Mukesh H. @mukesh634 Twitter profile

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Mukesh H.

@mukesh634

4 months

Oriana Power (Mcap ~5500 cr) Co has 32 subsidiaries & if one deducts the standalone financials from the consolidated, then one gets rough numbers for the subsidiaries. > Standalone sales are ~380 cr on net block of 2 cr. Whereas subs net block is 135 cr but sales is only 6 cr.

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Mukesh H.

@mukesh634

2 months

Techno Electric (Mcap ~16k cr) A case study of capital allocation misadv. > In FY09, co acquired 45 MW wind farm project (Super Wind) from Suzlon for 250 cr and merged itself with the co. > In FY10, co acquired another co from Suzlon with 50.45 MW capacity for 136 cr. 1/n

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Mukesh H.

@mukesh634

2 months

Khazanchi Jewellers (Mcap 1150 cr) > Co operates out of a single showroom of ~1200 sq. ft in Chennai > Co did sales of 821 cr in FY24 > As on 30th June 2023, co had only 33 employees out of which 15 were in sales. Total employee cost for FY24 was 1.5 cr. (1/n)

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Mukesh H.

@mukesh634

3 months

Nibe Ltd (Mcap ~3k cr) > For FY24, co did turnover of 282 cr on opening net block of 17 cr of which land was 14 cr. Surprisingly, consolidated net block is lower than standalone. From FY13 to FY21, co did not have any biz operations as revenues & net block were Nil. 1/n

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Mukesh H.

@mukesh634

2 months

Control Print (Mcap 1300 cr) Capital allocation case study > Co raised 30 cr in 2018 via QIP at 455 per share. > In 2023, co did buyback of 27 cr at 800 per share. > Meanwhile co invested funds in listed equity shares of various cos with total PF of 40 cr at end of FY24.

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Mukesh H.

@mukesh634

27 days

Manorama Ind (Mcap ~5k cr) Figures for FY24 Sales 457 cr COGS 250 cr EBITDA 74 cr Inventory 389 cr (1.5x of COGS) Over the last 5 years, cumulative EBITDA was ~250 cr. However, increase in inventory during this period was ~240 cr. Hence entire profits consumed in inventory.

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Mukesh H.

@mukesh634

15 days

Goldiam (Mcap ~4k cr) > On standalone basis, co did turnover of ~375 cr on net block of 22 cr of which plant & machinery is only 2 cr. > Out of 375 cr, sales to subsidiaries were ~275 cr. Out of trade receivables of 145 cr at year end, receivables from subs were 125 cr. 1/n

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Mukesh H.

@mukesh634

3 months

Paras Defence & Space Tech (Mcap ~4500 cr) Figures for FY24 Sales ~250 cr COGS ~120 cr EBITDA ~50 cr PAT ~30 cr > Trade receivables at year end was ~200 cr i.e 10 months of sales o/s. > Inventory was 150 cr i.e. >1 year of holding > Trade payables are 60 cr I e. 6 months o/s

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Mukesh H.

@mukesh634

14 days

Now at 1500 cr mcap.

Mukesh H.

@mukesh634

2 months

Now at ~4500 cr

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Mukesh H.

@mukesh634

1 month

Ganesh Green Bharat (Mcap 1100 cr) > Co came out with IPO recently & raised 125 cr. Currently trading at 2.4x of IPO price > For FY24, co did sales of 170 cr on opening net block of 1.8 cr. Closing net block is 21 cr incl subs net block of 15 cr. Subs did 60 cr sales in FY24.

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Mukesh H.

@mukesh634

17 days

V I P Industries (Mcap ~7k cr) Co has witnessed series of resignations in the last 1 year June'24 - Independent director (citing differing view on leadership accountability & succession planning) May'24 - Company secretary Dec'23 - VP - Sales & VP - HR Nov'23 - Head - IT 1/n

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Mukesh H.

@mukesh634

1 month

Sathlokhar Synergy (Mcap ~1000 cr) Co came out with IPO in Aug 24 and raised 92 cr @ 140/sh. In the last 3 years prior to IPO Sales has increased by 4x from 60 cr to 246 cr PAT has increased 26x from 1 cr to 26 cr. Meanwhile, during this period cumulative OCF was only 14 cr.

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Mukesh H.

@mukesh634

26 days

Deccan Gold (Mcap ~2k cr) > Nil turnover > Only 12 employees, emp cost 3.5 cr > Other exp 9 cr > Loss 20 cr > Net block incl CWIP ~50 cr > Goodwill on acquisition 135 cr > Borrowings 100 cr (other than banks) Be cautious!

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Mukesh H.

@mukesh634

24 days

The curious case of Affordable Robotics (Mcap ~700 cr) Consolidated sales 163 cr Standalone sales 150 cr Subsidiary sales as per AR is ~13 cr. Sales from parent to subsidiary is ~7 cr. However, as per the auditor, entire sales & profits are in subsidiaries. Who is right?

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Mukesh H.

@mukesh634

23 days

Genesys Intl (Mcap ~3200 cr) Co did sales of ~200 cr in FY24. However, at year-end, co had: Trade receivables ~150 cr Unbilled revenues ~100 cr Consequently, cumulative OCF for the last 5 years is only 60 cr. Further, co has intangibles (incl under development) of ~200 cr.

