income of Rs 6.50 cr on sale of stake in JV company. If we exclude that, then company has actually improved its bottomline. For FY09 company had recorded 5% growth in topline to Rs 409 cr and 15% fall in PAT to Rs 33.50 cr posting an EPS of Rs 66 on small equity of Rs 5.05 cr. Incidentally, on a consolidated basis its turnover stood at Rs 443 cr and profit at Rs 38 cr i.e. EPS of Rs 76. Thus company is currently trading at a P/E multiple of 5x times against its current consolidated earnings. Company has eight world class manufacturing facilities spread across Pondichery-TN, Chennai-TN, Parvanoo-HP and Colombo-Srilanka, thereby emerging as the biggest integrated manufacture of UPS in India. It also undertakes turnkey projects and offers end to end solution for SCADA/EMS package, large network of industrial process, power transmission support systems and distribution management. It has an enviable and high profile clientele including Infosys, Siemens, Intel, Philips, Microsoft, Veritas, HDFC, Citibank, ICICI, RBI, NIC, Reliance, ABB, BMW, NCR, Nokia, major stock exchanges etc. Recently, company ventured into solar power generation using Photo Voltaic Modules and initially intends to develop solar hybrid UPS systems. To become more efficient, it is backward integrating into batteries and is scouting for a technology partner to set up a battery manufacturing unit. Buy at declines.

Against the expectation of recording decent growth, Tera Software (35.00) has posted flat nos for the June quarter as sales and net profit stood at Rs 17 cr and Rs 2.50 cr respectively. For FY09 its net profit was down by 15% to Rs 10.50 cr, although its total revenue had increased by 40% to Rs 83 cr. Thus its EPS stood at Rs 8.50 on equity of Rs 12.50 cr. Company is expected to declare 20% dividend for FY09 which leads to a yield of 6% at CMP. Company is one of the leading e-governance solution providers, undertaking data entry/scanning works for digitization of information maintained under Right to Information Act. It also undertakes short-term projects like issue of photo ID cards, ration cards and election commission cards. Of late company successfully executed Maharashtra Vikri Kar Seva Project in Maharashtra State (VAT Implementation of Maharastra sales tax department) on BOOR (Build own operate and refresh) model as the scope of work was computerization of sales Tax department in the entire state of Maharashtra. Notably company has been able to procure additionally six new projects of the State Government of Andhra Pradesh, Karnataka, Rajasthan, West Bengal and Himachal Pradesh. It also ventured into imparting computer education in more than 225 schools in Goa and AP by establishing the computer labs with Computers and providing the teaching staff and maintenance of systems. For FY10, it is estimated to report total revenue of Rs 90 cr and profit of Rs 12 i.e. EPS of Rs 10 on current equity of Rs 12.50 cr.