Save Our Country with Clause 49-O :: HELPS YOU TO SMASH OUT THE IRRESPONSIBLE POLITICAL ELECTION CANDIDATE ::

Clause 49-O :: HELPS YOU TO SMASH OUT THE IRRESPONSIBLE ELECTION CANDIDATE ::

Did you know that there is a system in our constitution, as per the 1969 act, in section "49-O" that a person can go to the polling booth, confirm his identity, get his finger marked and convey the presiding election officer that he doesn't want to vote for anyone!
Yes such a feature is available, but obviously these seemingly notorious leaders have never disclosed it. this is called I-O...

Why should you go and say "i vote for nobody"? ... because, in a ward, if a candidate wins, say by xxx votes, and that particular ward has received I-O votes more than xxx, then that polling will be cancelled and will have to be re-polled.

Not only that, but the candidature of the contestants will be removed and he cannot contest the re-polling, since people had already expressed their decision on him.

This would bring fear into parties and hence look for genuine candidates for their parties for election.

This would change the way, of our whole political system... it is seemingly surprising why, and election commission has not revealed this feature to the public ....

please spread this news ...

Seems to be a wonderful weapon against corrupt parties in India ... show your power, expressing your desire not to vote for anybody, is even more powerful than voting... so don't miss your chance.

So either vote, or vote not to vote (vote 49-O).

Pass this info on all your Indian Friends/Citizens.....

Infrastructure: One Of The Core Investment Areas In India

Infrastructure: One Of The Core Investment Areas In India

General Electric Company (NYSE: GE) plans an investment of $250 million in infrastructure and healthcare projects in India, in the light of its intentions to enhance its presence in the country. Infrastructure projects are at the top of GE's investment agendas in India. The company is reinvesting the entire proceeds from the settlement of Dabhol power project, valued at $145 million, in the infrastructure projects of India. As per the company, India is a market set to realize its potentials. GE will be investing in healthcare, cleaner energy, cleaner water and aviation.

The company is focusing on making products, which would meet India's needs. For instance, the "HF Advantage" X-ray system developed at the John F. Welch Technology Centre in Bangalore. The John F. Welch Technology Centre, $80 million state-of-the-art facility is home to 2,200 scientists, researchers and engineers.

However, U.S. companies have not been very happy about the infrastructure in India. As per the companies, infrastructure, seconded by the bureaucratic hurdles, has been one of the major impediments for flow of funds/investment into India.

Infrastructure bottlenecks like ports, airports, roads and smooth energy supply are the major impediments, which need to be addressed soon. The Indian government is supporting greater investment in roads, export facilities, power and other infrastructure. India has widely opened its door to foreign investors. Foreign Direct Investment (FDI) of up to 100%, under the automatic route, has been permitted in housing, built-up infrastructure and construction-development projects.

However, due to recent government initiatives and pouring investments, the ports and roads of India have been improving. About four years ago, Koyo Steering Systems, an auto parts maker, incurred heavy losses on account of retaining a month's inventory due to delayed deliveries. While traffic jams seem to be a prime concern, the situation has been improving on other counts.

Following are the areas where U.S. and India may consider opportunities for partnership: 1. Technology Exchange, 2. Energy Security, 3. Physical Infrastructure Development, 4. Human Resource Development, 5. Intellectual Property Protection and 6. Trade and Industry Promotion.

U.S. is one of the largest foreign direct investors in India. The FDI inflow from U.S. accounts for almost 11-12% of the total FDI inflow into India. Following sectors are reported of attracting FDI from the U.S.: Fuels (Power & Oil Ref.) (35.93%), Telecommunications (radio paging, cellular mobile & basic telephone services ( 10.56%) Electrical Equipment (including Computer Software & Electronics) (9.50%), Food Processing Industries (Food products & marine products) ( 9.43%), and Service Sector (Fin. & Non-Fin. Services) (8.28%)

The Indian government is focusing on improving the infrastructure scenario in the country. 48 new road projects valued at $12 billion are under construction. Development and up-gradation of roads and airports would call for investments of $24 by 2008 and $33 billion in the coming ten years respectively. The health industry is expected to grow by over 100% of its current size of $17.2 billion to $40 billion by 2012. Healthcare spending too is expected to double in the next 10 years. However, private healthcare spending is expected to rise from the current of $14.8 billion to $33.6 billion in 2012. India also plans an addition of around 0.1 million MW of generation capacity by 2012. Presently 100% FDI is permitted for construction and maintenance of ports. The government is also offering incentives to the investors.

ValueNotes analyst Surya feels that, private sector participation in the development of Indian infrastructure will grow tremendously as the government policies will be more investor-friendly. This would benefit the private players as well as India as the requirements of both the parties would be fulfilled. India will be endowed with good infrastructure while the investors will have access to one of the largest markets in the world.

MANUGRAPH INDIA LTD

BUY

 

Price : Rs 231                                        Target Price : Rs 380

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Manugraph India Limited (MIL) is a strong growth and value play and has created a strong focused niche in the Offset Web Printing Machinery Equipment space finding applications mainly in newspaper printing segment. MIL's major competitive advantage is its excellent product line up and customized solutions approach, long standing relationships with large customers, excellent quality and technical credentials and adequate management bandwidth. With an expected CAGR of 23% in net profits over FY06-FY08E, we expect ROCE and ROE levels to remain healthy at 67% and 49% respectively as on FY07E.

Investment Rationale –

Market Leader providing complete printing solutions – MIL is the domestic market leader in the web offset presses segment and is an established Tier 1 supplier to large publishing houses like the Times of India Group, Indian Express Group, Dainik Jagran Prakashan Group, Hindustan Times, Anand Bazar Patrika and other regional newspapers and publications like Gujarat Samachar, Malayala Manorama,   Hindu,  Sandesh , Deccan Chronicle etc.  Over the years, Manugraph has emerged as a thriving, nimble, printing machinery enterprise, due to its ability to transform itself rapidly in a highly competitive market and its commitment to become a supplier of choice by delighting customers with superior services and products at competitive prices. Constant modernisation and introduction of state-of-the-art technology at Manugraph has enabled it to stay ahead in the industry.

Exports offer MIL a strong outsourcing opportunity in future – In the Export arena, Manugraph has been exporting to customers in markets like Italy, Germany France, Sweden, UK, Russia, China, South Korea, Thailand, North America, Kenya, Nigeria, Brazil and Middle East.

Exports during FY06A totaled Rs1034.7mn accounting for 32% of total revenues. Exports in the last 3 years have grown at a CAGR of 35% from Rs 592mn in FY04A to Rs1034.7mn till date.  What is more noteworthy to know is that having developed strong technical  skill sets in its product domain,  the price differential enjoyed by Manugraph  is significantly high as compared to other global players like Heidelberg and Man-Roland, which have large business presence across the European and USA markets. Hence going ahead outsourcing opportunities can throw open a large business opportunity for Manugraph.  

Large free cash generation ahead –Manugraph has moderate capex lined up over the next two years. Barring further reduction in residual debt in FY07E and further gains from tight working capital management, we expect it to generate free cash flow of Rs724.3mn over next two years. The build of cash in the balance sheet by Mar08 would result in a cash/Investments balance of Rs820.3mn,equal to (Rs.27per share - FV: Rs.2). 

