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  • August 05, 2018 03:54:15 PM

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Viniyog India is an Invest Advisory platform focused on Indian Equity Markets. Portal publishes articles & reports with the objective of assisting small investors make informed investment decisions

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India is staring at a retirement time-bomb, are you prepared?

By 2050, India will be home to one of the largest populations of retirees in the world, with a massive retirement shortfall of 85B USD est. The post India is staring at a retirement time-bomb, are you prepared? appeared first on

The world is sitting on a $400 trillion financial time bomb

Financial disaster is looming, and not because of the stock market.

The World Economic Forum (WEF) predicts that by 2050 the world will face a $400 trillion shortfall in retirement savings. Asset returns will fall and life expectancy will rise. India will have the 3rd biggest hole in retirement savings, falling short by 85B to fund retirement needs in 2050.

Source: WEF,

Millennials may find it hard to maintain lifestyle when they retire

By 2050, India will be home to one of the largest populations of retirees in the world. However, its savings, as well as support from the government or employer pension plans, won’t be enough to live on.

This shortfall in retirement savings, measured in terms of the funds required to cover 70% of pre-retirement income for each person, will increase from $3 trillion in 2015 to $85 trillion in 2050, according to a study by the World Economic Forum. At 10%, the yearly growth of the gap in India’s retirement savings will be the fastest among the eight countries analysed by the WEF, including China, the US, and the UK. It will also be well above the global average of 5%.

Reason for this shortfall are primarily twofold. One, a majority of the Indian workforce operates in the informal sector with hardly any access to retirement saving plans. Second, middle class in Asia’s third-largest economy is rapidly expanding. As incomes and the quality of life improve, the quantum of money required for retirees will also go up.

While only 25% of Indians have some form of pension cover, the pension system itself is rated one of the worst in the world.

Why India could be one of the toughest place to retire

According to the 2015 Melbourne Mercer Global Pension Index , India ranks last among 25 countries when it comes to retirement income systems

India scored 40.3 on the index—lower than its score of 43.5 last year, while Denmark was on top, scoring 81.7.

The primary reason for India’s dismal score is decrease in the household savings rate, as savings rate in India, in recent years have “materially reduced”.

Moreover, United Nations has revised life expectancies at birth for all countries, and India has seen one of the highest surge. The life expectancy at birth for Indians will increase to 75.9 years by 2050, substantially higher than the current estimate of 69.1 years. This, in turn, has deteriorated India’s score further.

In 2010, about 8% of India’s population was 60 years and above, this is estimated to increase to 19% by 2050, according to the United Nations Population Division. Yet, the number of elders covered by pension schemes is dismal.

According to Mathew Cherian, chief executive of HelpAge India, a non-profit organisation, India spent 0.032% of our GDP on pensions. In terms of coverage, while India has 25% coverage by its own records, Nepal covers 47% & China 74%.

Another study, same result

And this isn’t a one off finding. Another recent (2016) study released by French asset management company Natixis Global ranked India last in a global retirement index. Switzerland, Norway, and Iceland topped the ranking, while the US ranked 14th.

The ranking includes 43 countries which included IMF’s 34 advanced economies, five OECD nations, and the four BRIC countries.

Study is based on factors like material means to live comfortably, access to financial services, access to health services, and a clean environment.

“India has the lowest ranks for health expenditure per capita, non-insured health expenditure and life expectancy out of all countries measured in this year’s ranking,” the report said.

50 is the new retirement age, but have we planned for it?

If this wasn’t bad enough, there is another hidden factor that the middle class has to worry about.

Retirement is just not what it used to be in the 1980s or 1990s, when people could easily retire at the age of 60 with a good pension. Things have changed a lot since then.

On one hand, too many people these days speak of getting burnt out because of working 13-14 hours a day and feel that their careers are taxing them mentally, emotionally and physically. On the other, organizations are increasingly letting go of older employees and replacing them with younger people at a lower cost.

Most of these older people find it difficult to find equivalent roles, and they don’t have a plan B.

Despite this environment, very few individuals actually have a formal financial plan in place for retirement. The problem is further compounded by growing aspirations and lifestyles. With couples having children late, they are getting into old age with huge financial responsibilities.

Time to wake up

Indian Government is trying to take baby steps to address the issue. The Narendra Modi government has sought to improve the situation through schemes like the Atal Pension Yojana. Launched in May-2018, scheme aims to bring 400 million+ Indians working in the unorganised sector under the pension umbrella.

