subbs

stranger to self...like to read novels, invest in the market and play/follow tennis...watch movies...and want to learn about nutrition. tweets are personal

[subbs @subbu751]

Will the government reduce a portion of the petrol/diesel price hikes...

[subbs @subbu751]

@nadalprop_ Hahaha outside he faced only on clayyyyy

[subbs @subbu751]

@ashwinravi99 : one memory of Kane Williamson I had.. You bowled him at Hyd in a Test match.. It rained in the morning. As the stadium is near home I thought there will not be much crowd. So I went to the stadium.. We bowled them all too

[subbs @subbu751]

Wow.. Almost all achievers display consistent theme .. Stay on course.. Accept all kinds of situations. do the best of one's abilities. Thanks mam

[Suchitra Ella @SuchitraElla]

Right or wrong stay on course , it’s ok to fail . focus , self compete , not to copy others , don’t mislead others , don’t let others to mislead you . Success is not a warranty card , success is a long & consistent journey Walk the talk !

[subbs @subbu751]

@anuradhagoyal Mtr

[subbs @subbu751]

Alexander Zverev will win the French Open in 4 sets

[subbs @subbu751]

Used to work on Deccan Chronicle account. Their balance sheet used to have a strange entry too. Different from all others. They used to club bank borrowings in other current liabilities.

Learnt in the hindsight that attention to details is important.

[sandip sabharwal @sandipsabharwal]

A note on Rajesh Exports that I wrote in 2015

Rajesh Exports

Now an example of a company that, as I write this book still trades at 52 week high prices. Any analyst who would read a series of Annual Reports of this company would be seriously concerned.

This is another company which I always had my doubts on. The story of the company has been touted many time. However after I visited the
office of the company in
Bangalore and made a visit to the plant I was totally convinced that I should not be investing in this company.
Back in the year 2008 when we were on the lookout for cheap companies to invest into after the boom in the markets from 2003-07 I had
made a mistake of investing
in the company despite having misgivings. We did lose some money in that investment but that could also have been attributed to the
overall bearishness in the stock markets as the company kept on reporting good numbers and also continued to announce grand
growth plans
However subsequent visits when I was managing money in Client Accounts in the year 2009 I decided to visit the office and facilities
Of the company and this made me convinced that the initial analysis was the right one.
The company SAYS that it is largely an exporter of GOLD JEWELLERY and has the cheapest cost of conversion in the country. It exports
largly to the MIDDLE EAST and pays
hardly any tax on its apparent EXPORTS to these countries. It periodically reports grant of huge export orders running into a few
hundred or thousands of crores.
The office of the company just does not reflect that of a company that is making 100's of crores of profits. It is for investors to
make a judgement for themselves however I would never touch this company again.

YearTurnoverOther IncomeNet ProfitsDebtorsInventoriesCash and EquivalentsIncrease in Loans
and advances
2008-0911949411875471745537527
2009-10185291181936124136653104
2010-112086433024815803777815-195
2011-122565419641226016357855-197
2012-133107415445323297759846-68
2013-1423537122724344957088-28

YearOperating Cash FlowInvestmentsTotal Tangible AssetsIncrease in DebtEquity Raised
Fixed Assets etc
2008-09-82.5258769800
2009-10608-4148313656
2010-116812.486444227
2011-12-2931.8717220
2012-132840.769-5270
2013-14-2629116703600

If you look at the annual report of the company in the 2012-13 balance sheet other income is Rs 154 Crores, however when you look at
the 2013-14 annual report the figure for 2012-13 is reported as Rs 2.68 Cr, maybe its some reclassification. If you look at the annual
reports over a period of time you would see that the company would never show creditors separately. Its only with the advent of
the new way of showing assets and liabilities that it has started showing it over the last year.

The entire balance sheet and profit and loss account of this company is incredulous. Its fixed assets have remained at Rs 70 Cr for the
last 6 years in which time the turnover has grown over 120%.
There is no maintenance capital expenditure and the Cash and Cash Equivaluents are an amazing Rs 7088 Crores and
Debt at Rs 3100 Crores. Just look at the figures for 2013-14 where payables of the
company have collapsed from Rs 8050 Cr to Rs 5197 Cr, thus apparently generating a huge negative operating cash flow.
The entire business of gold conversion, the profitability, the increase in Debtors by 500% when the APPARENT TURNOVER has
grown just about 120% is difficult to digest for me.
How is is humanly possible for a company with just Rs 70 Crores of fixed assets to generate a turnover of Rs 23000 Crores.
The total employee costs of this company are just Rs 5.57 Crores.
There are several serious doubts that come up just by analyzing publically available data and using ones mind a bit.
I just hope that whoever invests in this company does their due diligence
and visits the plant of the company for once for sure.
If anyone bothers to download the annual reports of this company from the website of the company itself you will see that in
general the annual report is a very basic one. In the year 2010-11 suddenly it
became glossy and I present an extract from the balance sheet
"The company has established itself as the largest Gold Jewellery retailer in the state of Karnataka. By April 2012 Rajesh Exports
will establish itself as the largest gold jeweler retailer in India. By April 2014
the company expects to emerge as the largest retailer in India across every segment"
A year later there is no mention of any of this in the annual report and it goes back to being a simple basic one.
The institutional holding in this company is over 22%.
Now if we just see the Trade Payables figure and the Cash and Cash Equivalent it shows an intersting picture, its an almost exact match
Trade PayablesCash and Equivalents
2012-1380509846
2013-1451977088
CHANGE28532758
As I write the stock trades at all time highs with a market capitalization of Rs 7111 Crores. I am sure a fund raising is around the corner.
The point here is that when there are red flags all around one needs to invest with eyes open in the quest for multibaggers.

There is no growth in Tangible Assets. Receivables have continued to balloon and so have creditors. This company apparently generates a turnover of Rs 20000 Crores plus with assets of Rs 70 Crores and claims to be the biggest gold processor and jewelry exporter out of India. Good luck to the investors of this company.

[subbs @subbu751]

@christophclarey Poor fellow..

[subbs @subbu751]

@BarclayCard18 I like both Jodar and Jakub... But this one I hope Felix wins

[subbs @subbu751]

Sorry change my player. Felix will win the Roland Garros

[subbs @subbu751]

There are 3 young guns at French.. Jodar, Fonseca and Mensik. Wow....

[subbs @subbu751]

I did spend 2 years at Delhi... But never even think of the moments. 3 years at Bangalore. Really cool place

[subbs @subbu751]

Don't like to say this but miss Basavanagudi ... Mtr coffee and gardens to walk and play badminton.... Good evening snack at Vidyarti Bhavan..

[subbs @subbu751]

What a privilege it is to watch Novak play a tennis match. Rare are such opportunities now a days. I am cherishing every match he plays.

[subbs @subbu751]

Alexander Zverev will win the French Open this year

[subbs @subbu751]

@jon_wertheim Other way around... The other player got the assist from the rules. Mid way 10 min break and still lost. Corrected it for you

[subbs @subbu751]

@RufiEnLancha You forgot to Add Rune match

[subbs @subbu751]

@jon_wertheim Oh...

[subbs @subbu751]

@vanshv2k Both players have the same weather. It is very pleasant and comforting. Pls share the analysis as to why a player often cramps like that.. One can see at least 5 incidents of the same player.

[subbs @subbu751]

@scambers73 @gasparlanca But today only he cramped.. No one else did