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SYSTEMATIX SHARES & STOCKS (I) LTD

Wealth Management
Strong Operating Holding Company with Significant Stake in Subsidiary Company
29-Oct-10
We have done a brief analysis on companies which have significant investment in their group companies or subsidiary and have potential to unlock the value. These companies are into the Power, Infrastructure and
Financial Services sectors that have significant growth potential going forward and continue to accrue the value for their holding company. These companies are not mere a holding company where the investment to
quote at discount, in fact these companies derived value from sound business of their own and their investment in subsidiaries works like cushion that provide unlocking opportunity in future.

Brief key information on these companies are as follows:


Value of Subsidiary Companies
Holding Company Jaiprakash Asso. IB Real Estate Adani Ent. R. Infra PTC RSWM Monnet Ispat Godrej Inds. Polyplex Corp
CMP Rs. 120.3 191.4 704.5 1036.0 134.6 179.9 597.5 213.2 881.3
No. of Shares Cr. 212.46 40.15 53.70 24.49 29.45 2.31 5.23 31.76 1.6
Market Cap. Rs. Cr. 25549 7685 37832 25369 3963 416 3122 6771 1409

Book Value of Investment Rs. Cr. 955.0 592.5 860.8 1720.0 446.0 17.6 41.1 185.3 14.9
Appreciation from Book Value Rs. Cr. 9411.5 2696.1 18887.6 15203.7 825.5 352.9 1883.7 3908.1 2746.7

Key Information of Subsidiary Company:


Subsidiary Company Units Jaypee Infra IB Power Adani Power Reliance Power PTC Fin. Service Bhilwara Energy. Ltd Monnet Power Godrej Prop. Polyplex Thailand
CMP Rs. 89.8 27.8 129.0 157.1 - - - 728.6 49.3
No. of Shares Cr. 138.9 202.1 218.0 239.7 7.0 80
Market Cap. Rs. Cr. 12466 5609 28112 37642 1909 2130 2200 5100 3945

Stake in Subsidiary Company Jaiprakash Asso. IB Real Estate Adani Ent. R. Infra PTC RSWM Monnet Ispat Godrej Inds. Polyplex Corp
Holding Company Stake in Subsidiary
%
(Mar -10) 83.16% 58.63% 70.25% 44.96% 66.60% 17.40% 87.5% 80.26% 70.00%
No. Of Shares Cr. 115.50 118.51 153.15 107.76 0.00 0.00 0.00 5.62
Current Value of its Stake Rs. Cr. 10366 3289 19748 16924 1271 371 1925 4093 2762

Value Per Share (Rs.) Rs. 48.79 81.90 367.73 691.13 43.17 160.08 368.31 128.89 1727.08
SOTP Value derived from Subsidiary % 40.6% 42.8% 52.2% 66.7% 32.1% 89.0% 61.6% 60.5% 196.0%

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