For the middle class, it’s important to recognize the need of proper financial planning and take concrete steps before it’s too late.

So do You have any retirement concerns? Or are you struggling to figure out what to do with retirement savings? 🙂 . Whatever your concerns are, comment below and let us know!


Have you estimated your retirement needs? Estimate your retirement corpus in 5 seconds by using this simple calculator.

P. P.S.

How does a financial / retirement plan look like? Here is an example.

P. P.P.S.

Questions? contact us here.


Reference & Credits
  2. WEF
  3. UN


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Stovec Industries Ltd – Stock Analysis

Stovec Industries is a leading player in domestic textile printing & graphic print market. Article provides an analysis of SIL's business. The post Stovec Industries Ltd – Stock Analysis appeared first on

Stovec Industries Limited (SIL) was incorporated on June 5, 1973 as Stovec Screens India Limited. Stovec is a part of SPGPrints Group, The Netherlands.

Manufacturing facilities of the company located at N.I.D.C., Near Lambha Village, Post Narol, Ahmedabad, Gujarat.
Company offers products such as Rotary printing machines, Rotary screens and chemicals for textile printing, Anilox and screens for graphic printing, Digital ink and Sugar screens.

Stovec Industries Ltd

SPGPrints, Netherlands owns 71% of Stovec Industries, India.

Related parties

Atul Sugar Screens has been fully divested in CY2018 to fellow subsidiary Veco B.V.


In 2017, Textile segment contributed to 84% of sales, while graphics & galvanic products contributed 5% & 11% respectively.

Both Textile consumables & machinery, as well as the graphic segment have been growing at around 19% CAGR over past 8 years or so.

Historical sales by segment, source Stovec Annual Reports.

Two-third of the revenue comes from selling of consumable items such as screens, ink etc. while one-third comes from selling machines (capital goods)

After-sales service

Stovec has established a strong after-sales services network across India. The company has service engineers located in major textile hubs in Ahmedabad, Surat, Mumbai, Tirupur and New Delhi.


Stovec’s products cater to high & medium segment of the textile machinery market. While India made rotary printing machine sell anywhere between Rs 10-30 lakh, Stovec’s machines are being sold in range of Rs 1.5-2.5 Cr comparable to Zimmer machine.

Existing Capacity & Expansion Plans

Exact numbers are not available in the Annual Reports.

In 2013, MD in an interview given to Business Standard had revealed that company had a capacity of 30 high end machines & 1,30,000 screens per annum, with 30-35% market-share.

Past 5 years capex, source Stovec Annual Reports.

Company has been consistently investing in textile segment for the past 5 years, and our assessment is that Stovec may now have an existing capacity of around 50 machines & around 2,00,000 screens per annum, with estimated 40-50% market share in the high & mid textile machinery segment.

In 2014, Stovec invested around 11+ crores in the sugar screen segment. Major part of this money was used to acquire 100% stake in Atul Sugar Screens Pvt Ltd from Atul Electro Formers Ltd. Subsequently, SIL sold 100% of Atul Sugar along with parts of its own sugar screen business to fellow subsidiary Veco B.V.

This transaction has been perplexing to an extent because, Atul Sugar was a loss making company when SIL had purchased it for 8+ crores. Since taking over, losses of the company decreased & eventually the subsidiary became profitable in 2018, when it was then sold out. SIL however continues to do some contract manufacturing in the galvanic segment.

Raw materials

Nickel is a key raw material, comprising 30% of the cost & is imported. SIL maintains 6m forward contracts for currency but does not hedge commodity. Any sharp spike in price of Nickel therefore has an impact on margins.

For example in FY08 and FY11, OPM fell to 7.29% & 9.66% when the price of nickel spiked as shown below, against an average 1oY OPM of 15.24%

Nickel historical price, Source:

Industry Overview

Global scenario

World production of printed textiles amounted to around 31 B sqm in 2014. Out of this, 65% was rotary screen printed, 25% was flat screen printed and 2% was digitally printed (rest was by using variety of other processes)
Rotary printing continues to remain the main printing process of textiles. But recent years have witnessed digital printing gaining ground. Although digital printing is still comparably small with less than two per cent market share. The world output of digitally printed textiles is growing at an annual rate of 25 per cent.