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Mukesh H.

@mukesh634

1 month

Promoter group of Kilburn has a checkered history in their other group cos: Mcleod Russel - Defaulted on debt. Wrote off 900 cr of loans to group cos in FY23. Had to sell off many of its assets. Stock lost 99% from its peak. Still has 2k cr loans on books even after w/o. 1/n

Rohit Saini

@rohits_bn

1 month

Kilburn Engineering Announce a proposal to raise upto Rs. 300 crore through a preferential allotment of shares and/or convertible warrants at Rs. 425 per share The raised funds will primarily be allocated towards ongoing acquisitions, expanding operations, repaying long-term

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Mukesh H.

@mukesh634

20 days

Prakash Industries (Mcap ~4k cr) During FY24, co has provided for impairment of fixed assets worth 350 cr. However the same has been directly adjusted from General Reserves rather than charging it to P&L. Auditors have qualified their opinion in this regard.

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Mukesh H.

@mukesh634

23 days

Nibe Ltd Update: CFO appointed in Apr-24 has resigned in Aug-24 due to "personal reasons".

Mukesh H.

@mukesh634

1 month

Nibe Ltd Update: Statutory auditors appointed in August 2023 have resigned within 1 year.

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Mukesh H.

@mukesh634

13 days

KP Green Eng (Mcap ~2500 cr) > Sales & profits tripled in FY24 (IPO year). > Out of total sales of ~350 cr for FY24, ~250 cr were in H2 FY24 i.e. just before IPO. Sales & profits in H2 were 2.5x vs H1 & 5x vs H2 FY23. > ~30% of the sales for FY24 were to related parties. 1/n

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Mukesh H.

@mukesh634

4 months

Netweb Technologies (Mcap ~12k cr) > For FY24, co posted sales of ~725 cr on opening net block (incl RoU assets) of ~20 cr. > For FY23, sales were ~450 cr on opening net block of ~10 cr. Capacity utilisation generally has been ~50% as per prospectus. 1/n

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Mukesh H.

@mukesh634

3 months

@RoadsOfMumbai Please spare a thought for the innocent bird. We are anyways doing a lot of damage through cars, air conditioning, plastics, smoking, waste incineration, stubble burning, industrial effluents etc. We should divert our attention to fix those issues first.

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Mukesh H.

@mukesh634

4 months

Jyoti CNC Automation (Mcap ~20k cr) > Figures for FY24 Sales ~ 1350 cr COGS ~ 675 cr PAT ~ 150 cr > Inventory is 865 cr i.e. 1.25x COGS > Trade receivables is 250 cr i.e. ~70 days o/s > Trade payables is 365 cr i.e. ~200 days o/s 1/n

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Mukesh H.

@mukesh634

1 month

Responsive Ind Out of consolidated PAT of 161 cr for FY24, PAT of Hong Kong subsidiaries was 136 cr on turnover of 320 cr. This is mostly a trading operation. Hence PAT margin of ~42% is surprising. Additionally there is no tax paid on this income.

Mukesh H.

@mukesh634

3 months

Responsive Ind (Mcap ~8.5k cr) > PAT for FY24 jumped by 7x vs FY23 > Co has 3 foreign subsidiaries (2 in HK & 1 in USA). These subs are audited by the stat auditor > If we deduct the standalone financials from the consolidated, we get approx financials for these subs. 1/n

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Mukesh H.

@mukesh634

3 months

TIL India (Mcap 2k cr) - stock is up 10x in the last 1 year A short history of capital allocation & misadventures. > Till FY16, co had 2 business divisions - mfg of material handling equipment (standalone) & dealership of Caterpillar products (through subsidiaries) 1/n

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Mukesh H.

@mukesh634

4 months

Aurionpro Solutions (Mcap ~6k cr) - A short history of corporate allocation misadventures > Co listed in FY06 & by the end of FY09, co had intangible assets (gross) of ~85 cr on books. > Then over the next 5 years the co spent nearly 200 cr on intangible assets. (1/n)

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Mukesh H.

@mukesh634

1 month

Amic Forging (Mcap ~1700 cr) > Co came out with IPO in Dec-23 and raised 35 cr. Currently trading at 13x of IPO price. > Co was converted to public ltd co & directors were appointed / designated just prior to IPO. > All key KMP positions are occupied by promoters. 1/n

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Mukesh H.

@mukesh634

29 days

Sahana systems (Mcap 1100 cr) Standalone figures for FY24 Sales 54 cr Emp cost 1.75 cr Other exp 1.75 cr PAT 15 cr Net block Nil Co has only 34 employees. It had raised 28 cr through IPO last year out of which it has kept 25 cr balance in current a/c at year end. Be cautious!

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Mukesh H.

@mukesh634

5 months

Thanks for sharing @FalakKalyani @abhymurarka I also request investors to be cautious on Balu Forge. > For FY24, Co did cons. sales of 560 cr on opening net block (excl intangibles) of 15 cr which is very high for a mfg B2B biz & much higher than its peers. 1/n

Falak Kalyani

@FalakKalyani

5 months

Varanium got exposed now but @mukesh634 had cautioned 1.5 years back on @MultipieSocial . Checkout the image.