What is really noteworthy is that Manugraph has earned a healthy 79% ROCE and 61% ROE in FY06A largely due to a healthy volume growth, significant improvement in ATO levels and reducing the working capital cycle. This is amply reflected from the fact that Manugraph has expanded its EBIDTA margins from 10.9% in FY04A to 25.9% in FY06A. 

During Q1FY07A Manugraph has reported a 19% increase in revenues totaling Rs1.03bn with EBIDTA growth being 12% YoY totaling Rs247.6mn with EBIDTA margins of  24% followed by a  15% rise in the net profit at Rs 172.9mn.

Risks & Concerns –

Any significant downturn in Manugraph's customers namely the domestic Newspaper segment could impact MIL's earnings negatively.

Valuation –

With an EPS CAGR growth of 23% estimated over FY06-08E, coming on the back of a 21% CAGR in the  topline, and attractive ROE and ROCE levels of 67% & 49% on FY07E,  and a EV/EBIDTA of 7x FY07E and 5x FY08E makes us believe that the present valuations of 10x FY07E and 8x FY08E look extremely attractive.

We recommend a BUY on the stock with a target price of Rs.380 based on the DCF approach. At our target price the stock will be valued at 14x P/E and 9x on EV/EBIDTA basis on FY08E.

"Research Reports" group

Mandatory requirement of PAN – Clarif =?UTF-8?Q?ications_and_extn_to_December_31, _2006?=

PRESS RELEASE

PR-219/2006

Mandatory requirement of Permanent Account Number (PAN) – Clarifications and extension of deadline to December 31, 2006

1. Pursuant to the meeting held with depositories on January 18, 2006 and circular dated July 13, 2006, PAN has been made mandatory for operating the Beneficiary Owner (BO) accounts in the depository system and for trading in the cash market, with effect from October 1, 2006. In order to facilitate the process of implementation of this mandatory requirement, SEBI had issued clarifications to the depositories vide circular dated July 20, 2006.

2. Subsequent to the issue of above referred circulars, investors and market participants have made further representations and suggestions and sought clarifications on the various issues from SEBI.

3. Upon careful consideration of the representations and discussions with the market participants, in order to enable the investors at large to be PAN compliant and to mitigate any undue hardship in the process of transition, SEBI has issued a

circular No.13/2006 dated September 26, 2006 to the stock exchanges, depositories and custodians offering the following clarifications:

3.1 The present deadline of September 30, 2006, for complying with the mandatory PAN requirement has been extended to December 31, 2006, as a one time measure.

3.2 The custodians are advised to verify the PAN details of the institutional clients with the original PAN card and provide copy of such verified PAN details to the brokers duly certified.

3.3 The clarifications as contained in Paras 4.2 to 4.9 of the SEBI Circular No. MRD/DoP/Dep/Cir-09/06 dated July 20, 2006 are also applicable to trading in the cash market. The clarifications contained in Para 4.1 of the SEBI Circular No. MRD/DoP/Dep/Cir-09/06 dated July 20, 2006 stands withdrawn.

4. The circular No.13 dated September 26, 2006 is available on the SEBI website: www.sebi.gov.in 

Mumbai

September 26, 2006 

Corporate news

Tata Power to hold Board Meeting on Oct 26
Tata Power Company Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 26, 2006, inter alia, to consider and take on record the audited financial results for the quarter ended September 30, 2006 (Q2).
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ICSA India inks agreement with Oil India
ICSA India Ltd has signed an agreement with M/s Oil India Ltd (a Govt. of India Enterprise) to market and undertake projects in India and abroad for pipeline Intelligent Cathodic Protection (ICAP)and related projects.

Intelligent Cathodic Protection (ICAP) is an innovative wireless embedded real time system developed by the Company for pipeline applications to monitor, analyze and display in real time the data of Cathodic Protection Parameters for all types of existing, new and cross country pipelines. All relevant parameters are logged in real time and transmitted through Global System for Mobile (GSM)/CDMA/RF/Optical Fiber network to the desired location. The base station computer has in-built data analysis and interpretation routines for real time forecast. It forecasts abnormalities and trends in graphical and numerical form. It is a field compatible system and automatically acquires data from various test lead points, transformer rectifier unit and other stations spread over along the pipeline round the clock and facilitates prompt action during adverse behaviour. It has a built-in powerful integrated wireless data transmission facility to support various modes of transmissions. In addition, it has field compatible sensors for detecting various corrosion parameters. It has built-in security facilities, it eliminates expensive conventional measurements, maintains statutory requirements, forecast pilferage/ tampering/ defects, and improves the life and safety and numerous general purpose features.

Under the terms of the deal, the two companies agreed to incorporate a new company within 12 months of the execution of the signed agreement. The terms and conditions relating to the formation of the company will be finalized soon. Until such time a core group from both the companies will be conducting the day-to-day operations of the Joint Venture.
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Hitech Plast members approve payment of dividend
Hitech Plast Ltd has informed that the members at the 15th Annual General Meeting (AGM) of the Company held on September 23, 2006, inter alia, have accorded to the following:

1. Approved the payment of dividend of 8% on the equity shares of the Company.

2. Appointment of Mr. Ranjan M Kapur and Mr. Anand S Bhatt as Directors of the Company, liable to retire by rotation.

3. Approved the payment of remuneration to the Managing Director.

4. Authority to the Board to borrow money and create mortgage not exceeding Rs 5000 million pursuant to section 293(1)(a) & (d) of the Companies Act, 1956.

5. Approved the amendments of Articles of Association of the Company so as to give option to shareholders to forego dividend
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Tata Power inks MoU with Government of Orissa
Tata Power Company Ltd on September 26, 2006, has announced the signing of a MoU with the Government of Orissa for the development of a 1000 MW coal-based power project with captive coat mining facilities. The project is estimated to entail an investment of around Rs 4,300 crores and will be set up at Naraj Marthapur in Cuttack. Another 1000 MW is expected to come up as the second phase of project development and will take the total capacity to 2000 MW with an estimated investment of Rs 9000 crores.

The Agreement signifies the intent of the Government of Orissa for rapid industrialization and prosperity of the State and its people. Towards this end, the Government of Orissa has sought to extend comprehensive assistance to the power Project through active participation. The government will assist the Company for single window clearances and approvals. The Government of Orissa will also recommend to the Central Government for allocation of captive coal blocks or will assist in necessary coal linkages for the project. A Government of Orissa nominated agency will purchase a portion of the power generated, for which a PPA is to be subsequently signed. Being a Mega Power Project, the Company will also sell power to distribution entities from the other States. The Company will also serve the power requirements of Tata Steels proposed steel plant in the State as well as certain large industrial units in Orissa.