From a demand perspective, apparels account for 54% of global textile printing market, interior textiles 34%, while industrial textile accounts for 8%.

Textile printing technologies & economics

Broadly, there are 3 types of printing technologies for textiles: Flatbed, digital & Rotary screen.
For run-lengths less than 1000 m, flatbed or digital printing may be economical. Digital printing is for very high quality & photo images. However, if run length is more and consistent quality is required than rotary screens are most economical.

Digital printing is uneconomical for longer run-lengths & the progression has been slow. Source: Meteor Inkjet

Domestic Scenario

Textile industry was worth 108B, growing at 11% and projected to reach 223B USD by 2021. Textile accounts for 14% of industrial production, 12% exports, 27% forex earnings & 44M employment.

India as one of the largest exporters of readymade garments to the world and the second most preferred sourcing destination for major global retailers. The organized apparel segment is expected to grow at a Compounded Annual Growth Rate (CAGR) of above 13 %.

Over the past few years, textile industry has witnessed spur in capital investment for technological up-gradation and product and quality enhancement. However in the second half of 2017, Investment in Textile Industry has somewhat slowed-down post tax reforms of government leading to less capital investment. The domestic textile industry was one of the most impacted sector by Goods & Service Tax (GST) as large number of business players are unorganized.

Domestic textile printing & ink market

The textile printing market was estimated at 51m sqm in 2014, consumes 500-600 mmt of Ink and is worth around 250M USD as on 2014.

Ink market in India is dominated by 3 players, who between themselves control 85% of the market share: Jaysynth (40%), Huntsman (35%) and SPGPrints (10%). Further, Stovec is invested in Jaysynth & holds 2% of the equity.

Domestic ink market, source: Inkjet Forum India

SIL products caters primarily to domestic market. As on 2017, export contribution was around 8% of total sales.
Market share

SIL is world leader in Rotary screen printing for textile industry & precision metal products. They are second in digital printing and rotary screen printing technology for the graphic industry and have a place amongst the top 3 in flexographic laser engravers.

India Clients

Key Indian clients include the following:

Premier Spinning and Weaving Mills, Coimbatore, Alok Industries Ltd., Mumbai, Jay Jay Mills, Tirupur, Shivalik Prints, Delhi, Creative, Delhi, Akash Fashions, Ahmedabad, Chiripal, Ahmedabad, Bombay Rayon Fashions Ltd., Mumbai, Sri Krishna Spg. & Wvg. Mills, Bangalore, Ramkumar Mills, Bangalore, Binayak Tex Processors, Mumbai, Pradip Overseas, Ahmedabad, Raghuvir, Ahmedabad, and Printex, Tirupur.

Out of this list, publicly traded companies include Alok Industries, Chiripal (Nandan Denim?), Bombay Rayon Fashions, Binayaka Tex Processors, etc. Of these, only Nandan Denim had held a quarterly call in FY19, although that was in Aug 2018. At that point, NDL was operating at an sub-optimal utilization levels of 65-70% at par with industry averages due to GST & demonetization related disruptions which wer still hurting the last mile. Management also indicated some overcapacity stemming out of recent government incentivized industry capex.


Past 10 Year financial summary, source:,

SIL has strong financials.

  1. Long term growth rates has been 18%. While growth has been higher over the past 3-5 years, it’s recently taken a dip post GST & demonetization which has impacted the entire textile industry.
  2. Receivable days have been largely stable at around 60-65 over past 5-6 years & has improved from 90+ days 10 year back
  3. Past 5Y OPM has been around 19%, higher than longer term average of around 15%
  4. RoA in FY17 was 16.7%, higher than 5Y average of 15.4% & 10Y average of 13.6%
  5. FY17 RoE is 23%+ and it has mostly stayed over 20% in past 10 years.
  6. OCF has been positive each of past 10 years, with FCF –ve only once in FY14 when SIL went for an acquisition.
  7. Dividend Yield is 1.4% and has been around 1%+ for past 5 years.
  8. Company is debt free & has not resorted to any equity dilution in the past 10 years. Growth has been entirely funded through internal accruals.

Promoter holing & recent actions

Graphic source:

Promoters SPGPrints B. V hold 71.06%, rest is held by general public. There is no change in promoter holding in recent times. Earlier, SPGPrints had increased their shareholding from 51% to 71%.

