I went through this and it looks like one of those too good to be true stories. The bulging receivables and inventories along with a dose of depreciation from renewables to avoid taxes an all too familiar story. Take a look at Shri Ganesh Jewellery House around 3/4 years back which ended by a defaulting client. My only advise is to be cautious and do your due diligence. By the way is there any reason for a promoter to dilute stake in a business with such great returns (debt would be far more cheaper than any OFS) ? Also make sure you understand the holding structure and non promoter holdings. Also take a look at the independent directors, are they really independent?
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