@ Arun, I'm not too sure I totally agree with prof Bakshi on this. (Goes without saying, I'm an absolute nobody compared to him) but on his argument of functional equivalents.

Berkshire Hathaway, is Ben Graham's ultimate "frozen corporation" It never has, and has a stated policy of never paying dividends. It is a going concern and does not plan to liquidate either. So was Berkshire a bad investment candidate? (I am NOT even remotely saying that VLS is the same as Berkshire, or it's promoters are Warren Buffet) but since we were on the subject of functional equivalents, I can't see a better equivalent to VLS, than Berkshire.

I am not personally invested in the company because here's my logic. Let's assume I were the promoter (or you were for that matter in his shoes) what would I / you do? At cmp, I would sell about 1 / 1.5% of my relaxo holding and take VLS private. Therefore all the investments VLS has, in Ceat and in all the other companies now become my private investments. I am really surprised as to why the promoters haven't taken VLS private yet. If they can control the board of directors, I'm trying ti understand what is stopping them? They will win the vote on this issue, if ever one were to happen.

Cranex is today at a stage where most negatives are in the price.That said one must adhere to allocation rules since in such ultra small caps the unknowns can be debilitating.Which is why i will advise a 1% type of exposure .More than capital erosion risk the risk one must factor in is more of opportunity cost.

Triggers and events to watch out for

Operational Triggers

1. Composition of Services is just 4% of revenue . Improvement here can
   dis-proportionately improve PAT . Typically this must be 60-40

2. We need to see how the Delhi Metro order gets executed.If properly
   executed this can be a game changer for this company

3. At some stage (i believe when promoters have at least 51% or more
   stake ) this co will have to consider paying dividends ( at least
   1-2 years away i think ) which can lead to immediate re-rating.

Non operational Triggers

1. We need to observe how promoters intend to take control of this co
   considering that m'cap is just about 4 crs whereas promoters have
   lent their personal money of under 9 crs that too over 6 years back
   with no interest (This was done to take the co out of BIFR in 2009
   period ).In the past they have considered allotting sweat /
   preferred equity and then dropped that plan.Since creeping
   acquisition has its limits (5% pa cap & difficulty in getting
   delivery as 65% holding with general public ) we have to consider
   probability of preferential equity shares allotment to promoters
   thro' warrants .

Asset quality has taken a considerable hit YoY.

I'm wondering if there's a trend here for all the Financial Services companies - Axis, ICICI, Gruh, Repco all reporting worse asset quality numbers in this quarter.

Hello Sampat ji,
Actually the main website is very old and basically a news website so it will be full info, pics etc.....however the individual website where the actual options are there to check and buy things they are fine and I think they have tried to use the same technology as Flipkart---but anyway the main problem is that ---will they be able to generate the revenue from this E commerce venture or not? may be this Q2 result will give us an idea--------also as mentioned I am not sure how good and promising is the promoters(its the main criteria for me to buy small caps as promoters/management must be good)------any details on the promoters from any fellow boarders will be helpful----Thanks in advance!!!!!!!!

Did any one attend the AGM? Would be great if someone could share AGM notes here.
Results are due by tomorrow.