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Mukesh H.

@mukesh634

4 months

Apollo Micro Systems (Mcap ~3k cr) > Figures for FY24 Sales 372 cr COGS 260 cr EBITDA 84 cr PAT 32 cr > Inventory at year end is 435 cr i.e. 2x of COGS and trade receivables are 235 cr i.e. ~8 months o/s. Trade payables are 165 cr i.e. 8 months o/s 1/n

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Mukesh H.

@mukesh634

23 days

Aurionpro As per the FY24 AR stock exchanges had imposed penalty on the co in FY23 for non- compliance with provisions regarding board composition wrt independent directors. However, the same was neither informed through corporate announcement, nor was disclosed in FY23 AR.

Mukesh H.

@mukesh634

4 months

Aurionpro Solutions (Mcap ~6k cr) - A short history of corporate allocation misadventures > Co listed in FY06 & by the end of FY09, co had intangible assets (gross) of ~85 cr on books. > Then over the next 5 years the co spent nearly 200 cr on intangible assets. (1/n)

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Mukesh H.

@mukesh634

1 month

JTL Ind (Mcap ~4200 cr) > For FY24, co did sales of 2k cr on opening net block of 65 cr out of which plant & mach. was only 34 cr. > Employee exp was only 21 cr i.e. <1% of sales. > Manufacturing & selling exp were flat at 60 cr inspite of sales growth of 33%. 1/n

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Mukesh H.

@mukesh634

1 month

Affordable Robotics For FY24, consolidated turnover was 163 cr. However, as per the auditor's report, entire turnover is in subsidiaries/associates/joint ventures which has only been certified by the mgmt (implying that it is unaudited) and furnished to to the auditors by mgmt.

Mukesh H.

@mukesh634

1 month

Affordable Robotics Co is projecting 600 mn usd in revenues with 38% EBITDA margins in 4 years from its subsidiary which did 4 mn usd in revenues in FY24. Just bull market things!

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Mukesh H.

@mukesh634

1 month

Now at 1200 cr mcap. Co has completed the rights issue & FPO. Promoters have subscribed to 1.13 cr shares in the rights issue. Interestingly, the entire amount payable by the promoters is adjusted against the loan o/s from promoters and no proceeds are received by the co.

Mukesh H.

@mukesh634

2 months

SAR Tele (Mcap 900 cr) For FY24, co did sales of 124 cr on net block of 10 cr. Out of this, standalone turnover is only 6 cr. Balance is in UAE subsidiary. However, entire net block is in standalone financials. Subsidiary net block is negligible. (1/n)

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Mukesh H.

@mukesh634

2 months

SAR Tele (Mcap 900 cr) For FY24, co did sales of 124 cr on net block of 10 cr. Out of this, standalone turnover is only 6 cr. Balance is in UAE subsidiary. However, entire net block is in standalone financials. Subsidiary net block is negligible. (1/n)

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Mukesh H.

@mukesh634

27 days

Ujaas Energy (Mcap ~5500 cr) Figures for FY24 Sales 27 cr Other income 26 cr PBT -1.5 cr Deferred tax reversal -30 cr PAT 29 cr Net block 30 cr B/S size 110 cr Sales & profits were negligible even for Q1 FY25. Stock up 66x in 1 yr due to extremely low float. Be cautious!

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Mukesh H.

@mukesh634

21 days

The curious case of Oriana As per FY24 AR, there are no purchase or sale transactions b/w parent & subsidiaries in either FY24 or FY23 (Pic 1) However, as per IPO prospectus, certain of its subsidiaries were among its top 10 customers for FY23 (Pic 2). Which one is correct?

Mukesh H.

@mukesh634

4 months

Oriana Power (Mcap ~5500 cr) Co has 32 subsidiaries & if one deducts the standalone financials from the consolidated, then one gets rough numbers for the subsidiaries. > Standalone sales are ~380 cr on net block of 2 cr. Whereas subs net block is 135 cr but sales is only 6 cr.

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Mukesh H.

@mukesh634

1 month

Zodiac energy (Mcap ~1100 cr) > For FY24, co did sales of 220 cr on opening net block of 2.5 cr. > Net block comprised mainly of vehicles which are in the name of directors. > Emp cost was 6.3 cr which increased only marginally inspite of drastic increase in turnover. (1/n)

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Mukesh H.

@mukesh634

1 month

Bombay Super Hybrid (Mcap ~2k cr) Figures for FY24 Sales 257 cr Employee exp 2.6 cr PAT 22 cr OCF 12 cr Net block 7.5 cr Cumulative OCF for the last 5 years is negative. Cumulative tax paid during this period is <5 cr. Be cautious!

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Mukesh H.

@mukesh634

4 months

Insolation Energy (Mcap 4.5k cr) released FY24 nos recently. The co has only 1 subsidiary which was incorporated in Aug 2021. If we deduct the standalone financials from consolidated, then we get rough nos for the subsidiary financials for FY24 which are as follows. (1/n)

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Mukesh H.

