Post

Mukesh

@mukesh
3 years ago ~2420 views
Creating this thread for India's most #conservative cos.

Starting off with $Hawkins Cookers Ltd
> Listed only on BSE
> No investor presentation
> No concalls or investor meets
> No management interviews
> No frills annual report
> No debt (only fixed deposits)
> Regular dividends with 70%+ payout ratio
> No subsidiaries
> No acquisitions
> Full in-house manufacturing
> Exports less than 10% of sales
> Contingent liabilities of only 10 cr

Asset under discussion

H

Hawkins Cookers Ltd
33 Likes
10 Reposts
4 Replies

Mukesh

@mukesh
2 years ago ~760 views
$LMW Ltd
> 70 year old co
> No debt
> No investor presentation
> Held first concall recently
> No stock splits or bonuses
> Regular dividends
> Two buybacks in last 5 years
> Negative working capital
> Contingent liab less than 25 cr
Asset under discussion
LMW Ltd logo
LMW Ltd
4
0
1

Mukesh

@mukesh
2 years ago ~640 views
$Page Industries Ltd
> No debt
> Pays dividends 4 times in a year
> No stock splits or bonus
> No acquisitions or diversification
> No subsidiaries
> Full in-house manufacturing
> Promoter holding held in individual names
> No frills annual report
> Contingent liabilities less than 10 cr

Asset under discussion
Page Industries Ltd logo
Page Industries Ltd
5
0
1

Mukesh

@mukesh
2 years ago ~560 views
$CSB Bank Ltd
One of the most conservative banks
100 year old bank
75% of branches in 3 states
40% of book is gold loans with yield of 12% & net NPA of 0.5%
Overall GNPA < 2% and NNPA < 1%
PCR > 90%
Standard asset provision of 106 cr.
CAR > 25%. Leverage ratio < 10%
LCR > 150%
Gold loan LTV < 75%
AFS assets > 50%
@Falak Kalyani
Asset under discussion
CSB Bank Ltd logo
CSB Bank Ltd
3
0
1

Mukesh

@mukesh
2 years ago ~360 views
$Amrutanjan Health Care Ltd
120 years old company
Low equity, no debt
Low mgmt remuneration
Regular dividends
Negative working capital
No subsidiaries
Organic growth
Negligible exports
Low contingent liab



Asset under discussion
Amrutanjan Health Care Ltd logo
Amrutanjan Health Care Ltd
2
0
2

Mukesh

@mukesh
2 years ago ~380 views
$Gujarat Pipavav Port Ltd
No equity dilution after IPO
Paid down debt aggressively while also expanding operations
Regular dividends since 2016
No frills annual report & investor presentation
Operating margins improved over the years
Negative working capital
No acquisitions
Contingent liabilities are however high at 123 cr
Can be a good acquisition target
Asset under discussion
Gujarat Pipavav Port Ltd logo
Gujarat Pipavav Port Ltd
1
0
1

Mukesh

@mukesh
2 years ago ~280 views
$VST Tillers Tractors Ltd
55 year old co
Has been zero debt co for the last 10 years
No equity dilution
Regular dividends
No investor presentation
No concalls recently
No frills annual report
Cash conversion has improved progressively
Mgmt pay reasonable
No acquisitions
No subsidiaries
Contingent liabilities less than 15 cr
Asset under discussion
VST Tillers Tractors Ltd logo
VST Tillers Tractors Ltd
0
0
1

Mukesh

@mukesh
2 years ago ~370 views
$Voltamp Transformers Ltd
60 year old co
Zero debt for the last 10 years
No equity dilution
Regular dividends
Cash is 25% of mcap
No investor presentation
No concalls
No analyst meet
Pays off creditors immediately
100 page annual report
No acquisitions
No subsidiaries
However, business is cyclical & margins are volatile
Asset under discussion
Voltamp Transformers Ltd logo
Voltamp Transformers Ltd
1
0
1

Mukesh

@mukesh
2 years ago ~220 views
$NESCO Ltd
75 year old co
Zero debt for the last 10 years
No equity dilution
Regular dividends
Negative working capital
No concalls
No frills annual report
Contingent liab less than 25 cr
Asset under discussion
NESCO Ltd logo
NESCO Ltd
0
0
2

Mukesh

@mukesh
2 years ago ~360 views
$Nucleus Software Exports Ltd
One of the early movers in SaaS
Zero debt for the last 10 years
Good cashflows
No equity dilution
2 buybacks
Consistent dividends
Did concall after long time
Growth is missing though.

#scuttlebutt customer has huge switching costs as entire operations depend on the product
Asset under discussion
Nucleus Software Exports Ltd logo
Nucleus Software Exports Ltd
1
0
2

Mukesh

@mukesh
2 years ago ~280 views
$AIA Engineering Ltd
40 year old co
Minimal debt
No equity dilution after IPO
Stable margins & cash flows
Regular dividends
Steady expansion
Did first concall recently
Reasonable mgmt remuneration
Good return ratios
Asset under discussion
AIA Engineering Ltd logo
AIA Engineering Ltd
0
0
1

Mukesh

@mukesh
2 years ago ~140 views
$FDC Ltd
85 year old co
Negligible debt
No equity dilution
Regular dividends
4 buybacks in last 5 years
Stable cash flows
Asset under discussion
FDC Ltd logo
FDC Ltd
1
0
1

Mukesh

@mukesh
2 years ago ~400 views
$Cera Sanitaryware Ltd
Largely debt free over the last 10 years
No equity dilution
Good cash flows
Consistent dividends
Last bonus in 2010
No frills annual report
Good return ratios
Asset under discussion
Cera Sanitaryware Ltd logo
Cera Sanitaryware Ltd
1
0
1

Mukesh

@mukesh
2 years ago ~210 views
$Shanthi Gears Ltd
35 year old co
Zero debt for last 10 years
No equity dilution
Stable cash flows
No major capex
Regular dividends
Good return ratios
Asset under discussion
Shanthi Gears Ltd logo
Shanthi Gears Ltd
1
0
1

Mukesh

@mukesh
2 years ago ~610 views
$Bharat Electronics Ltd
68 year old co
Zero debt for last 10 years
No equity dilution
Good growth & cash flows
Regular dividends
Good order book position
Spends good amount on R&D
Asset under discussion
Bharat Electronics Ltd logo
Bharat Electronics Ltd
0
0
0

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