Tuesday, November 24, 2009

Ch** bhi main, Kotwal bhi main

I was reading the list of companies trading at a big discount to their book value, and found one of them interesting. The company's name is "Priya Dyes and Chemicals". I looked at the annual results of the company and found that this might be a turnaround case in chemicals sector. I went to company's website and started reading at its annual reports. What I found in their "Auditor's report" section was that the name of the auditor is "M/s. M. L. Bhuwania & Co." and the name of the promoter is "SHRI A. K. BHUWANIA". The other surprise was that the company's name has changed to "Priya Ltd" and the biggest segment of sales for the company is "electronics items", "PCs", "thin clients", etc... The company was making losses in the year 2001-2002 and had accumulated losses till some time back. Don't know if the title fits with this company.
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