Jyoti Resins & Adhesives Limited (with bloated reserves)

As per my understanding, there are too many ifs and buts now.
This was already a high risk bet for me because of the growth they’ve been showing, I had already ignorred answers to below question:

1. What changes were made in the raw material that even after their topline has moved up significantly, their raw material consumption has gone down?
2. Their increase in Fixed assets was predominantly based on reevaluation of land and not much purchases. So, the cash that was coming in was going somewhere else, probably in someone’s pockets
3. Now, they’ve doubled the depreciation without any increase in fixed assets, doesn’t matter if they double or triple the capacity, it hasn’t come up in the books yet, so how can depreciation shoot up?
4. On 24 crores of Profit, their OCF was some 2.5 crores in FY 22 and now they’ve reported 61 crores of profit and their cashflow is 1 crore only
5. 27 crores have been moved to bank FD, why is it so? That’s almost a third of the profits.

And lastly, it was all on their topline growing, and in the current quarter, their’s no significant topline growth as well.

Disc. Exited