Mr Add Engineer, Director, of the Company, said, the MoU signifies a beginning of a new relationship between Tata Power and the Government of Orissa towards bridging the power requirements of the state and the country. With this MoU, Tata Power has taken another step towards its growth plans and increasing its national footprint. The agreement also reiterates the commitment of the Tata Group towards the State of Orissa.
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Paramount Communications Board sanctions increase in authorized capital
Paramount Communications Ltd has informed that the Board of Directors of the Company at its meeting held on September 26, 2006, inter alia, have taken the following decisions:

1. Issue, offer and allot further shares under Section 81(1A) of the Companies Act, 1956 upto USD 50 Million by way of international offering by issue of convertible securities / Foreign Currency Convertible Bonds (FCCBs) / Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) and / or by way of private placement / Qualified Institutional Placement, whether in Indian or Foreign currency, subject to the approval of the members of the company.

2. Increase in authorized capital of the Company from Rs 25 Crores divided into 2,50,00,000 equity shares of Rs 10/- each to Rs 35 Crores divided into 3,50,00,000 equity shares of Rs 10/- each by addition of 1,00,00,000 equity shares of Rs 10 each and consequently alteration Clause VI of Memorandum of association of the Company, subject to the approval of members of the Company.

3. Increase in borrowing limits under section 293(1)(d) and increase in the limits to create mortgage / charge / hypothecation etc. under Section 293(1)(a) of the Companies Act, 1956 upto Rs 1000 Crores over and above the Paid-up share capital of the Company and its free reserves, subject to the approval of members of the company.

4. Hold Extra Ordinary General Meeting of the Company on October 23, 2006.

5. Shifting of Registered Office of the Company from New Rohtak Road, New Delhi to Naraina, New Dethi with effect from September 30, 2006.
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RS Software members approve re-appointment of Statutory Auditors
RS Software India Ltd has informed that the members at the 18th Annual General Meeting (AGM) of the Company held on August 18, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet of the Company as at March 31, 2006 and the Profit and Loss Account for the year ended as on date together with the Statements / Schedules and the Auditors and Directors report thereon.

3. Re-appointment of Mr Shital Jain and Maj. Gen. A Balasubramaniam, as Directors of the Company.

4. Re-appointment of M/s Chaturvedi & Co., as Statutory Auditors of the Company, to hold office as such from the conclusion of this meeting upto the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.

5. Allotment of 562,500 Equity Shares arising out of 5625 zero interest Non-Convertible Debentures of Rs 10/- each, each Debenture having 100 detachable Warrants each entitling the holder to subscribe to one Equity Share at Issue price of Rs 20 each (including a premium of Rs 10/- per share) to the main Promoter, Mr R R Jain on January 10, 1994 which was supposed to be done between the 2nd and 4th year from the date of allotment was extended by the Board for one more year i.e. till July 1999 be and is hereby approved and the Board's decision is ratified.

6. Payment of Remuneration to Mr Jonathan Kalman, as a Director of the Company.
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UMS Technologies declares dividend
UMS Technologies Ltd has informed that the members at the 36th Annual General Meeting (AGM) of the Company held on September 26, 2006, have declared the dividend at the rate of Re 0.75 paise per share on the Equity Capital of the Company (@ 7.5% on the Equity Share of Rs 10/- each) for the year ended March 31, 2006.
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Bharati Shipyard members sanction declaration of Dividend
Bharati Shipyard Ltd has informed that the members at the 29th Annual General Meeting (AGM) of the Company held on August 29, 2006, inter alia, have accorded to the following:

1. Adoption of Profit and Loss Account for the year ended March 31, 2006 and the Balance Sheet as at that date and Report of the Directors and Auditors thereon.

2. Declaration of Dividend at the rate of Rs 2.50 per Equity Share on the Equity share Capital of the Company for the year ended March 31, 2006.

3. Re-appointment of Mr. J M Gandhi as Director of the Company.

4. Appointment of M/s Shantilal Mehta & Co. and M/s Bhuta Shah & Co, Chartered Accountants, as Joint Auditors of Company to hold office from the conclusion this meeting until the conclusion of next Annual General Meeting of the Company, on remuneration, terms & conditions.
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Visaka Industries to hold Board Meeting on Oct 04
Visaka Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 04, 2006, inter alia, to consider and approve the Issue of FCCB / GDR / Preferential Allotment of Shares to Qualified Institutional Buyers, to Finance the new project proposed by the Company.
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California Software to issue equity shares on preferential basis
California Software Company Ltd has informed that an Extra Ordinary General Meeting (EGM) of the shareholders of the Company will be held on October 16, 2006, inter alia, to transact the following:

1. To offer, Issue and allot 5,55,556 equity shares of Rs 10/- each for cash on preferential basis to 4 promoter shareholders of M/s. Inatech Infosolutions Pvt Ltd at the price of Rs 90/- per share (including a premium of Rs 80/- per share) which is marginally in excess of the price calculated as per SEBI (Disclosure and Investor Protection) Guidelines on Preferential Issue and that the Board is authorised to finalise all matters incidental thereto as it may in its absolute discretion think fit, in accordance with all applicable laws rules and regulations for the time being in force in that behalf, subject to necessary provisions & approvals.

2. To create, issue and allot 94,50,000, Zero percent, Fully convertible debentures (FCDs) of Rs 10/- each for cash on a preferential basis to Kemoil Ltd, Hongkong and/or associates or their nominees. The FCDs shall be converted into Equity shares of the Company in three tranches over a maximum period of 18 months from the date of allotment, on the basis of Nine FCDs of Rs 10/- each being converted into one Equity Share of Rs 10/- each at a price of Rs 90/- (including a premium of Rs 80/-). The Conversion price of Rs 90/- per Equity Share is marginally in excess of the price Calculated as per SEBI (Disclosure and Investor Protection) Guidelines on Preferential Issue, subject to necessary provisions & approvals.
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Amulya Leasing to hold AGM on Sep 30
Amulya Leasing & Finance Ltd has informed that the 20th Annual General Meeting (AGM) of the members of the Company will be held on September 30, 2006, inter alia, to transact the following:

1. To receive, consider and adopt the Audited Balance Sheet as at March 31, 2006 and Profit & Loss Account for the year ended on that date together with the Reports of the Directors and Auditors thereon.

2. To appoint a director in place of Sh. Anil Goel who retires by rotation and being eligible offers himself for re-appointment.

3. To appoint M/s R K Batra & Co., Chartered Accountants, the retiring Auditors, as Statutory Auditors of the Company to hold office from the conclusion of the forthcoming Annual General Meeting until the conclusion of the next Annual General Meeting and to fix their remuneration
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Chambal Fertilisers members approve declaration of dividend
Chambal Fertilisers & Chemicals Ltd has informed that the members at the 21st Annual General Meeting (AGM) of the Company held on August 25, 2006, inter alia, have accorded to the following:

1. Adoption of Audited Balance Sheets as at March 31, 2006 and Profit and Loss Account for the year ended March 31, 2006 together with the reports of Auditors and Directors thereon.

2. Declaration of dividend at the rate of Re 0.50 per preference share to the holders of cumulative redeemable preference shares and Rs 1.80 per equity share for the year ended March 31, 2006 to the equity shareholders.

3. Re-appointment of Marco Wadia, Mr D Basu and Mr A J A Tauro, as Directors of the Company, liable to retire by rotation.

4. Re-appointment of M/s S R Batliboi & Co., Chartered Accountants, as Auditors of the Company, to hold the office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.

