Thought the following information will help analyzing Pokarna (w.r.t availability of Quartz mines)

Googled and found the below PDF (available from Indian Bureau of Mines - IBM)
http://ibm.gov.in/writereaddata/files/05082015162012EXPIRY%20AFTER%202014.pdf

This PDF has information on the lease expiration for various mineral types (for companies/lessee). Couldn't find an easy way to export this info to XL for better processing. On manual search I found one entry under "Quartz" for Pokarna

Company (Lessee)		Area (in Hectares)		Lease Expiry date
POKARNA LIMITED	 	        21.86	 	                 05-MAR-18

and multiple entries for Chettinad (or entries with keyword Chettinad) with a total area of ~20 hectares or so. But I did notice few other companies/individuals having leased out in 50s/100s of hectares of Quartz quarries.

Used the following link to query on any pending applications with IBM and couldn't find any hits for Pokarna
http://mcas.nic.in/Mining_plan_web_Query.asp

Based on the above info, Pokarna + Chettinad (related groups) seem to have around 40+ hectares of Quatz quarry leases and from one of the above posts I did read that Pokarna's Quartz quarry is not active, which leaves them with around 20 hectares of quarry from Chettinad group (out of which Pokarna might be using few of them). It does look like that Pokarna should look for other sources for raw material (Quartz) sooner/later...how soon is a question to be answered.

You are stakeholder and buying more that means you are convinced about its prospects. At the same time you are raising doubts and confusing others? You are mixing balance sheet issues with related party transactions? Apparel business is about corporate strategy and very well known and adequately discounted. I wonder what is the real purpose of writing posts like this.

Disc: Invested with conviction

Indian Terrain Fashions Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 23, 2015, considered and approved the following:
1. Sub-division of 1 (one) Equity shares of face value of Rs. 10/- each into 5 (five) Equity shares of Rs. 2/- each and consequently, to alter the capital clause of the Memorandum of Association and Articles of Association of the Company. - (Good move to bring liquidity in market, currently hardly 500-600 shares are being traded daily)
2. Alteration of Articles of Association in compliance with Companies Act, 2013.
3. Approved the Related Party Transaction on purchase of property from M/s. Celebrity Fashions Limited, related party.(Not a good move, contrary decision to asset lite model, will reduce ROCE and ROE)
4. All the above items 1, 2, 3 are subject to the approval of shareholders through a Postal Ballot & E-Voting, under applicable laws & regulatory frame work.

Feedback sought from senior boarders.

Disclosure - Invested from 600 level.

Just putting down few random thoughts:

• This isn't the 1st time that Kitex's H1 revenues are flat or less as compared to previous FY's H1 earnings.

• Not the 1st time that Kitex's Q2 earnings are less than Q1 earnings. Last year too similar apprehensions were there on topline growth but mgmt. had said that they wud deliver in H2 or by last Qtr. (which I believe they did).

• This year too mgmt. has come on record to say that this has always been the pattern that Q1 is not great and H2 is always better with best earnings normally being reported in Q4.

• Mgmt. maybe ambitious in their targets and guidance, but at the same time we do have their previous performance which speaks for itself. They have created state of the art manufacturing unit over the years with good labour conditions etc.,. which is there to see.

• Previously there were apprehensions about when would new clients be added, when would the US brand be announced etc.,. That eventually did come.

Few other points:

• Earnings can’t always be linear.

• We should give good mgmt. time to perform and time to nurture their business. We should allow an investment thesis to play out over a period of time.

• If we have a decent mgmt. in a good business that has performed well and has good future potential
  then we should give benefit of doubt in terms of delivery i.e. if what the mgmt. says will be delivered in 1 year is delivered in 2 years then still we should persevere as long as we believe that delivery will come [even if with a lag (not saying that this wait should be infinite )].

• I think it is also not a bad idea to sometimes discount mgmt’s. plans in terms of time it will take for delivery of the same. Helps keep expectations (sometimes unrealistic expectations) in check.

• Would we be have been asking same questions if stock price had reacted positively to same set of results/numbers? Maybe not

• Why we might not have raised apprehensions if stock price would have moved up on same results? Maybe coz we like excitement as humans or as humans we always want something to keep happening, and we get that excitement or satisfaction from stock price moving up.

• Why do we start asking questions or raising doubts when stock price moved down on same result/numbers? Again maybe coz we as humans always want some action. When we don’t get that action in stock price, then we start finding that action or sense of excitement by trying to find reasons into
  why this happened? We try to satisfy ourselves and convince ourselves by trying to justify the so called reasons that we find.

• 2 years back we may have been happy with this same set of numbers. But we may not be satisfied today coz we have seen a rally in the markets in last 2 years. It becomes more difficult to accept status-quo or inaction when things around us are moving so fast.

• If price action from 830 odd to 750 odd makes us think that there is something wrong in the stock, then maybe we should be putting our money to work at some other place and not stock markets. By this logic there might really be something great that might be happening in the company as we have seen price rising from 58 to 750 in last 2 yrs

• In bull mkts. we start expecting the businesses also start performing in a fast forward mode (which doesn’t happen overnight, it takes time), which is not fair.

Above are just my thoughts (not sure if they make sense as I am not good at expressing/explaining my thoughts n the best possible way) with all due respect to other people’s views.

Discl: Invested and maybe biased.

Regards.