@mukesh634

1 month

Nephro Care (Mcap ~500 cr) Figures for FY24 Sales (OPD) 18 cr Sales (medicines) 10 cr Total sales 28 cr Purch of medicines 9 cr Emp cost 2 cr Other exp 10 cr (incl doctor consultancy charges of MD 2 cr) PAT 4.5 cr OCF 1 cr Net block 5 cr Co raised 41 cr thru IPO recently.

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Mukesh H.

@mukesh634

2 months

Kore Digital (Mcap 700 cr) > For FY24, co did sales of ~100 cr on opening net block of ~3 cr which mostly comprised of buildings. There were no plant & equipment. > As on 31Mar23, co had only 9 employees. Emp cost was 31 lakhs which mostly comprised of director remuneration.

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Mukesh H.

@mukesh634

15 days

eMudhra (Mcap ~7k cr) As per the AR disclosure, for FY24 97% of the profits were in foreign subsidiaries even though they had only ~40% of net assets of total B/S.

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Mukesh H.

@mukesh634

1 month

Affordable Robotics Co is projecting 600 mn usd in revenues with 38% EBITDA margins in 4 years from its subsidiary which did 4 mn usd in revenues in FY24. Just bull market things!

Ankit Bahuguna

@ankitbahuguna84

1 month

Affordable robotics - 24 cr PAT expected in fy25 which means 1200 cr mcap expected in 5-6 months giving it a pe of 50 and 3600 cr mcap within 2 yrs? Let’s see how Affordable robotics executes.

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Mukesh H.

@mukesh634

15 days

Rajoo Engineers (now at ~5k cr mcap -> up 3x in 3m) > For FY24, sales inc from 160 cr to 200 cr, but emp cost + other exp were flat at ~50 cr. > 5 years total OCF is only ~80 cr. >Total capex for last 5 years excl buildings is only ~10 cr. > Audit fees for FY24 was 3 lakhs.

Mukesh H.

@mukesh634

4 months

Rajoo Engineers (Mcap ~1700 cr) & Essen Speciality Films (Mcap ~300 cr) Both are owned by the same promoter group with common holdings. Essen came out with IPO last year. Interestingly, both the firms have common set of independent directors. 1/n

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Mukesh H.

@mukesh634

2 months

Paushak (Mcap ~1700 cr) Capital allocation case study As at FY24 end, Co has invested ~66 cr in equity shares & ~54 cr in pref shares of promoter group cos. ~96 cr in listed equity shares of various cos ~7 cr in AIFs Together these account for ~55% of net worth.

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Mukesh H.

@mukesh634

1 month

Eco Reco Listed equity shares held by the co at the end of FY24. List includes RCom, Yes Bank, GTL, Vodafone etc. Other income for FY24 includes realised gains of 3.5 cr and unrealised gains of 3.5 cr on equity shares / derivatives.

Mukesh H.

@mukesh634

3 months

Eco Recycling (Mcao 1400 cr) Figures for FY24 Sales 28 cr Other inc 7 cr Emp cost 3 cr Other exp 2 cr PAT 18 cr Co regularly trades in listed equity shares. Other income comprises gain on sale of shares. Stock is up 5x in last 1 year. Be cautious.

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Mukesh H.

@mukesh634

15 days

Prakash Pipes (market cap ~1500 cr) As on 31st March 2024, > Co has investments of 41 cr in listed equity shares & equity mutual funds. > Co has kept 190 cr in current accounts. Together these account for ~50% of net worth.

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Mukesh H.

@mukesh634

24 days

Staffing & security co acquiring battery manufacturing co. Objective: Strategic nature Consideration: 45 cr Size/turnover of acquired co: Not applicable Wonders of bull market!

Nilesh Kurhade

@nileshkurhade

1 month

📌 Dynamic Services & Security Ltd informed the exchange about signing an MOU with Bharat Battery MFG Co Pvt Ltd for a strategic acquisition. The deal, worth ₹45,00,00,050, will give Dynamic 100% shareholding in Bharat Battery. #SME #DYNAMIC 🔋📝

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Mukesh H.

@mukesh634

27 days

Aerpace (Mcap ~500 cr) Flying cars ❌ Flying stock ✅ Nil turnover. 10k shareholders. Stock up 10x in 1 year. Be cautious 🚫

Opportunistinvestor

@Sudheep8531

28 days

Will any one with a brain believe this? #aerpace Bordrin is already closed also Changing battery during flight? Kya hai yeh? Flying suv?

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Mukesh H.

@mukesh634

3 months

Kody Tech (Mcap 2600 cr) Figures for FY24 Sales 22 cr Emp cost 7 cr Other exp 6 cr PAT 5 cr Fixed assets 6 cr Debtors 17 cr Loans 4 cr Total assets 43 cr OCF -9 cr Co is only 7 years old. All KMPs are 30-35 years old & all of them joined the co just before IPO. Be cautious.

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Mukesh H.

@mukesh634

1 month

Vertoz (Mcap ~3k cr) Consolidated sales for FY24 was 155 cr. Financials of foreign subsidiaries with cumulative sales of 105 cr are not audited and are solely certified by mgmt & furnished to the statutory auditor. Out of 16 cr PAT for FY24, 13.5 cr PAT is in subs.

