tag:blogger.com,1999:blog-3835363395584517022.comments2013-09-03T18:31:54.298+05:30The Thrifty InvestorSiddharth Shuklahttp://www.blogger.com/profile/16953884403894518567noreply@blogger.comBlogger71125tag:blogger.com,1999:blog-3835363395584517022.post-88992094854604985802013-09-03T18:31:54.269+05:302013-09-03T18:31:54.269+05:30Car owners, nowadays pay more attention to the ext...Car owners, nowadays pay more attention to the exterior of their car than the interiors of their car. But equal importance should be given to the interiors of the car as it displays your style of living and your sense of liking.Floor mats is a quintessential thing while we buy interior car accessories.<br />http://shop.cardekho.com/car-accessories/car-tv.htmljacobnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-19068137479253748152013-07-26T17:36:35.352+05:302013-07-26T17:36:35.352+05:30Best Interior and Exterior Auto Accessories India ...Best Interior and Exterior <a href="http://cars.pricedekho.com/car-accessories-price-list.html" rel="nofollow">Auto Accessories India</a> makes your driving experience full of leisure and comfort. Best auto accessories truely make an impressive difference to the car.john smithnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-66682278431538639212012-07-09T16:44:49.643+05:302012-07-09T16:44:49.643+05:30Good foundation is required for a good building. T...Good foundation is required for a good building. This is a well-known quotation. Just like that for a healthy business a good and healthy balance sheet is required as a back up of business. But not only balance sheet is the key to success for business, but main thing is that how company uses its assets.organizational performancehttp://www.shareholderruncompanyresults.com/noreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-76903963503142760692011-07-18T18:11:25.803+05:302011-07-18T18:11:25.803+05:30any idea on 2011 june qtr results and anybody plan...any idea on 2011 june qtr results and anybody planning to attend agm?(whenever it is)kirtinoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-45529650336120586502011-05-20T16:05:22.266+05:302011-05-20T16:05:22.266+05:30 can you please tell me how did you get enterprise... can you please tell me how did you get enterprise value Rs. 1266 Crs.Mayur Dabbunoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-24017239104551382352011-04-21T15:25:12.615+05:302011-04-21T15:25:12.615+05:30Hi Siddharth I got http://www.nseindia.com/marketi...Hi Siddharth I got http://www.nseindia.com/marketinfo/companyinfo/eod/results.jsp?param=01-APR-201031-MAR-2011ANANCNEINDOASIFU&seq_id=83466&viewFlag=N <br />latest balance sheet of company after the sale and it looks good still mkt is jst not payin any attention to it .. Here is another link showing it has more cash than mkt cap <br />http://blog.investraction.com/2011/04/live-indo-asian-fusegear-2x-more-cash.html <br />Plz help someoneAmit_kumar01noreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-64637702872748369512011-04-21T07:01:21.404+05:302011-04-21T07:01:21.404+05:30Hi siddharth,
I consider piramal as one of the ind...Hi siddharth,<br />I consider piramal as one of the indian company with high corp governance. Instead of declaring dividends they done share buy back as it is economic in view point of taxation. They are planning to deploy the remaining cash in existing business and also looking for other new opportunities. In what way the company disappointed in corp governance?<br /><br />Regards<br />JagadeesJagadeesnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-69251201734325086142011-02-24T14:26:26.473+05:302011-02-24T14:26:26.473+05:30HI, firstly a great job, I have had a look at Sang...HI, firstly a great job, I have had a look at Sanghvi before around 2008, but didnt have the skills to understand it, this post has helped me get a better understanding. you seem to be inclined towards auto companies quite a bit- have you by any chance had a look at Munjal auto(Hero Honda group) or Kalyani Steels-price below book value(Bharat forge group), gud dayHardtogetnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-67971327794730420602011-02-15T16:58:12.656+05:302011-02-15T16:58:12.656+05:30just wanted to comment your blog and say that I re...just wanted to comment your blog and say that I really enjoyed reading your blog post here. It was very informative. Keep it up and I’ll be back to read more soon.