Risk Analysis

1. Nickel constitute 30% of raw material expense for SIL. SIL does not hedge commodity transactions, as such, volatility in nickel may impact the Company’s performance. In past, specifically in FY08 & FY11, spike in price of Nickel had impacted costs, reducing OPM to single digit levels from 15%+ 10Y average.

2. In FY17, SIL’s net imports comprised 25% of turnover. Imports comprise raw materials primarily, along with capital goods, spares, etc. The fluctuations in exchange rate can impact SIL’s performance.

3. Volatility in cotton prices can have an indirect impact on SIL as it directly impacts textile sector

4. 85% of SIL’s business comes from textile sector with two thirds of earnings in consumables. Fortunes of the company are closely tied to the health of domestic textile sector. With domestic textile sector growing at around 12% roughly tracing the nominal growth rate of the economy, 20%+ growth on a sustained basis could be a challenge in absence of external catalysts. SIL’s past 3 & 5 year growth rates have been higher than long term growth rate of 18% – this is largely due to government incentives (such as TUF) which led to capital spending in recent past.

Similarly SIL witnessed sales de-growth consistently for 4Q since GST was announced as textile industry was one of the most impacted.

5. SIL is a niche player in the textile market. The medium to high end textile machinery segment has an estimated capacity of around 150 machines per year locally, with SIL accounting for around 45-50% market share. Opportunity to scale up may be limited.

1 Year historical price chart



Rotary screen printing

Nickel screen engraving

SPG Prints

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How to be a millionaire in India, investing only ₹1500 a month!

This article provides a simple strategy following which you can potentially build a million dollar portfolio by investing as little as 1500 rupees a month The post How to be a millionaire in India, investing only ₹1500 a month! appeared first on...

The other day, I saw a question on Quora asking how to be a millionaire in India, without investing tons. Needless to say, the requester had meant 1M USD & not INR. All sorts of amusing responses were posted, starting from day trading to FNO and what not. Unfortunately, these are all excellent ways to lose your capital very fast; forget becoming a millionaire.

Becoming a millionaire however may not be as illusionary as it seems. In fact, you can potentially become a dollar millionaire by investing as little as Rs 1500 (or 21 USD) a month. Further, your total capital requirement could be just over 7 Lakhs or 10K USD, which is roughly 1% of your final portfolio size of 7 crores, or 1M USD.

What is the catch?

The only catch is, you need to invest 1516 INR every month continuously for an extended period. Rest is all thanks to compounding, or the ‘eighth wonder’ as Einstein would have it!

Sounds, too good to be true? Let’s figure out this works.

Fig. 1 Building a million dollar portfolio may not be as illusionary as it seems

How to be a millionaire in India

Between 1981 and 2017, Sensex (excluding dividends) grew at a rate of 16.2% compounded. Rs 1 Lakh invested in Sensex in 1981 is worth around 2.59 crores today (2017) without considering dividends. Assuming 0.5% dividend, total value of the investment would be worth more than 3 crores today.

If we extrapolate this 16.2% return over the next 40 years, a 25 year old Indian can invest 1516 INR on the index each month and potentially generate a retirement corpus of 7 Crores (1M USD) by the time he reaches at 65. Total capital invested over 40 years period would be 7.28L INR or 10.4K USD.

Monthly contribution = FVxR/[(1+R)^n-1]


FV = Future Value [7 crores],

R = interest rate per month [16.2%/12], and

n = number of monthly installments [12×40].

Monthly contribution however increases from a paltry 1516 INR when starting age 25 years to as high as 2,36,331 at 55 years – more than 155 times the initial value. This is why it is essential to start investing early. Time is the lever that makes compounding so magical.

how to be a millionaire in India, investing only Rs 1500 a month

Fig. 2 Monthly investment to build a million dollar portfolio at 65, by starting age

Of course our hypothesis is based on the assumption that past performance can be extrapolated over next 40 years, which is usually not the case. In addition… while we haven’t considered dividends when measuring past performance, we also haven’t provisioned for LTCG which wasn’t applicable in past, but stands at 10% as on date.

However, while it can be argued that broad index returns can potentially reduce going forward, it can also be argued that an investor can improve performance by opting for simple strategies such as investing in mid or smallcap index or the likes. Both these indices have historically provided better returns than Sensex or Nifty.