5. Appointment of M/s Singhi & Co., Chartered Accountants as Branch Auditors for the Shipping Business of the Company, to hold the office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions
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PEARL Polymers members approve reappointment of Ramesh Mehra as Director
PEARL Polymers Ltd has informed that the members at the 35th Annual General Meeting (AGM) of the Company held on September 26, 2006, inter alia, have accorded the following:

1. Adoption of Annual Accounts for the year ended March 31, 2006 together with the Report of Directors and Auditors thereon.

2. Reappointment of Mr Ramesh Mehra as Director.

3. Appointment of M/s. J C Bhalla & Co. as statutory auditors of the Company to hold the off until the conclusion of next Annual General Meeting.

4. To Appoint Branch Auditors of any Branch of the Company.

5. Appointment Of Mr. Naresh Khanna & Mr. Varun Seth as a Directors on the Board of the Company.

6. Appointment of Mr. Udit Seth, a relative of Mr Chand Seth, Chairman and Managing Director of Company and Mr. Varun Seth, Whole-time Director of the Company to hold and continue to hold office or pace of profit u/s 314(1) of the Companies Act, 1956.

7. Appointment of Mr. Varun Seth, as Whole-time Director of the Company.
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SMIFS Capital AGM updates
SMIFS Capital Markets Ltd has informed that the members at the 23rd Annual General Meeting (AGM) of the Company held on September 16, 2006, inter alia, have passed the special resolution, authorising the Board to create, offer, issue and allot not more than 55,85,000 equity shares of the company of face value of Rs 10/- for cash at such premium and in such proportion as may be decided by the Board, to the members on right basis (fractional entitlements, if any, to be rounded off to the next higher integer) and to such person(s), who may not be the member(s) of the company, being renounces in whose favour the rights may be renounced by the respective member(s), aggregating to not more than Rs 12,00,00,000/- and the Record date for the said purpose be fixed by the Board at a later date, subject to necessary provisions and approvals.
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Patels Airtemp members approve re-appointment of Directors
Patels Airtemp India Ltd has informed that the members at the 14th Annual General Meeting (AGM) of the Company held on September 23, 2006, inter alia, have accorded to the following:

1. Adoption of the Profit and Loss Account for the year ended March 31, 2006 and the Balance Sheet as at that date, the report of the Directors and Auditors thereon.

2. Re-appointment of Shri Umakant G Majmudar and Shri Narendra G Patel, as Directors of the Company.

3. Re-appointment of M/s Parikh & Majmudar, Chartered Accountants, Ahmedabad, as Auditors of the Company to hold office till the conclusion of the next Annual General Meeting of the Company on remuneration, terms & condition.

4. Appointment of Shri Hareshkumar I Shah, as Director of the Company, liable to retire by rotation.

5. Increase the remuneration of Shri Narayanbhai G Patel, as Managing Director of the Company for the period from December 01, 2005 to July 13, 2006.

6. Increase the remuneration of Shri Devidas C Narumalani, as Whole Time Director of the Company for the period from December 01, 2005 to July 13, 2006.

7. Increase the remuneration of Shri Narendra G Patel, as Whole Time Director of the Company for the period from December 01, 2005 to July 13, 2007.

8. Increase the remuneration of Shri Prakash N Patel, as Whole Time Director of the Company for the period from December 01, 2005 to May 31, 2007.

9. Appointment of Shri Devidas C Narumalani, as Whole Time Director of the Company for a period of three years with effect from July 14, 2006, on remuneration, terms and conditions.

10. Re-appointment of Shri Narayanbhai G Patel, as Managing Director of the Company for a period of five years with effect from July 14, 2006, on remuneration, terms and conditions.
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Orient Paper to hold Board Meeting on Oct 05
Orient Paper & Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 05, 2006, to consider options for raising of equity capital, including issue of shares on rights basis.
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Geometric Software allots equity shares under ESOP
Geometric Software Solutions Company Ltd has informed that the Allotment Committee of Directors of the Company at its meeting held on September 26, 2006, has allotted 155,725 Equity shares on the exercise of vested stock options under ESOP Scheme 2001 and ESOP Scheme 2003.
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GTL to hold Board Meeting on Oct 05
GTL Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 05, 2006, inter alia, for the purpose of finalizing acquisition strategy of the Company, short listing the acquisition candidates and if deemed necessary approving the same.
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Mastek allots equity shares under ESOP
Mastek Ltd has informed that at the meeting of Committee of Directors held on September 26, 2006, 16,387 shares were allotted under the Employees' Stock Option Plan (ESOP).
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Hifco Marvel members approve re-appointment of Directors
Hifco Marvel Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have accorded to the following:

1. Adoption of Audited Balance Sheet of the Company as on March 31, 2006 and Profit & Loss Account for the year ended on that date together with the Directors Report, Compliance Certificate and Auditors Report thereon.

2. Re-appointment of Mr. V R Shankara and Mr. B Viswanatha Reddy as Directors of the Company, liable to retire by rotation.

3. Re-appointment of M/s K Vijayaraghavan & Associates, Chartered Accountants, Hyderabad as Auditors of the Company to hold office from the conclusion of the meeting until the conclusion of next Annual General Meeting of the Company on remuneration, terms and conditions.

4. Insertion of new Article 63A after the existing Article 63 of the Articles of Association of the Company, subject to necessary provisions & approvals.
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Gujarat Ambuja Exports commissions Wind Mill at Kutch
Gujarat Ambuja Exports Ltd has informed that that two wind mills each of 1.250 MW have been commissioned at Village Vanku, Dist, Kutch, Gujarat on September 22, 2006.

The same is step forward in the Companys objective to have Environment friendly energy generation.
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Tricom India members approve increase in Authorised capital
Tricom India Ltd has informed that the members at the 14th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have accorded to the following:

1. Adoption of the Directors Report together with the Audited Balance Sheet as on March 31, 2006 and the Profit and Loss Account for the year ended on that date and the Auditors report thereon.

2. Declaration of Dividend @ 20% on Equity Shares i.e. Rs 2/- per share for the year ended March 31, 2006.

3. Re-appointment of Mr Chetan Kothari, Mr Vijay Bhatia and Mr Gautam Berry, as Directors of the Company.

4. Re-appointment of M/s J L Bhatt & Co., Chartered Accountants, Mumbai, as the Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting of the Company.

5. Appointment of Mr Hariom Tulsyan, as a Director of the Company.

6. Approval of the Tricom India Ltd - Employees Stock Options Scheme - 2006 for issue of securities not exceeding 5% of the issued equity share capital of the Company as on March 31, 2006.

7. Authority to the Board to borrow moneys as per provisions of Section 293(l)(d) of the Companies Act 1956 not exceeding Rs 125 crores.

8. payment Commission to Non-Executive Directors of the Company for a period of 5 years commencing from April 01, 2006 on the net profits of the Company in terms of section 309(4) of the Companies Act, 1956.