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Mukesh H.

@mukesh634

3 months

TRIL (Mcap 11500 cr) > Figures for FY24 Sales ~ 1300 cr EBITDA ~ 130 cr PAT ~ 50 cr > EBITDA margin of 10% & PAT margin of 4% is much lower than its peers. > Cash conversion cycle of ~190 days is much higher than its peers 1/n

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Mukesh H.

@mukesh634

2 months

Wockhardt (Mcap 12.5k cr) Total consolidated balance sheet size as on 31st March 2024 was ~7700 cr Major items in the B/S are > Fixed assets of ~ 1450 cr of which 378 cr are "affected by lower capacity utilisation" as per the auditor comments (1/n)

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Mukesh H.

@mukesh634

3 months

Eco Recycling (Mcao 1400 cr) Figures for FY24 Sales 28 cr Other inc 7 cr Emp cost 3 cr Other exp 2 cr PAT 18 cr Co regularly trades in listed equity shares. Other income comprises gain on sale of shares. Stock is up 5x in last 1 year. Be cautious.

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Mukesh H.

@mukesh634

4 months

Azad Engineering (Mcap ~8k cr) > For FY24, sales is 340 cr & COGS is 46 cr > Inventory is 132 cr i.e. 3x of COGS > Trade receivables are 169 cr i.e. more than 6 months o/s > Trade payables are 50 cr i.e. 6 months o/s 1/n

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Mukesh H.

@mukesh634

27 days

PTC Industries (Mcap ~20k cr) Another QIP now! 5.3 lakh shares issued at Rs 13200/sh for total of ~700 cr. This is in addition to the multiple equity dilutions in the past 2 years. For perspective, Q1 FY25 turnover was 47 cr, EBITDA was 10 cr & PAT was 5 cr.

Mukesh H.

@mukesh634

4 months

PTC Industries (CMP ~8000, Mcap ~12k cr) > Figures for FY24 Sales ~ 250 cr EBITDA ~ 85 cr PAT ~ 40 cr OCF ~ -100 cr > Cumulative op cash flow for the last 4 years is negative 20 cr against cumulative EBITDA of ~220 cr. (1/n)

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Mukesh H.

@mukesh634

1 month

Kernex Micro (Mcap 1600 cr) > Co had released results for Q4 FY24 with significant delay due to which fine was imposed by exchanges. > In the consolidated results, financials of wholly owned subsidiary were unaudited. > Co had year end inventory of 72 cr on sales of 20 cr 1/n

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Mukesh H.

@mukesh634

1 month

Khazanchi Update: Co did sales of 380 cr in Q1 FY25 from the single showroom. As per FY24 AR, new showroom is expected to be operational by May 2025. As on 31Mar24, co had 37 employees. Remuneration of top 10 employees was in 25k-80k p.m. range. Median remuneration was 30k.

Mukesh H.

@mukesh634

2 months

Khazanchi Jewellers (Mcap 1150 cr) > Co operates out of a single showroom of ~1200 sq. ft in Chennai > Co did sales of 821 cr in FY24 > As on 30th June 2023, co had only 33 employees out of which 15 were in sales. Total employee cost for FY24 was 1.5 cr. (1/n)

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Mukesh H.

@mukesh634

13 days

Fischer Medical (Mcap ~4k cr) A short history of corporate actions in the last 1 year > Till FY23 co had Nil turnover. > Then in Dec-23, co acquired a 4-yr old co with annual sales of 32 lakhs for 40 cr by issuing shares at Rs 10/sh.

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Mukesh H.

@mukesh634

2 months

Lancer Container (Mcap 1150 cr) > Co had acquired 60% stake in Transco Logistix Worldwide Pvt Ltd in Nov-23 for total consideration of 75 lakhs thereby making it a subsidiary. > However in FY24 financials, it was consolidated as an associate with inv. value of 50 lakhs 1/n

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Mukesh H.

@mukesh634

1 month

Izmo Ltd (Mcap ~600 cr) Financials are audited by a sole proprietor CA. Out of total consolidated turnover of 187 cr for FY24, turnover of foreign subsidiaries of ~145 cr is not audited by any auditor & is solely certified by the mgmt. Entire profits are in subsidiaries.

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Mukesh H.

@mukesh634

3 months

Spright Agro (Mcap 2700 cr) Figures for FY24 Sales - 72 cr Employee cost - 16 lks Finance cost - Nil Depreciation - Nil Other exp - 60 lks Fixed assets - Nil OCF - Negative 21 cr Cash - Nil Co raised 55 cr thru warrants & is raising 45 cr thru rights issue. Be cautious.

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Mukesh H.

@mukesh634

9 days

Nibe

Dr Vijay Malik

@drvijaymalik

9 days

Very frequent resignations by key executives is one of the biggest concerns. In the last 5 years, it has seen 4 statutory auditors, 4 internal auditors, 5 secretarial auditors, 8 Company secretaries and compliance officers, 3 CFOs, 2 CEOs and in addition, 4 independent directors

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Mukesh H.

@mukesh634

1 month

Nibe Ltd Update: Statutory auditors appointed in August 2023 have resigned within 1 year.

