I don’t understand what is the issue here. They have mentioned that accounting rules provide exemptions to publish full financials of subsidiaries.
Company issued FCCB in USD to fund quartz capex which was supposed to bring USD revenue. The mistake they did was that it was not hedged leading to almost default like scenario. It takes sometime to build a biz. You can’t start selling a product is US by opening a shop.Customer qualification, brand building etc takes time and then comes inflection time.
Quartz mines are not owned but it is not critical since it is widely available material on this earth. It is almost like lifting dirt from earth.
Granite mines are owned but not fully utilised and they buy from other mine owners too on which they don’t need to pay royalty.
One should know that granite and quartz are minor minerals where it is the state which gives mining license and royalty is generally very low.
Why it is important to know “when” they got mining license. They are more than twenty old yr company and granite is their main business till few yrs ago.
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