9. Voluntary delisting of Companys equity shares from Jaipur, Ahmedabad and Madras Stock Exchanges.

10. Increase in Authorised share capital from Rs 11 Crores to Rs 20 Crores and consequent changes in the capital clause in the Articles & Memorandum of Association.
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Munoth Capital Markets members approve declaration of Dividend
Munoth Capital Markets Ltd has informed that the shareholders at the 24th Annual General Meeting (AGM) of the Company held on September 21, 2006, inter alia, have accorded to the following:

1. Declaration of Dividend at Rs 1/- per equity share for the financial year 2005-06 i.e., year ended March 31, 2006.

2. Adoption of the Audited Balance Sheet of the Company as at March 31 2006 and Profit & Loss Account for the year ended March 31, 2006 together with the Directors Report, Cash Flow Statement, Compliance Certificate thereon.

3. Re-appointment of Mr. Suresh S Jain as Director of the Company.

4. Re-appointment of M/s. Vijay R Tater & Co, Chartered Accountants, as Auditors of the Company to hold office till the conclusion of next Annual General Meeting of the Company, on remuneration, terms & conditions.
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Sterling Biotech to buy gelatin manufacturing facility in China
Sterling Biotech Ltd has informed that the Company will acquire gelatin manufacturing facility in China i.e. China Gelatin Ltd. This acquisition will be first overseas acquisition by the company.

The Initiative is in line with the Companys philosophy of focusing on the growth market globally.

The acquisition will enable the Company to tap new Growth Markets in Far East Asia including China. China is amongst major consumers of Gelatin Globally.

The transaction will be all cash deal and will be completed upon receipt of all necessary govt. approval / consents under applicable laws by each party.
-----------------------------
Syncom Formulations members approve payment of dividend
Syncom Formulations India Ltd has informed that the members at the 18th Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have approved for payment of dividend @ 15% (Rs 1.50 per share) on Equity Shares of Rs 10/- each.
----------------------------

Devigarh Palace-Do You want to Own or Trade this Palace?

 

Aravali Securities-Majestic Presence

BSE 512344, CMP Rs 17.8

 

The process of unlocking assets in the Poddar family owned Aravali Securities is ready to reach the culmination stage. The High Court of Rajasthan at Jaipur is expected to approve shortly the de-merger of the hotel division. The Hotel division run under the Boutique Hotels Limited name, is owned to the extent of 50 per cent by Aravali Securities and balance shares are held by the Poddar family in their personal names. Boutique Hotel operates Palace Devigarh, a 39 suite hotel at Udaipur.

 

With the tourist season on, the Hotel is racking up ARRs of Rs 18000 a night, an amount as high as that prevailing in some of the priciest hotels in Bangalore. More importantly, the Hotel Devigarh Palace is almost booked till February 2007. Some high profile events like the marriage reception of British actress Elizabeth Hurley are expected to be hosted there in early November 2006.

 

Shareholders of Aravali Securities will receive 19 shares free of cost in Boutique Hotels for every 100 shares held by them. While post de-merger the shares of Boutique Hotels will be listed on the BSE, the corporate under the advise of Ernst and Young has devised a growth plan that includes setting up two more all suite hotels with 50 rooms each in Jaipur and Cochin. Land for both properties has been acquired and construction will commence by end 2006, with commissioning in 2008.

 

While IDBI has sanctioned debt of Rs 70 crore for the expansion, a Singapore based FII is likely to acquire upto 4 million shares of Boutique Hotels in a preferential placement at about Rs 125 per share, thereby bringing in the Equity component of Rs 50 crore.

 

A Rs 100 bill selling for next to nothing?

 

Aravali Securities which is a shell company of the Poddar family, is a duck sitting to be taken over. Look at what Aravali Securities owns:

 

4729131 shares of Sirpur shares, CMP Rs 86                       Rs 40 crore

 

Boutique Hotels (which owns and operates

Palace DeviGarh Udaipur) 30,00,000 shares

currently unlisted, expected listing price                              Rs 36 crore

Rs 100-Rs 125

 

Land and Residential Property carried at

cost, including a farm house at Rajokri Greens

Market Value                                                                    Rs 25 crore

 

Total assets                                                                     Rs 101 crore

 

Aravali's  Equity                                                                Rs 15 crore

 

Break Up Value                                                              Rs 67

 

Current Market price Rs 17.8

 

There is substantial upside to the Aravali Securities stock from hereon.

Safe Harbor Statement:

Some forward looking statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints.

 

Investors are advised to consult their certified financial advisors before making any investments.

Laloo ki pathshala

Sunil Jain: Happy not to be at IIM (A)           

 

 

Whether the country's populace was aware of the turnaround in the Indian Railways' fortunes under Lalu Prasad is an open question, but now thanks to the efforts of Prof. G Raghuram at the Indian Institute of Management, Ahmedabad, this is no longer in doubt. After he prepared a case study on this, and invited Lalu to lecture students, newspapers across the country had pictures and stories of this, including Lalu's famous comparison of the Railways with his cow at home —"if you don't milk it fully, it will get sick."

 

Sadly though, the case study by India's top management school is a lot less incisive than one would have hoped. While it details Lalu's contribution in terms of increasing the loading allowed in railway wagons, it ignores the major problems the railways face and blithely talks of how the sustainability of the turnaround depends on the political leadership—and this, we've just been told, is to run the Railways the way Lalu has. The study does not even look at Lalu's role in perspective—as my colleague Subir Roy pointed out in his column last week, the "operating ratio" (the share of revenue that's consumed by operating expenses), which had begun to improve since 2002-03, is still worse under Lalu than it was under CK Jaffer Sharief and Ram Vilas Paswan in the mid-90s.

 

Indeed, the larger study by Prof. Raghuram (the co-authored case study is a detailed analysis of a section of this) begins by talking of how, as compared to a planned investment of Rs 60,000 crore in the 10th Plan period (2002-07), the stupendous turnaround under Lalu has resulted in a situation where the Railways are now looking at investments of Rs 350,000 crore over the next eight years! Well, what is one to make of the figures put out by Lalu himself in his budget—after a stunning increase of 18 per cent in freight collections in 2005-06, Lalu is budgeting for a hike of just 10.7 per cent this year!

 

But perhaps I'm being too harsh. After all, the last of the suggested questions at the end of the case study is about whether what we've seen is really a turnaround and, if it is, how sustainable it is. That is, the good professor wants students to do some research themselves.

 

So what caused the turnaround? Is it sustainable? And, is the country paying a heavy price for this? What caused the turnaround is well-known. It was Lalu's decision to allow the Railway Board to increase the loading of wagons by around 10 tonnes—while perfectly safe, this 18 per cent hike in freight- carrying capacity is what really helped Lalu. Had freight earnings in 2005-06 also risen by just the 11.4 per cent they rose in 2004-05, the operating ratio for 2005-06 would have been 86.8 per cent, as compared to the much-better 83.7 reported. Interestingly, the IIM (A) study points out that, even with the higher freight earnings, had Lalu not shifted some expenditures to another head in the last budget, the operating ratio for 2005-06 would have been 86.6 per cent instead of 83.7 per cent. This means the reduction in the operating ratio under Nitish Kumar's tenure (from March 2001 to May 2004) is higher than the reduction during Lalu's first two years—given that Lalu has projected a worsening of this ratio this year, the comparison isn't going to get any better!

