I analysed this when it was around 15-17 INR per share. I did not invest as I was not comfortable with its debt and the guarantee thing. It seemed like a risky bet. However, they had good brands to speak of and exports were doing good (particularly in UK).
Everything worked out well so I’m repenting with the benefit of hindsight but at that time it would have been the right thing to do.
Now, I have been relaxing these criteria for stock selection by a bit because if the management is doing right things in terms of its business growth these things with a bit of luck will settle themselves. But, you need to keep track of them though. In this context, I have entered into a micro cap as posted in that thread couple of days back.
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