My apologies if I gave the impression that I was recommending Rajesh Exports. I simply disclosed a holding that I had bought almost a decade back. I rarely sell so it’s still there (currently less than 1% of my portfolio). It’s kind of an experiment to see what happens if you simply forget to sell for a long time.

I was simply commenting on the shallowness of a content creator on YouTube. I can put out similar stuff about Tata Motors from their annual reports, but for what use? You never have a perfect company. Everyone is free to believe what they analyze and make decisions based on that.

You need something more to suggest accounting fraud, say a SEBI notice/investigation, directors/auditors resigning, etc.

Let us not hijack this thread. We can take this discussion on the company thread, if there is one.

What justifies the following events

2023

August : Resignation of Mrs Manjusha Nibe from WTD ( Ironically Resignation letter still references the Violet Dream Citi Apartment as her address )
August : Resignation of Statutory Auditors ( Appointed in 2022 for a term of 5 years ending 2027. Resigned in 2023 )
Oct : Resignation of Senior Management ( Mr. Vishnoo K Prathap Chief Innovation Officer
/ Mrs. Jasleen Kaur Arora Head SCM )
Oct : Resignation of CEO ( Mr. Sachin Raosaheb Shinde ) . New CEO Mr. Balakrishnan Swamy in the appointment letter states as a person with rich background in aerospace with experience at Boeing, USA, and as a Founder in defense systems manufacturing . Refer Linkedin bio
Dec : Resignation of Company Secretary Priya Pandey

The strange part is before 2019 Mr Ganesh Nibe has no records available to show he has ever been linked to any defense businesses or any similar business interests. Infact he has been only involved in Electrical Business and Real Estate business based out of Nashik Shrinivas Electricals GTD Pvt. Ltd., Nashik – Manufacturer of software development services and Automation Software Applications prior to 2018-19

He jumped on the E-Vehicle Trading business in 2018-19 and this was the first time it seems that there a some politcal connections involved as Mr Suresh Prabhu was there at the event https://www.youtube.com/watch?v=CDloW_nO0Ts . It could either be a coincidence or some political favor.

The Chief Innovation Officer Mr. K Vishnoo Prathap who resigned Nibe in just 5 months was previously Deputy Program Director at iDEX – Defense Innovation Organization (DIO) DDP, Ministry of Defense for over 2.5 years. When such a KMP leaves the company in just 5 months of joining says a lot about the state of the company .

The Admiral is in Pune for the Maharashtra Defense Expo 2024 and not for Nibe . As a Knowledge Partner , Nibe would have approached them for the inauguration just as a PR stunt is my view. Even in the article linked above , the admiral makes only a couple of general statements about the facility and role of having automation & machinery .

A couple of more interesting facts,

• Nibe Defense and Aerospace office in hi tech defense and aerospace park Bangalore is located where companies have setup manufacturing units. Check Nibe office size ( which is a corporate office instead of manufacturing ) in comparison to some of the other Defense companies in the same area

In addition , check the 360° street view from Google . It clear states Nibe Defense & Aerospace building was available on Lease in June 2022 from AZ Leasing Solution. The questions which arise is whether Nibe has taken the entire on lease or just a single floor or even lesser space ? What is the rationale of setting up a corporate office in a Defense and Aerospace park where other players are setting up manufacturing units ?

Unfortunately, as investors are getting smarter even the ways in which these organized groups involved in pumping and dumping the stock prices are getting smarter day by day

SJVN’s ambitious expansion plans raise questions about debt levels and balance sheet health. Here’s a balanced analysis considering utilizing existing reserves:

Utilizing reserves:

• While utilizing the ₹10,000 crore reserves could certainly reduce debt dependence, it wouldn’t be prudent to deplete them entirely. Reserves provide a safety net for unforeseen circumstances and future growth opportunities.
• A strategic approach would be to use a portion of the reserves for equity contribution while leveraging debt responsibly.

Debt management:

• SJVN already has significant debt, and exceeding their risk appetite could jeopardize financial stability.
• Maintaining a healthy debt-to-equity (D/E) ratio is crucial. Current projections estimate a significant increase in debt, potentially impacting the D/E ratio.
• Diversifying funding sources through green bonds, infrastructure investment trusts, and strategic partnerships could ease debt dependence.

Project timelines and impact:

• Solar projects generally have shorter gestation periods (12-18 months) compared to hydro projects (5-10 years). This faster revenue generation can improve cash flow and mitigate debt burden quicker.
• However, initial balance sheet impact during construction remains unavoidable, even with shorter solar project timelines.
• Project delays and cost overruns further aggravate financial stress. SJVN needs robust project management and contingency plans to minimize such risks.

Overall:

• Striking a balance between growth aspirations and prudent financial management is essential for SJVN’s long-term success.
• Utilizing reserves strategically, diversifying funding sources, and mitigating project risks are key strategies to navigate ambitious expansion while maintaining financial health.

Additional factors to consider:

• Government support: SJVN being a government-owned company might enjoy certain financial advantages and support.
• Renewable energy push: The government’s focus on renewables could provide favorable financing options and regulations for SJVN’s green projects.

“Import of RPC/CPC by the SEZ shall be permitted, subject to the quantities as permitted for in their CTO/ CFO duly factoring in any RPC sourced domestically by the SEZ Unit.”
This is specifically called out under Rain’s SEZ ‘header’. In my opinion, it is specifically for RAIN’s unit.