 

Whether this is sustainable depends upon whether Lalu's cow can be milked any more. The reason why Lalu's back to a sober growth figure this year is that loading levels cannot be hiked anymore—while it is true most railway tracks can take up to axle loads of 25 tonnes, the Railways do not have wagons that are capable of this. It's true other countries like the US even go up to 40-tonne axle loads, and have much lighter wagons (this allows a greater load to be put on the wagon while the axle load on the track remains the same), but getting to achieve this is a long-term thing since it means changing over 500,000-odd wagons owned by the Railways and strengthening the track.

 

What of the cost the country is paying for this turnaround? Since the Railways lose heavily on passenger traffic (the ratio of passenger tariff to freight tariff in India is 0.33 in comparison with 1.3 for China, 3.07 for Germany and 11.06 for the US), they make this up by overcharging on freight (on average, our rates are twice that of China, and productivity a third). In the case of coal, for instance, the Railways charged Rs 13,134 crore as freight in 2004-05 on a total of Rs 30,660 crore of coal produced by Coal India, making this one of the most expensive forms of freight anywhere in the world. Indeed, the IIM(A) paper brings out another interesting point, that while the Railways claim to have reduced freight rates, the rates for iron ore rose 55 per cent last year. Put another way, you could argue that if the Railways didn't overcharge on freight, Coal India would be a healthy company, and Indian coal would actually be economic to use.

 

If you're a monopolist and can hike tariffs at will, and the economy's growing fast enough to absorb the cost hike, the turnaround's hardly that stupendous anymore. Certainly not enough to get India's premier management institution so excited.

 

Laloo ki pathshala

 

 

 

 Much of the breathless reportage on railways minister Lalu Prasad's performance at IIM-Ahmedabad has focused on his rustic charm bowling over students and faculty alike on how he turned the Indian Railways around. There was frequent mention that he considered the railways a "Jersey cow" that needed to be milked to extract profits, but relatively less was reported on exactly what he did to turn it around.

 

A closer perusal of two case studies by G Raghuram of IIM-A, however, offers valuable clues. True, the case studies are replete with references to Lalu's "non-interfering nature in dealing with the railway board" or his "caring attitude towards staff and union" and so on.

 

 

 

But the subtext is the conjunctural nature of his achievement. This conjuncture is India's booming GDP growth of 7.9 % expected in 2006-07, with the average touching 8%-plus over the last four years.

 

It is this environment that is largely responsible for the turnaround in the form of buoyant revenue growth, especially freight earnings, with freight accounting for 67% of earnings growth.

 

As the freight business is a volume play, Lalu focused on the higher-volume segment and raked in the moolah through market-oriented tariffs. Wagons expected to carry between 58 and 60 tonne were already overloaded up to 80 tonne. Lalu wanted this revenue leakage plugged.

 

His oft-quoted logic that "if you do not milk the cow fully, it falls sick" was responsible for higher axle loading from 20.3 tonne to 22.9 tonne, which resulted in higher freight tonnage and earnings in 2005-06.

 

PICK OF THE WEEK

 

• Economy

 

RBI's decision to treat lending to SEZs or acquisition of units in SEZs as exposure to commercial real estate will only raise the cost of funds for SEZ developers but also reduce the availability of funds. Now, a higher provisioning and risk weightage will require banks to allocate more capital towards advances to SEZs and compel them to increase lending rates.

 

• Corporate

 

Idea Cellular, is planning an IPO that it intends to use for raising about Rs 1,400 crore–Rs 1,800 crore. DSP Merrill Lynch and JM Morgan Stanley have been appointed as lead managers to the issue, according to sources. The IPO is expected to happen in January or February next year.

 

• Markets

 

Sebi has made the criteria for exit more flexible than those for entry into the stocks of the derivatives segment. This is with a view to preventing the frequent entry into and exit from such stocks. A Sebi circular stated that for a stock to become ineligible, the criteria for market-wide position limit will be relaxed up to 10% of the criteria to become eligible for derivatives trading. Sebi added, the trading member or FII or mutual fund position limit in equity index (option and futures contracts) shall be higher than Rs 500 crore.

 

• International

 

A coup was declared in Thailand by General Sonthi Boonyaratglin on September 19, while Prime Minister Thaksin Shinawatra was out of the country. The general said, Thaksin had been pushed out in line with the wishes of the people after months of political turmoil. Thailand's new military ruler pledged to resign from power in two weeks and restore democracy in a year.

corporate news

HCL Infosystems - Allotment of Equity Shares under ESOS
HCL Infosystems Ltd has informed that the Committee of Directors (Share Allotment) of the Company has allotted 17,305 nos of equity shares of Rs 2/- each pursuant to exercise of 3461 options (Grant price Rs 538.15 & Rs 603.95 per option) granted under ''HCL Infosystems Ltd - Employee Stock Option Scheme''.
----------------------------
ACC - Allotment of shares against exercise of ESOS
Associated Cement Companies Ltd (ACC) has informed that pursuant to the Resolutions passed by Circular dated September 22, 2006, by the Shareholders / Investors Grievance Committee of the Board:

32,900 shares were allotted against exercise of Employee Stock Options under various ESOS as under:

ESOS 2001: 900 shares

ESOS 2002: 1,400 shares

ESOS 2003: 12,750 shares

ESOS 2004: 17,850 shares

Total 32,900 shares

Consequently, the paid up Share Capital of the Company has increased from 18,69,74,695 shares to 18,70,07,595 shares of Rs 10/- face value, as of date.
---------------------------
Bliss Chemicals - Change of name
Bliss Chemicals & Pharmaceuticals India Ltd has informed that the Company has changed its from Bliss Chemicals and Pharmaceuticals India Ltd to Bliss GVS Pharma Ltd.
---------------------------
Matrix Laboratories Announces AGM
Matrix Laboratories Ltd has informed BSE that the members at the 21st Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have considered and unanimously approved all the resolutions contained in the Notice of the Annual General Meeting.
---------------------------
Maharashtra Seamless - Allotment of equity shares upon conversion of FCCBs
Maharashtra Seamless Ltd has informed that the Board of Directors of the Company at its meeting held on September 25, 2006, has allotted 6,01,454 no. of Equity Shares of Rs 5/- each of the Company at a Premium of Rs 248.34 per shore upon exercise of option of conversion for 3500 No. of Zero coupon Foreign Currency Convertible Bonds of US$ 1000 each into Equity Shares of the Company.

Consequently, the paid-up Equity Share Capital of the Company has increased from 6,09,01,565 Equity Shares to 6,15,03,018 Equity Shores of Rs 5 each, as of date.
--------------------------
Aravali Securities Announces AGM
Aravali Securities & Finance Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on September 25, 2006, inter alia, have approved the following business:

1. Adoption of the Balance Sheet as at March 31, 2006 and the Profit & Loss Account for the year ended on that date together with Auditors and Directors Report thereon.