Mukesh H.

@mukesh634

3 months

Contd.. > Co has witnessed a series of resignations in last 1 year Apr 23 - CS Jun 23 - Independent dir Aug 23 - Statutory auditors Aug 23 - Promoter Exec Dir Nov 23 - CEO Dec 23 - CS Feb 24 - CS Apr 24 - Independent Dir Apr 24 - CFO

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Mukesh H.

@mukesh634

28 days

Lloyds Eng Works (Mcap 9200 cr) For FY24, out of total sales of 625 cr, sales to related parties were 470 cr. Core salary cost excl director remuneration & ESOP cost increased only marginally from 15 cr to 20 cr inspite of 2x sales. Audit fees was unchanged at 2.25 lakhs.

Mukesh H.

@mukesh634

4 months

Lloyds Engineering Works (Mcap ~7500 cr) > For FY24, co did sales of ~625 cr on opening net block (incl RoU assets) of 32 cr with EBITDA margin of 16% > OCF for FY24 was -45 cr. Cumulative OCF for the last 5 years is -55 cr. (1/n)

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37

5

0

55

Mukesh H.

@mukesh634

4 months

TBO Tek (Mcap ~17k cr) Figures for FY24 Sales ~1400 cr Trade receivables ~3300 cr i.e. 2.35x of sales This implies that co books only commission/spread on air tickets/hotel/packages as revenue but assumes credit risk on the entire ticket/package value from customers. (1/n)

8

5

53

Mukesh H.

@mukesh634

1 month

Now at 4k cr mcap. Be cautious!

Mukesh H.

@mukesh634

3 months

Spright Agro (Mcap 2700 cr) Figures for FY24 Sales - 72 cr Employee cost - 16 lks Finance cost - Nil Depreciation - Nil Other exp - 60 lks Fixed assets - Nil OCF - Negative 21 cr Cash - Nil Co raised 55 cr thru warrants & is raising 45 cr thru rights issue. Be cautious.

3

4

55

1

3

52

Mukesh H.

@mukesh634

21 days

BMW Industries (Mcap ~1600 cr) In FY21 the co had written off inventory, receivables & investments of 236 cr in the consolidated financials which was disclosed as an exceptional item. It also capitalised inventory of 15 cr that year. 1/n

2

4

51

Mukesh H.

@mukesh634

1 month

Cressanda Railway (Mcap 500 cr) Co has witnessed series of resignations in last 1 year Aug 24 - Statutory auditors Jun 24 - Director Mar 24 - CFO Nov 23 - Statutory auditors Sep / Nov 23 - Directors Sep 23 - CS Aug 23 - CFO Aug 23 - Director Mar 23 - Director Jan 23 - MD

1

6

51

Mukesh H.

@mukesh634

2 months

Co with annual turnover of 130 cr is publishing order worth 59 lakhs for borewell piping on the exchanges. Just bull market things!

Nilesh Kurhade

@nileshkurhade

2 months

📌 RBM Infracon Ltd informed the exchange about receiving an order worth ₹59,00,000 from Yara Fertilisers India Pvt. Ltd. for borewell piping job services, dated July 24, 2024. The work is to be completed by November 30, 2024. #SME #RBMINFRA 🏗️💼

0

10

45

3

2

48

Mukesh H.

@mukesh634

29 days

Hind Composites (Mcap ~900 cr) Out of net worth of ~1000 cr, investments are ~875 cr Co has invested in > Equity shares of group cos > Equity PMS > Index funds/REIT/Inv IT > Private equity funds > Debentures & Bonds (secured & unsecured) > Pref shares > Real estate & debt fund

2

4

48

Mukesh H.

@mukesh634

4 months

Rajoo Engineers (Mcap ~1700 cr) & Essen Speciality Films (Mcap ~300 cr) Both are owned by the same promoter group with common holdings. Essen came out with IPO last year. Interestingly, both the firms have common set of independent directors. 1/n

7

4

50

Mukesh H.

@mukesh634

25 days

DCX > No inventory of finished goods or WIP > Only 115 employees on rolls. Total emp cost for FY24 was 15 cr out of which top 10 employees incl MD were paid 5 cr. > Other exp is only 12 cr out of which Mfg exp 1.5 cr Admin exp 2 cr Professional fees 5 cr Other exp 3.5 cr

Mukesh H.

@mukesh634

4 months

DCX Systems (Mcap ~3600 cr) released their FY24 results recently. > For full year FY24, Co posted revenues of ~1425 cr on opening net block of 15 cr. Half of this revenue was booked in Q4. > Depreciation for the year was 2.5 cr & capex was 18 cr. 1/n

6

1

23

3

47

Mukesh H.

@mukesh634

2 months

N/n > Now co has announced plans for significant inv in data centers over the next 5 years. > For this it is even diluted equity & has raised 1250 cr thru QIP. This is in addition to >1000 cr of liquidity available on books. > Hope this foray doesn't go the wind power way.

5

2

45

Mukesh H.

@mukesh634

1 month

V-Marc (Map ~850 cr) Stock is in the news due to celeb investor. However, keep this news in mind while considering investment decision. Be cautious.