Table 1. Mid & Smallcap indices have beaten the broader indices over past 14 years

Invested capital as a percentage of final 1M USD portfolio

The other interesting aspect of this strategy is how the capital requirement changes with starting age, as we strive to build one million USD portfolio by the time investor turns 65.

Table 2. Capital requirement to build a million dollar portfolio by starting age

Above table and the chart following illustrates this in detail:

  • Starting at 25, investor needs to invest 7.28L or 1% of the final 1M USD portfolio, if investing systematically each month
  • For lump sum investment, the required capital is 1.72L, if investing at 25, which is around 0.2% of the final 1M USD portfolio
  • Invested capital increases to 2.84 crores, or over 40% of the desired outcome, if investor starts at 55 and invests systematically each month

how to be a millionaire in India, investing only Rs 1500 a month

Fig 3. Capital requirement to build a million dollar portfolio exponentially rises with age


As we saw, it is quite possible to build one million USD portfolio by investing as little as 1500 INR each month (around 21 dollars). Even more surprising, total invested capital could be as little as 1% of the final outcome for systematic investment & 0.2% for lump sum. The only catch is, you need to stay invested continuously for 40 years, and let compounding do its magic.

And if you wish to reduce the wait time, just invest a bit more every month! 250 dollars a month starting 25 could potentially make you millionaire before your 50th birthday!

At the same time, building desired portfolio becomes increasingly difficult as the investment duration shrinks.

So if you want to become wealthy, all you need to do is start early, invest in a reasonable index, and then just wait and enjoy life!

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11 best small cap stocks in India, 2018

This article lists 12 best small cap stocks in India, in 2018, based on past 5 years performance. The post 11 best small cap stocks in India, 2018 appeared first on

This article lists 12 best small cap stocks in India, based on past 5 years performance.

SEBI through it’s order dated 6th October 2017, has defined large cap, mid cap and small cap stocks as follows:

  • Large Cap: 1st -100th company in terms of full market capitalization
  • Mid Cap: 101st -250th company in terms of full market capitalization
  • Small Cap: 251st company onwards in terms of full market capitalization

As of 30th October 2018, small cap stocks therefore, translates roughly into companies with market cap of 7500 crores or less.


In order to cherry pick the best small cap stocks we ran the following screen.

best small cap stocks india - screen

The result is a list of following 11 stocks:

best small cap stocks india, 2018

We review each of these stocks in brief below.


KSE Limited is an India-based company, which is engaged in the manufacturing of compound cattle feed. The Company is also engaged in the extraction of oil from copra cake by solvent extraction process and refining the same to edible grade and in dairying, including ice cream.

The Company operates through three segments, which include Animal Feed Division, Oil Cake Processing Division and Dairy Division.

Its Dairy Division consists of milk and milk products, including ice cream. It offers ice cream under the brand name, VESTA. The Company is engaged in the field of milk procurement, processing and marketing of liquid milk and milk products. Its milk products include KS Milk and KS Curd.

Its cattle feed products include K.S Supreme pellet, K.S Delux plus pellet and K.S Super. The Company also offers products, including K.S. PAAL and KS Ghee.

The Company’s manufacturing units include Swaminathapuram, Vedagiri, Palakkad, Koratty, Konikkara and Thalayuthu.

Maithan Alloys

Maithan Alloys Limited is engaged in the business of manufacturing and exporting of all three bulk Ferro alloys, including Ferro Silicon, Ferro Manganese and Silico Manganese. Company has a captive power plant and is also engaged in the generation and supply of wind power. It operates through two segments: Ferro Alloys and Wind Mill.

  • Ferro manganese is alloy of manganese and iron, which is used primarily in stainless steel and flat products.
  • Silico manganese is an alloy of manganese, silicon and iron, which is used in all steel products, with higher quantities in 200 series stainless steel, alloy steel and manganese steel.
  • Ferro silicon is an alloy of silicon and iron, which is used in special steels and in small quantities in mid steel.

Its subsidiaries include Anjaney Minerals Limited and AXL Exploration Private Limited, which are engaged in export, import, production, processing, sale, purchase, distribution and dealing in metals and minerals.

Bharat Seats

Bharat Seats Limited is engaged in the manufacture of seating system, moulded carpets and extruded components for Maruti Suzuki India Limited, as well as seats and frames for Suzuki Motor Cycle India Pvt. Ltd.