2. Appointment of M/s Salarpuria & Partners as Statutory Auditors of the company.

3. Re-appointment of Mr Gautam Khaitan as Director of the Company.
--------------------------
Phoenix Lamps Announces Board Meeting
Phoenix Lamps Ltd has informed that the Board of Directors of the Company at its meeting held on September 25, 2006, inter alia, have inducted the following five directors as Additional Directors:

1. Mr Donald Macinnes Peck (Nominee of Argon India Ltd and Argon South Asia Ltd)

2. Mr Steven Mark Enderby (Nominee of Argon India Ltd and Argon South Asia Ltd)

3. Mr Jayant Davar (Independent Director).

4. Mr Raj K Sahgal (Independent Director).

5. Mr Gurdeep Singh (Independent Director)
---------------------------
Choksi Imaging Announces AGM
Choksi Imaging Ltd has informed that the members at the 14th Annual General Meeting (AGM) of the Company held on August 26, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and Profit and Loss Account as at that date and the Reports of Directors'' and Auditors'' thereon.

2. Declaration of dividend of Rs 1.10 per equity share of Rs 10/- each.

3. Re-appointment of Mr Tushar M Parikh, Shri Sharadchandra Pendse and Shri Himanshu Kishnadwala, as Directors of the Company.

4. Re-appointment of M/s Parikh and Amin Associates, Chartered Accountant, as Auditors of the Company to hold office till the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.

5. Appointment of Mr Naimish N Choksi, as Whole-Time Director of the Company for a period of five years with effect from January 01, 2006, on remuneration, terms and conditions.

6. Revision in terms of remuneration payable to Mr Anil V Choksi, Managing Director of the Company, with effect from April 01, 2006.

7. Revision in terms of remuneration payable to Mr Naimish N Choksi, Samir K Choksi and Mr Suresh V Choksi, Whole-time Directors of the Company, with effect from April 01, 2006.

8. Mr Sunil A Choksi, to continue to hold office or place of profit in the Company as President - Marketing with effect from April 01, 2006, on remuneration, terms and conditions.

9. Mr Tushar K Choksi, to continue to hold office or place of profit in the Company as President - Administration with effect from April 01, 2006, on remuneration, terms and conditions.

10. Mr Gaurav S Choksi, to continue to hold office or place of profit in the Company as President - Finance with effect from April 01, 2006, on remuneration, terms and conditions.
-----------------------------
Titan Industries - Q2 results
Titan Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on October 18, 2006, to consider and approve the Unaudited Financial Results for the second quarter (Q2) and half year ending September 30, 2006.
-----------------------------
Gateway Distriparks enters into JV with Chakiat Group
Gateway Distriparks enters into JV with Chakiat Group Gateway Distriparks Ltd has informed that the Company plans to set up a Greenfield project at the Kochi port. The company has entered into a Joint Venture (JV) with Chakiat Group to set up a Container Freight Station (CFS) near Vallarpadam. Chakiat a well - established business group into shipping and related activities since 1952, has a stake in International Container Transhipment Terminal (ICTT) at Vallarpadam in Kochi Port.

The two companies have established a 60:40 joint-venture company, with Gateway Distriparks Ltd holding the larger share. The total cost of the project is estimated at Rs 25 crore. The CFS at Kochi, to be developed in phases, will have a capacity to handle 15,000 TEUs per annum and will be spread across an area of 17 acres. In the first phase of development, the company has already acquired 6 acres of land and another 5 acres of land will be acquired by October 03, 2006.
----------------------------
ANS Agro Industries Announces AGM
ANS Agro Industries Ltd has informed that the members at the 12th Annual General Meeting (AGM) of the Company held on September 20, 2006, inter alia, have accorded to the following:

1. Adoption of the Profit and Loss Account for the financial year ended March 31, 2006 and the Balance Sheet as on that date.

2. Re-appointment of Sh Mahesh Sharma as Director of the Company.

3. Re-appointment of M/s Gaur V K & Company, Chartered Accountants, New Delhi as Auditors of the Company to hold office until the conclusion of the next AGM on remuneration, terms & conditions.

4. Appointment of Ramesh Chand Sharma, as Director of the Company, liable to retire by rotation.
----------------------------
Peerless Abasan Announces AGM
Peerless Abasan Finance Ltd has informed that the members at the 16th Annual General Meeting (AGM) of the Company held on August 29, 2006, inter alia, have accorded to the following:

1. Adoption of the Profit and Loss Account for, the financial year ended March 31, 2006 and the Balance Sheet as at that date together with the Reports of the Auditors thereon and Directors.

2. Re-appointment of Mr N Saha & Mr S Bhattacharyya, as Directors of the Company.

3. Re-appointment of M/s De & Bose, Chartered Accountants, as Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting on remuneration, terms & conditions.

4. Re-appointment of Mr Rajiv Keshri as Manager of the Company for a period of 1 year with effect from March 01, 2006 on remuneration, terms & conditions.

5. Appointment of Mr Sujit Kanoria, as Director of the Company, liable to retire by rotation.
---------------------------
Mipco Seamless Rings Announces AGM
Mipco Seamless Rings Gujarat Ltd has informed that the members at the 26th Annual General Meeting (AGM) of the Company held on August 17, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and Profit and Loss Account for the year ended March 31, 2006 and the Director�s Report and Auditors Report thereon.

2. Re-appointment of Mr Jal R Patel as Director of the Company.

3. Re-appointment of M/s Parikh & Shah, Chartered Accountants, as Auditors of the Company to hold office from the conclusion of this meeting up to the conclusion of the next Annual General Meeting of the Company on remuneration, terms & conditions.

4. Re-appointment of Mr S M Patel as Managing Director of the Company, for a period of 3 years with effect from August 01, 2006 on remuneration, terms & conditions.
----------------------------
Jet Airways India - Announcement
Jet Airways India Ltd has informed that in respect of litigation between the Company and Sahara India Commercial Corporation Ltd & Others.

The matter came up for hearing last week and the Honourable High Court of Bombay on September 22, 2006, by its order, has allowed the Company to withdraw Rs 1500 Crores which has been in the Escrow Bank Account with ICICI Bank Ltd, upon furnishing the Bank Guarantee of an equal sum.
----------------------------
Ginni Filaments Announces NOIDA unit begins production from Sept.25
Ginni Filaments Ltd has informed that the ''Garment Unit'' of the Company set up in NOIDA ( U.P.) has started the Production on September 25, 2006.
----------------------------
ABC Bearings - Announces AGM
ABC Bearings Ltd has informed that the members at the 45th Annual General Meeting (AGM) of the Company held on August 10, 2006, inter alia, have accorded to the following:

1. Adoption of the Balance Sheet as at March 31, 2006, the Profit and Loss Account for the year ended March 31, 2006, the Director''s Report and the Auditors� Report thereon.

2. Declaration of dividend @ 40% per equity share on Equity Shares of Rs 10/- each for distribution out of the Profit for the year ended March 31, 2006.

3. Re-appointment of Mr S M Patel and Mr Jal R Patel, as Directors of the Company.

4. Re-appointment of M/s Parikh & Shah, Chartered Accountants, as Auditors of the Company to hold office from the conclusion of this meeting upto the conclusion of the next Annual General Meeting of the Company on remuneration, terms and condition.

5. Re-appointment of Mr P M Patel as a Managing Director of the Company for a period of five years with effect from August 01, 2006, on remuneration, terms and conditions.