Sebi confirms order against 12 entities in V Marc India (Read Order)

taxguru.in

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3

44

Mukesh H.

@mukesh634

3 months

JNK India (Mcap ~3750 cr) > For FY24, co did standalone sales of ~480 cr on opening net block (incl ROU assets) of ~20 cr. > For FY23, sales were ~400 cr out which ~280 cr (i.e. 70%) were to promoter group entities. Need to check for FY24 once AR is released. 1/n

5

2

43

Mukesh H.

@mukesh634

2 months

Gujarat Themis (Mcap 4k cr) > Until 2019, op margins were <20% which jumped to 50% from FY20 onwards. > Surprisingly, co has only 2 clients. It's a single plant with ~200 odd employees. > Co earned 80 cr op profits on 170 cr sales in FY24. With negative working capital.

3

2

42

Mukesh H.

@mukesh634

1 month

@arunvenk The irony is that they don't even have cash flows. Operating cash flow is negative for the last 2 years in this case.

2

1

39

Mukesh H.

@mukesh634

27 days

"According to SEBI, about Rs52.98 crore was diverted from Rana Sugars to the directors and promoters of the company and their relatives by using some private limited companies as a vehicle for such diversion."

Moneylife

@MoneylifeIndia

1 month

SEBI Slaps Rs63 Crore Fine, Bars 14 including Rana Sugars' Promoters, Others from Markets via Moneylife App. Download Now : @suchetadalal @Moneylifers @yogtoday

1

5

0

1

39

Mukesh H.

@mukesh634

1 month

Alphalogic Techsys (Mcap 1k cr) Figures for FY24 Sales 54 cr Emp exp 90 lks Depreciation 12 lks Other exp 2.5 cr PAT 5 cr OCF 50 lks Net block 1 cr Co has only 12 employees on standalone. Meanwhile co has been regularly issuing bonus shares, warrants and equity shares.

3

2

39

Mukesh H.

@mukesh634

27 days

Another interesting fact is that out of total purchases of raw materials of ~450 cr during FY24, purchases from promoter group entity was ~200 cr. And there are no payables to this promoter group entity at year end implying that all purchases are done on advance payment basis.

0

2

39

Mukesh H.

@mukesh634

22 days

Keeps getting weirder. Now they want to get into renewables, share trading, medicine retailing & what not.

Mukesh H.

@mukesh634

24 days

Staffing & security co acquiring battery manufacturing co. Objective: Strategic nature Consideration: 45 cr Size/turnover of acquired co: Not applicable Wonders of bull market!

4

2

68

4

0

38

Mukesh H.

@mukesh634

4 months

Sky Gold Ltd (Mcap ~1.5k cr) > For FY24, co did sales of ~1750 cr on opening net block of 6 cr. Closing net block is 25 cr. > Inventory + trade receivables at year end are 368 cr whereas trade payables are only 5 cr. This is mainly funded by borrowings of ~300 cr. 1/n

5

6

38

Mukesh H.

@mukesh634

3 months

Bansal Wires (Mcap ~5.5 k cr) Recently listed & trading at 40% premium to IPO price. Raised 745 cr through IPO. However there are certain gaps in the CFS published in the prospectus for which clarifications may be obtained from the co. 1/n

1

2

38

Mukesh H.

@mukesh634

4 months

Lloyds Engineering Works (Mcap ~7500 cr) > For FY24, co did sales of ~625 cr on opening net block (incl RoU assets) of 32 cr with EBITDA margin of 16% > OCF for FY24 was -45 cr. Cumulative OCF for the last 5 years is -55 cr. (1/n)

4

1

37

Mukesh H.

@mukesh634

23 days

Kernex Update: Statutory auditors have resigned within 2 years due to "pre-occupations & other commitments".

Mukesh H.

@mukesh634

1 month

Kernex Micro (Mcap 1600 cr) > Co had released results for Q4 FY24 with significant delay due to which fine was imposed by exchanges. > In the consolidated results, financials of wholly owned subsidiary were unaudited. > Co had year end inventory of 72 cr on sales of 20 cr 1/n

5

60

0

1

37

Mukesh H.

@mukesh634

1 month

Since a certain automobile dealership IPO is making a lot of buzz, just to remind that it is not something new.

Mukesh H.

@mukesh634

1 month

Khazanchi Update: Co did sales of 380 cr in Q1 FY25 from the single showroom. As per FY24 AR, new showroom is expected to be operational by May 2025. As on 31Mar24, co had 37 employees. Remuneration of top 10 employees was in 25k-80k p.m. range. Median remuneration was 30k.

5

3

61

2

1

36

Mukesh H.

@mukesh634

3 months

Marine Electricals (Mcap ~2.5k cr) > For FY24, co did sales of 622 cr on opening net block (excl intangibles) of 37 cr of which plant & mach. was 12 cr. > Trade receivables are 6 months o/s & exceed net worth of the co. > Cumulative OCF for the last 5 years is 62 cr. 1/n

2

1

36

Mukesh H.