<br /><a href="http://www.hoistsindia.com/crane-india.html" rel="nofollow">seema</a>Hoistsindianoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-10678413432114625192011-01-08T00:25:49.319+05:302011-01-08T00:25:49.319+05:30nice one! Very informative. Thanks a lot for posti...nice one! Very informative. Thanks a lot for posting the information. I am working on a lot of research regarding this one and your blog would be really helpful to what I am doing. I am going to share this blog to my friends too. nice one!<br /><br />http://movingcompanyseattle.comSeattle Movershttp://movingcompanyseattle.comnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-59624930798958783462010-12-01T11:43:54.635+05:302010-12-01T11:43:54.635+05:30Good Analysis. Appreciate :-)
Applied for 13 lots...Good Analysis. Appreciate :-)<br /><br />Applied for 13 lots ... hope for the best.ashishnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-25363859447707929342010-11-05T16:19:23.532+05:302010-11-05T16:19:23.532+05:30Hi Jagadees,
When i wrote this...Hi Jagadees,<br /> When i wrote this post i received the Hard Copy frm the company as i was a shareholder.You can find the ARs of most companies on their websites(http://www.swarajenterprise.com/engineannualreport.asp) . You can also look at BSE plus at the Bse website. However there are some companies which don't have soft copies at all, then you have to buy it from places like report junction .Siddharth Shuklahttp://thriftyinvestor.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-1912782856185991542010-11-05T09:06:25.466+05:302010-11-05T09:06:25.466+05:30Hi, is there is any way to get annual reports of s...Hi, is there is any way to get annual reports of smallcap companies if it is not available in the company's website? how did u got this company's annual report?<br />thanksJagadeesnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-32850078162259259342010-10-27T22:41:10.894+05:302010-10-27T22:41:10.894+05:30I agree that Corp Governance is a big issue in Ind...I agree that Corp Governance is a big issue in India & even Big companies like Piramal can disappoint. Personally i am buying at lower levels as i beleive its just the short term oriented folks who had bought in hopes of a big dividend that are offloading now.We need to carefully watch what the Mgmt does and have some patience as these things take a lot of timeSiddharth Shuklahttp://thriftyinvestor.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-27098431195984457292010-10-27T22:41:04.128+05:302010-10-27T22:41:04.128+05:30Hi Yogesh,
I am extremely sorry ...Hi Yogesh,<br /> I am extremely sorry for the late reply, but i was out on a trip & have been very busy lately. I personally bought some stock at around 90 yesterday as i was a bit confident after hearing the management interview, however i would like to take a look at the Latest AR to get the numbers in place & do a follow up post .Siddharth Shuklahttp://thriftyinvestor.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-86233135476164562532010-10-27T21:17:07.357+05:302010-10-27T21:17:07.357+05:30good analysis siddharth...As the company needs to ...good analysis siddharth...As the company needs to pay tax only on the profits made on the deal , cash per stock is even higher..<br />but the stock took a beating over the last 2-3 weeks as the company declared a very low dividend.. . as the company sold its major business, it is not very clear what the promoters plan to do with the cash... with these kinds of companies corporate governance and transparency is a big issue...varunnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-66269929974645167782010-10-27T10:35:43.417+05:302010-10-27T10:35:43.417+05:30hi sid,
Any updates from youe end ....the stock i...hi sid,<br /><br />Any updates from youe end ....the stock is getting beaten ....would love to hear from you <br /><br />ThanksYogeshnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-35725145569032122902010-10-07T07:47:24.937+05:302010-10-07T07:47:24.937+05:30Hi Siddharth,
Thanks for good analysis!