The Company’s product range includes four wheeler seating system, two-wheeler seating system, two-wheeler frames and sheet metal components, railway seats and berths, and two-wheeler main frame. The Company offers car seats assemblies, carpet sets for automobiles, motorcycle seats, and other sales and traded goods.

The Company has installed equipment for a range of seating systems, such as high pressure polyurethane machines for foam moulding, which include polyurethane moulding lines for making polyurethane pads, conveyer assembly lines for seat assembly, carpet lamination, moulding and punching equipment, pipe end swaging machine, tube end fine boring machine and mechanical press.

The Company’s plants are located in Gurgaon, Haryana

Meghmani Organics

Meghmani Organics Limited is an India-based manufacturer of pigment and pesticide products. The Company’s segments include Pigments, Agro Chemicals, Basic Chemicals and Others.

The Pigments segment manufactures and distributes Phthalocynine Green 7, Copper Phthalocynine Blue, Alpha Blue and Beta Blue.

The Agro Chemicals segment manufactures and distributes technical, intermediates and formulations of insecticides.

The Basic Chemicals segment includes basic chemicals, which undergo processing in various stages before being converted into downstream Chemicals that are used by the agriculture sector and also by consumers.

The Others segment includes trading activity.

The Company produces pesticides for crop and non-crop applications, such as for public health, insect control in wood preservation and food grain storage.

The Company’s brands include Megastar, Megacyper, Megaban, Synergy and Courage. The Company’s basic chemicals portfolio includes caustic soda, chlorine and hydrogen.

Precision Wires

Precision Wires India Limited is engaged in production and sale of winding wires made of copper of all types. It is the largest winding wire manufacturer in India.

The Company manufactures winding wires, which are used in the manufacture of both rotating and static electrical equipment. It offers insulated enameled wires and other insulated electric conductors, including insulated enameled round winding wires, enameled strips, paper insulated copper conductors and continuously transposed conductors.

Its wires are widely used in equipment, such as Rotating machines (manufacturer and repairer); Alternators; Hermetic motors (for refrigeration and air conditioning equipment); Power and Distribution Transformers; Control and Power supply Transformers; Ballasts; Auto Electricals; Electric hand Tools; House hold appliances, and Fans.

It offers its products to large and medium electrical and electronic equipment manufacturers both in India and abroad.

Its plants are located in union territory of Dadra and Nagar Haveli, Gujarat and Maharashtra.

Ruchira Papers

Ruchira Papers Limited is an India-based company, which is engaged in offering paper and paper products. The Company is engaged in the process of manufacturing writing and printing paper, and Kraft paper.

The Company’s white writing and printing paper is used in the fabrication of note books and writing material; the colored paper is used in the fabrication of spiral notebooks, wedding cards, shade cards, children’s coloring books, colored copier paper and bill books. Its Kraft paper finds its application in the packaging industry for making corrugated boxes/cartons and for other packaging requirements.

Writing and printing paper is manufactured by using agricultural residues, such as wheat straw, Baggase, sarkanda and other materials. Semi kraft paper is manufactured by using agriculture residues, such as Bagasse, wheat straw, rice straw, sarkanda and indigenous and imported waste paper.

The Company offers its products to customers in India and overseas.

Dynemic Products

Dynemic Products Limited is a food color manufacturing company. The Company is engaged in manufacturing and marketing of dyes and intermediates. It manufactures and distributes food colors, lake colors, blended colors, and food drug and cosmetic (FD&C) colors.

Its segments include Domestic and Export.

The Company offers a range of salt free dyes for inkjet industry. It also offers salt free dyes and natural food colors.

Its lake color products include lake quinoline yellow, lake tartrazine, lake erythrosine, lake allura red, lake carmoisine, lake amaranth and lake indigo carmine.

Company’s blended color products include egg yellow, lemon yellow, strawberry red, moss green, raspberry red, pea green, tomato red, orange red and rose pink, among others.

Its dyes intermediates include pyarazolone-based dyes intermediates, naphthalene-based dyes intermediates and benzen-based dyes intermediates.

Samkrg Pistons

Samkrg Pistons And Rings Limited is engaged in the manufacture of auto components, such as piston assemblies.
The Company manufactures and supplies pistons, piston pins and piston rings for gasoline and diesel internal combustion (I.C) engines for scooters, motorcycles, cars, tractors, light commercial vehicles (LCV’s), stationary engines and other special applications from 35 millimeters (mm) to 130 mm diameter.