@mukesh634

1 month

Contd... > All KMPs & senior management personnel were appointed just prior to IPO. > Net block at end of FY24 was only 4 cr which mostly comprised of office building. > Co had only 118 on-roll employees > Other exp for FY24 was only 4 cr which included bal w/o 1.5 cr

2

0

35

Mukesh H.

@mukesh634

3 months

Blue Cloud Softech (Mcap ~5k cr) > For FY24, co did consolidated revenue of ~500 cr on Nil opening net block. Closing net block is 1 cr. > Co has only 1 subsidiary which was acquired in Aug 2023 for 48 cr. This foreign subs did 300 cr revenue in 7 months on Nil net block.

1

2

35

Mukesh H.

@mukesh634

1 month

N/n Eveready - Wrote off 630 cr of loans to group cos in FY21. Sold off to Dabur family in distress sale McNally Bharat - Defaulted on debt. Part of the biz sold to Tega Ind through NCLT. Balance likely to be liquidated Kilburn - Wrote off 127 cr of loans to group cos in FY21

2

1

33

Mukesh H.

@mukesh634

1 month

Now at 27k cr mcap.

Mukesh H.

@mukesh634

4 months

Jyoti CNC Automation (Mcap ~20k cr) > Figures for FY24 Sales ~ 1350 cr COGS ~ 675 cr PAT ~ 150 cr > Inventory is 865 cr i.e. 1.25x COGS > Trade receivables is 250 cr i.e. ~70 days o/s > Trade payables is 365 cr i.e. ~200 days o/s 1/n

6

9

101

5

2

34

Mukesh H.

@mukesh634

3 months

Contd.. > Co has witnessed a series of resignations in last 1 year Apr 23 - CS Jun 23 - Independent dir Aug 23 - Statutory auditors Aug 23 - Promoter Exec Dir Nov 23 - CEO Dec 23 - CS Feb 24 - CS Apr 24 - Independent Dir Apr 24 - CFO

2

1

34

Mukesh H.

@mukesh634

2 months

RBM Infracon Interestingly, statutory auditors have resigned in Jun-24 within 1.5 years of appointment citing ''lack of cooperation & coordination during audit process''. CFO had resigned a while ago in Dec 2023.

Mukesh H.

@mukesh634

2 months

Co with annual turnover of 130 cr is publishing order worth 59 lakhs for borewell piping on the exchanges. Just bull market things!

3

2

48

1

3

32

Mukesh H.

@mukesh634

3 months

Responsive Ind (Mcap ~8.5k cr) > PAT for FY24 jumped by 7x vs FY23 > Co has 3 foreign subsidiaries (2 in HK & 1 in USA). These subs are audited by the stat auditor > If we deduct the standalone financials from the consolidated, we get approx financials for these subs. 1/n

2

4

31

Mukesh H.

@mukesh634

2 months

Netweb Update: As on 31st Mar 2024, co had 362 employees on its rolls and total employee cost (incl ESOP exp) for FY24 was 50 cr. However remuneration for top 10 employees for FY24 was ~37 cr. This includes ESOP perks. CMO was paid >14 cr while COO & CRO were paid >5 cr each.

Mukesh H.

@mukesh634

4 months

Netweb Technologies (Mcap ~12k cr) > For FY24, co posted sales of ~725 cr on opening net block (incl RoU assets) of ~20 cr. > For FY23, sales were ~450 cr on opening net block of ~10 cr. Capacity utilisation generally has been ~50% as per prospectus. 1/n

6

23

104

1

2

31

Mukesh H.

@mukesh634

3 months

Moschip Tech (Mcap ~5500 cr) > For FY24, co did sales of ~300 cr on opening net block (excl ROU assets) of 7 cr which comprised entirely of computers. Net block of other fixed assets are Nil. > Goodwill & Intangible assets at end of FY24 was ~225 cr (~60% of balance sheet) 1/n

3

2

31

Mukesh H.

@mukesh634

1 month

"The case, based on material placed before me, does not appear to be a run of the mill case. The promoters have clearly indulged in siphoning of funds from the Company. It also appears that the very purpose behind listing this Company was to defraud investors and make huge gains"

Mukesh H.

@mukesh634

1 month

1

18

3

1

31

Mukesh H.

@mukesh634

13 days

Amic > Employee exp excl directors remuneration for FY24 was 80 lakhs. Co has only 53 employees. > Direct expenses have decreased by 20% in spite of higher sales. > Out of IPO funds of 30 cr (net of exp), co has kept 12 cr in FDs & has invested 18 cr in listed equity shares.

Mukesh H.

@mukesh634

1 month

Amic Forging (Mcap ~1700 cr) > Co came out with IPO in Dec-23 and raised 35 cr. Currently trading at 13x of IPO price. > Co was converted to public ltd co & directors were appointed / designated just prior to IPO. > All key KMP positions are occupied by promoters. 1/n

2

7

92

0

2

31

Mukesh H.

@mukesh634

4 months

Anupam Rasayan (Mcap ~8500 cr) released FY24 results recently. Let's analyse the standalone nos (excl Tanfac where it holds only 25% stake) > Sales for the year was ~1130 cr & COGS was 425 cr > Inventory at year end is 991 cr implying 2 years of COGS & nearly 1 year sales 1/n

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1

31