I have ...Hi Siddharth,<br /><br />Thanks for good analysis! <br /><br />I have been a passive investor in IMPAL for long time. While I did not spend much time on it, I have queries about few things <br /><br />- I checked the SEBI filing for buyback in year 2003. The number of branches at that time were 50 with around 60 manufacturers. This numbers still remain the same. I wonder, why IMPAL, with its so much cash reserves, do not want to expand the number of branches? Is it not needed?<br /><br />- Have you ever done competitive analysis of this industry? I was not able to find any listed player, however, there would be lot of unlisted companies. Are these larger companies than IMPAL? In general, is the industry fragmented or ruled by few players? Have a look at the Auto distribution industry in US. <br /><br />I also have two comments on your "Risks and Conclusion" section. Stock being illiquid should not be a concern for me. It is actually a good news as the stock has not yet caught the fancy of traders and speculators. Secondly, in my humble opinion stock being at 52 week high or 2.5 times low does not make it risky. The framing (reference) should be done with the intrinsic value and not the market price. A stock becoming 20 times or 100 times will have to first get 2.5 or 5 times :)<br /><br />Anyways, thanks for a wonderful post and please continue your good work.Lalit Keshrehttp://lalitkeshre.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-38702950918289264792010-09-24T16:40:02.268+05:302010-09-24T16:40:02.268+05:30Hi,
I visited your blog just immediately after I s...Hi,<br />I visited your blog just immediately after I studied the cash flow statements of past 10 years for this company, to compare my conclusions with other value investors'. Broadly, we seem to be on the same page.<br /><br />There is a very fixed pattern of activities as seen in the cash flows of the last 10 years. Same amount of capex and the same amount of net profit before tax. So it appears that the capex that it has been doing till date is maintenance capex only. However, things changed dramatically after M&M came into picture. One thing that concerns me is that before M&M's entry, almost the entire FCF was being distributed as dividend. However since last two years, it has chosen to buy investments (mainly mutual fund schemes) over distributing to shareholders. Even capex has not increased (maybe because as commented by one of the other visitors to your blog, that its existing capacity itself was having underutilization).<br /><br />My concern is - I hope that it does not lose this money on bad investments. Perhaps, they intend to create a hoard for some aggressive future capex plans. Not yet done my intrinsic value calculations on this company. But on the face of it, it is certainly a cash cow.Sachin Purohitnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-79795719580650059662010-09-02T20:50:45.624+05:302010-09-02T20:50:45.624+05:30H Guest,
Yeah this stock is trading...H Guest,<br /> Yeah this stock is trading like a cigar butt and its remaining business is available for free. The market doesn't like uncertainty and hence the current valuation. The stock rose a lot after the deal was announced. It was at upper circuit continuously as the deal value was way above the market price. Now its has stabilized at around 130-140 levels and i expect it to stay there until management makes further announcements as to what they will do with the cash.Siddharth Shuklahttp://thriftyinvestor.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-7959590997138887182010-08-30T06:52:27.132+05:302010-08-30T06:52:27.132+05:30siddharth, the market is giving little credit to t...siddharth, the market is giving little credit to the other lines of business, plus it expects management's move into the LED business will be a catalyst, but wait and see approach? Additionally, the stock has risen quite a bit from June, suggesting that the market had in the past been waiting for such a catalyst, and that is what has caused the run up?Guestnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-63407273028857149842010-08-27T00:13:50.588+05:302010-08-27T00:13:50.588+05:30Hi Guest,
Yeah there are lots of Ru...Hi Guest,<br /><br /> Yeah there are lots of Rumors about M&M's plans for SEL but the important hing is even now the capacity in underutilized & SEL can continue without capcity expansion ofr few more years. Even if M&M does plan something, SEL has more than enough cash & cash flows to finance it.Siddharth Shuklahttp://thriftyinvestor.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-68225559458025498722010-08-23T19:22:42.509+05:302010-08-23T19:22:42.509+05:30hi siddharth,
as per latest announcement of incre...hi siddharth,<br /><br />as per latest announcement of increasing M&M tractor production capacity (both for SWARAJ & M&M) SEL is bound to increase its capacity. also somewhere read as SEL will be developed as Engine R&D & testing facility for M&M. Though there was no such indication in their AR.guestnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-14351935013913371842010-08-12T20:53:15.797+05:302010-08-12T20:53:15.797+05:30Hey Xyz,
Thanks a lot..that was quit...Hey Xyz,<br /> Thanks a lot..that was quite helpful,although its not audited..shall be fine..good thing is debt hasn't increased..so the numbers stay pretty much same as i have analyzed.Siddharth Shuklahttp://thriftyinvestor.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-3835363395584517022.post-18311018056268699272010-08-12T16:22:56.363+05:302010-08-12T16:22:56.363+05:30The balance sheet is available at
http://www.indoa...The balance sheet is available at<br />http://www.indoasian.com/download-investors/Results-March-2010.pdfXyznoreply@blogger.com