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29.09.2019

AAKASHAYA PATRA EXCLUSIVE STOCK FOR INVESTMENT:

IFGL Refractories Limited
(CMP 161)
 ENTER LEVEL – 140 TO 150 STOPLOSS 90 TARGET 300-350 IN 24-36 MONTHS

IFGL Refractories Limited (IFGL) - is an Indian Multinational Company from S K Bajoria Group,is listed both on BSE and NSE, have manufacturing facilities in China, Germany, India, UK and USA. IFGL merged with its subsidiary, IFGL Exports Limited, also engaged in manufacture of Continuous Casting Refractories effective FY2016-17 and renamed itself from IFGL Exports to its present name. IFGL Refractories Ltd. is a manufacturer of Specialized Refractories and requisite operating Systems for Iron and Steel Industry. It has a large pool of trained engineers and application specialists to offer customers total solution for Refractory for flow control in Steel Teeming and Continuous Casting of Steel.

Refractories - Refractories are material having high melting points, with properties that make them suitable to act as heat-resisting barriers between high and low temperature zones. Refractories are inorganic nonmetallic material which can withstand high temperature without undergoing physical or chemical changes while remaining in contact with molten slag, metal and gases.

Raw Materials - Principal raw materials used in the production of refractories are: oxides of silicon, aluminum, magnesium, calcium and zirconium and some non-oxide refractories like alumina,carbides, nitrides, borides, silicates and graphite.

Uses - Refractories are used by metallurgy industry for flow control and also in the internal linings of furnaces, kilns, reactors and other vessels for holding and transporting metal and slag. In non-metallurgical industries, the refractories are mostly installed on fired heaters, hydrogen reformers, ammonia primary and secondary reformers, cracking furnaces, utility boilers, catalytic cracking units, coke calciner, sulfur furnaces, air heaters, ducting, stacks, etc.The Slide Gate Refractories Plant was started in the year 1984. Indo Flogates was a joint venture with Flogates Ltd, UK and an exclusive Indian Licensee of Flocon Slide Gate Systems, developed by US Steel Corporation through their wholly-owned subsidiary USS Engineers and Consultants Inc. This plant now manufacturers Slide Gate Systems and Refractories with the latest know-how from Krosaki Harima Corporation, Japan, a subsidiary of Nippon Steel Corporation.The Continuous Casting Refractories Plant set up in technical collaboration with Krosaki Harima Corporation, Japan (then known as Harima Ceramics Corporation) started production in 1993 manufacturing Isostatically Pressed Continuous Casting Refractories and Magnesia Carbon Tap HoleSleeves.

Acquisitions - IFGL acquired Monocon Group in September, 2005, with production facilities for - Tundish Spraying Mass, Refractory Darts, and Monolithic Lances, Robotics for EAF, Ladle and Tundish lining maintenance and Monolithic for EAF, Ladle and Tundish. In December, 2006,Monocon Group acquired Goricon Metallurgical Services Ltd, Wales (UK) and Goricon LLC, Ohio (USA) engaged in manufacture of Darts, Lances, Ladle Powders etc used by the Steel Industry.In July, 2008 Hoffman Group was acquired with manufacturing facilities for - Foundry Ceramics, High Grade fire proof refractory shapes and Drawing tools and Tread Guides. In September, 2010 IFGL acquired EI Ceramics LLC and CUSC International Limited (CUSC), both Cincinnati, Ohio based companies engaged in manufacture of Isostatically Pressed Continuous Casting Refractories.

Outlook - Global steel demand remain week due to uncertainty surrounding trade policies, volatility
in the financial markets and China's deceleration however Indian economy provides domestic
demand for wide range of ongoing infrastructure projects which are likely to support growth in steel
demand above 7% in both 2019 and 2020. India already the second largest steel producer in the
world after china is targeting for 300MT/annum capacity by 2030 from 100MT/annum now due to
rise in per capita steel consumption.

Valuation - IFGL has reduced debt significantly and now it is a net zero debt company and book
value has increased from Rs.70 in FY13 to 220 in FY19. IFGL has closed FY19 with 946 crore of
topline and 50 crore of bottom line whereas the cash profit alone is 95 crore. A professionally
managed and dividend paying company worthy accumulating.

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