6. Reimbursement of expenses incurred by Mr S M Patel, a Director and Financial Advisor of the Company.
-----------------------------
Visaka Industries shareholders to approve Scheme of Amalgamation
Visaka Industries Ltd has informed that the pursuant to the order of the High Court of Judicature at Hyderabad, Andhra Pradesh a meeting of the equity shareholders of the Company will be held on October 07, 2006, for the purpose of considering and if thought fit, approving, with or without modification(s), the Scheme of Amalgamation of Shakti Roofings Pvt Ltd with the Company.
-----------------------------
Amrit Banaspati Announces Board Meeting
Amrit Banaspati Company Ltd has informed that a meeting of the Board of Directors of the Company will be held on September 27, 2006, inter alia, will also consider the proposed Scheme of Arrangement between the Company and ABC Paper Ltd and Amrit Enterprises Ltd & their respective shareholders.
-----------------------------
Pressure Sensitive Announces AGM
Pressure Sensitive Systems India Ltd has informed that the 19th Annual General Meeting (AGM) of the members of the Company will be held on September 27, 2006, inter alia, to transact the following:

1. To receive, consider and adopt the audited accounts for the year ended March 31, 2006 along with notes and schedules thereon as on that date and the reports of Directors and Auditors thereon.

2. To appoint a Director in place of Mr Rajiv Datta, Director of the company, who retires by rotation and being eligible offers himself for re-appointment.

3. To appoint auditors of the Company to hold office from the conclusion of this Annual General Meeting, until the conclusion of the next Annual General Meeting and to fix their remuneration.
----------------------------
SKS Ship Announces AGM
SKS Ship Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on September 22, 2006, inter alia, have passed all the resolutions unanimously.
----------------------------
Century Plyboards - Announces Scheme of Amalagmation
Century Plyboards India Ltd has informed that the members of Shyam Century Ferrous Ltd at its meeting held on September 16, 2006, have unanimously approved the Scheme of Amalgamation whereby Shyam Century Ferrous Ltd is proposed to be merged with the Company.
---------------------------
Accentia Technologies entered Strategic alliance with Asscent Infoserve
Accentia Technologies Ltd has informed that the Company has entered into a Strategic Alliance with Bangalore based Asscent Infoserve Pvt Ltd for using their infrastructure facilities of 7,000 SFT, meant for Business Process Outsourcing Services.

Asscent Infoserve will recruit the required manpower and execute the outsourced business from the Company in Health Care BPO Services.

The above strategic alliance is a step forward in strengthening the business model of the Company. The Company through its subsidiary Geosoft Technologies Ltd has a presence in BPO with the operations located at Trivandrum, Pennsylvania and London.

Under the Strategic Alliance with Asscent Infoserve, the Infrastructure Strengths of Asscent Infoserve will be hilly utilized by the Company and the Company will have access to outsource the 600-seater BPO facility.
---------------------------
Camlin Announces AGM
Camlin Ltd has informed that the members at the 59th Annual General Meeting (AGM) of the Company held on August 25, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006 and Profit and Loss Account of theCompany for the year ended on that date together with the Director�s Report and Auditors Report thereon.

2. Re-appointment of Mr Govind G Desai, Mr Premchand A Narvekar & Mr Shishir S Shirgaokar, as Directors of the Company.

3. Appointment of M/s B K Khare & Co., Chartered Accountants, Mumbai, as Auditors of the Company to hold office from the conclusion of this Annual General Meeting to the conclusion of the next Annual General Meeting, on remuneration, terms & conditions.

4. Appointment of Ms Aditi D Dandekar (daughter of Mr Dilip D Dandekar, Chairman & Managing Director) to hold & continue to hold an office of profit in the Company as Brand Manager (Colour Group) w.e.f . September 01, 2006, on remuneration, terms & conditions.
---------------------------
Garnet International Ltd Announces AGM
Garnet International Ltd has informed that the members at the 24th Annual General Meeting (AGM) of the Company held on September 22, 2006, inter alia, have accorded to the following:

1. Adoption of Audited Accounts for the year ended March 31, 2006 alongwith the Reports of the Directors and Auditors thereon.

2. Re-appointment of Mr Jitendra Mehta & Mr Dinesh Nandwana as Directors of the Company.3. Appointment of M/s. RS Agrawal & Associates., Chartered Accountants as Statutory auditors of the Company.
----------------------------
Monsanto India - Resignation of Director
Monsanto India Ltd has informed that on September 22, 2006 the Board has accepted the resignation of Mr Felipe Osorio as the Managing Director.

The effective date of resignation will be mutually discussed and agreed

Buy buy - Twilight Litaka -- Hit upper freeze --gain of Rs. 15 sure shot.

BSEcode: 506985 

BSE Name: TWILIGHT LITAKA

Cmp: 37.55

Target1:54 ( 7 days)

Target2: 60 (12 days)

 

As per my recommendation 4 days back this has hit upper freeze...Still if you can buy it at this level tommorrow...it is great multibagger.

 

Sure shot it will hit 2-3 upper freezes to give you profits in tonnes. BUY Buy... buy next month results will be great boost to this script.

 

 

 

Extraordinary fundatmentals as stated Below:

 

Twilight Li-taka Ltd. situated at Pune , is having two WHO, cGMP manufacturing plants equipped with the state-of-the-art facilities for manufacturing Liquid Orals, Tablets, Capsules & Powders.

Additionally, company has  special facilities for manufacturing of Anti TB Range of Formulations, Dietary Feed Suppliments  and Veterinary Products......

With an annual budgeted turnover of 15 million US Dollars, Li-Taka has good presence in International markets like____ GHANA, UGANDA, KENYA, ZAIRE, NIGERIA, YEMEN,  PANAMA, CHILI, PERU, CARIBEAMS ISLANDS, JAMAICA , T&T, HAITI, BARBADOS, VIETNAM, UKRAINE, MALDOVA , ALBANIA , BELAROS and  RUSSIA.

COMPANY HAS PERFORMED EXCELLENTLY OVER THE QUARTERS........

JUST SEE THE TABLE BELOW___

	200606	200603	200512	200509	200506	200503
Gross Sales	44.94	32.47	25.35	23.85	16.50	27.34
Excise Duty	1.28	0.77	1.34	2.32	1.62	1.04
Net Sales	43.66	31.70	24.01	21.53	14.88	26.30
Other Income	0.57	0.33	0.03	0.84	0.31	0.40
Total Income	44.23	32.03	24.04	22.37	15.19	26.70
Total Expenditure	39.28	27.55	22.51	20.24	13.80	25.52
PBIDT	4.95	4.48	1.53	2.13	1.39	1.18
Interest	1.52	1.31	0.71	0.97	0.91	0.94
Depreciation	0.43	0.27	0.28	0.31	0.30	0.33
Tax	0.08	0.08	-	-	-	-
Profit After Tax	2.89	2.79	0.54	0.85	0.18	-0.09
Equity	21.28	9.55	9.55	8.68	9.55	9.55

LOOKING INTO IT`S EXCELLENT TRACK RECORD AND FUNDAMENTALS WE RECOMMEND ONE TO BUY IT FOR A TARGET OF RS. 54 AND 60 IN SHORT SPAN OF TIME.

 

Next 2nd Qrt Result session will hit continuous upper freeze.....sure shot multigainer.