COMPANY OVERVIEW:
Company was established in the year 1988. The company is into manufacturing of high fashioned molded furniture. Company is part of Cello group of companies.
Wim Plasts is the first and largest manufacturer of branded household products in India. Company has wide range of plastic molded products.
It has 200 distributor and 8000 retailers in India. Company regularly exports to 60 countries including USA, Italy, UK, Germany, Japan etc.

Product Name	Sales(In crore)	% of Total
Plastic Molded Goods	Rs 99.23 crore	97.22%
Others	Rs 2.63 crore	2.57%
Commission	Rs 0.16 crore	0.15%
Other Services	Rs 0.04 crore	0.04%

INDUSTRY OUTLOOK:
In the last few decades, the industry has grown to the status of a leading sector in the country with a sizable base. The material is gaining notable importance in different spheres of activity and the per capita consumption is increasing at a fast pace. Continuous advancements and developments in polymer technology, processing machineries, expertise, and cost effective manufacturing is fast replacing the typical materials in different segments with plastics.
Share of India's plastic products industry is about 0.5% of India's GDP. The export of plastic products also yields about 1% of the country's exports. The sector has a large presence of small scale companies in the industry, which account for more than 50% turnover of the industry and provides employment to an estimate of about 0.4 million people in the country.

INVESTMENT RATIONAL:
Company has shown robust growth in PAT. PAT grew at CAGR of 64% in last four years.
Margins have shown consistent increase in last four years. PBDITA has increased from 11% to 16% in last four years. NPM has increased from 2.8% to 8.6% in last four years.
Demand of molded plastic product is increasing as it is being used in all aspect of human life.
Declining raw material cost in the last one year has led to the increase margin of the company.
New unit in Himachal Pradesh will increase the top line and bottom line in FY10.

	NO. OF SHARE	% OF TOTAL
PROMOTERS	4444109	74.05%
INSTITUTION	1200	0.02%
GENERAL PUBLIC	1556371	25.93%
GRAND TOTAL	6001680	100.00%

	31/03/06	31/03/07	31/03/08	31/03/09
TOTAL INCOME	63.99	61.42	80.14	92.24
EXPENDITURE	-56.98	-53.83	-71.18	-77.57
PBDITA	7.01	7.59	8.96	14.67
DEPRECIATION	-3.53	-3.79	-3.55	-2.98
PBIT	3.48	3.8	5.41	11.69
INTEREST	-0.58	-1.2	-1.16	-0.53
PBT	2.9	2.6	4.25	11.16
TAX	-1.09	-0.94	-1.14	-3.15
PAT	1.81	1.66	3.11	8.01

Key Highlights:
CAGR IN TOTAL INCOME IS 12.8%.
CAGR IN PBDITA IS 27.5%.
CAGR IN PAT IS 63.6%.

	31/03/06	31/03/07	31/03/08	31/03/09
EPS	3.015822	2.765892	5.181882	13.34626
PBDITA MARGIN	10.95484	12.35754	11.18043	15.90416
NPM	2.828567	2.702703	3.880709	8.683868
INTEREST COVER	6	3.166667	4.663793	22.0566

Key Highlights:
EPS has grown at CAGR 63.6% in the past four years.
PBDITA MARGIN increased by 500 bp to 10.9%.
NPM increased from 2.82% to 8.68% in last four years.
Interest cover increased from 6 to 22.05 in last four years. Company is almost debt free.

	Q2FY10	% CHANGE	Q2FY10
TOTAL INCOME	16.94	69.9527745	28.79
EXPENDITURE	-14.88		-23.38
PBDITA	2.06	162.6213592	5.41
DEPRECIATION	-0.77		-0.79
PBIT	1.29		4.62
INTEREST	-0.2		-0.03
PBT	1.09		4.59
TAX	-0.24		-1.25
PAT	0.85	292.9411765	3.34

Key Highlights:
Total Income grew in Q2FY10 by 69% to 28.79 crore on YoY basis.
PBDITA grew in Q2FY10 by 162% to 5.41 crore on YoY basis.
PAT grew in Q2FY10 by 292% to 3.34 crore on YoY basis.

VALUATION &OUTLOOK:
We expect EPS to be Rs 20 per share in FY10E. At cmp of Rs 117 stock is trading at 5.85X. The industry average is 9X. The fair value we arrive at is Rs 180 per share.
Company also has good dividend paying track record. It pays dividend of around 35% which at cmp gives dividend yield of 2.35%.
The outlook of the company remains bright. The expansion plan and new facilities figures will be reflected in the next year first quarter result. We are very optimistic about the growth of the company. The demand of the molded plastic product will remain robust.

CONCLUSION:
The stock is good for investor with 6-8 month investment horizon. Risk reward ratio is very favorable. The downside on the counter seems to be limited. Promoter group is Cello, which is very trusted brand in the Indian household.