It supplies piston rings with hard chrome plating, nitrated, min phosphated and ferrous coated in rectangular, wedge key stone shaped Napier with plain and barrel honed. Its piston pins are made in various alloy steels and heat treated.

It offers piston rings from 35 mm to 130 mm long in special iron, malleable martensite iron and nodular or ductile cast iron. Its steel rings are available in the diameter range of 35 mm to 130 mm with an axial width from 0.8 mm to 3 mm for motor cycles, cars, LCV’s, heavy commercial vehicles (HCV’s), tractors and industrial engines.

TVS Srichakra

TVS is engaged in the manufacture of tires and tubes, including road use tires/tubes, which includes two wheeler tires and tubes; off the road tires used in implements/forklifts/industrial tractors, and other machinery, non-highway service tires, such as sand tires, grader tires, compactor tires, and vintage tires, multi-purpose tires (MPT), flotation tires, radial tires, tubeless tires, farm tires and tubes used therein, and solid resilient tires.

It offers tires for motorcycles, such as 100/80-18 REAR 53P, 100/90-17 REAR 55P, 100/90-18 REAR 56P and 110/80-17 REAR 57P; Scooters, such as 100/90-10 56J, 2.75-10 37J 4PR and 2.75-14 37J; Mopeds, such as 2.25-16 36L 6PR, 2.25-16 REAR 36L 6PR, 2.25-19 REAR 42L 6PR and 2.50-16 FRONT 41L 6PR, and Loader Services, such as 7.00-15 TT.

Its subsidiaries include TVS Srichakra Investments Limited and TVS Europe Distribution Limited.

LG Balakrishnan

L.G. Balakrishnan & Bros Limited is engaged in the business of manufacturing chains, sprockets and metal formed parts for automotive applications.

The Company’s segments include transmission, metal forming and others.

The transmission segment includes chains and sprockets. The metal forming segment includes fine blanking, machining and wire drawing products. The others segment includes trading goods.

Its transmission products include tensioners, belts and brake shoe. It offers metal forming products, including fine blanking for precision sheet metal parts, machined components, and wire drawing products for internal use, other chain manufacturing plants, spring steel suppliers and umbrella manufacturers.

The Company’s products are marketed under the Rolon brand.

It has manufacturing units spread across Tamil Nadu, Maharashtra, Uttrakhand, Karnataka, Haryana and Rajasthan.

Simmonds Marshall

Simmonds Marshall Limited is engaged in providing nylon self-locking nuts (industrial fasteners). The Company’s main business is manufacturing and selling of industrial fasteners used in auto industry, railways, white goods and farm equipment, among others.

It operates in two geographical segments: India, which includes sales to customer within India, and Other Countries, which includes sales to customer outside India.

Its products include cleveloc and all metal self-locking nuts, u-nuts, dome cap nuts, wheel nuts, castle and slotted nuts, hose pipe fitting nuts, flange nuts, weld nuts, bolts and studs, and cold forged sleeves/bushes collars/spacers.
Company produces over 500 million nuts per annum in a range from M4 to M48 diameter and equivalent imperial sizes. It supplies a range of bolts from its associated companies ranging from M5 to M70.

Company also has a battery of multi-spindle automatic bar turning centers, which produce related automotive components.


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5 reasons why financial planning is a must in India

Financial planning & investment advisory are generally misunderstood and under-estimated concepts in India. In todays age of Google where everything is a click away, we provide 5 arguments why we feel financial planning and investing are subjects best left to professionals. The post 5 reasons why financial planning is a must in India appeared first on...

Financial planning & investment advisory are generally misunderstood and under-estimated concepts in India.

In this age of Google, anything we want to learn is just a click away—how to invest, cure a disease or even fly a plane. But think about this—when you have anything beyond a common cold, do you Google the symptoms and medicate yourself?

Similarly, for financial planning and investing, while we may have an idea about the type of investment to own, most of us lack insight and expertise that is best left to professionals.

Financial literacy is poor in India

In a few decades from now, India will have one of the largest elderly population. What is shocking is the level of under-preparedness of Indians for their retirement years. According to a Max Life and Nielsen study, despite 60% Indians not having any retirement plan, 63% feel that they will have sufficient money during their retired years.

Despite the misplaced confidence, financial literacy in India is still extremely poor. 76% of the population is not financially literate, i.e., lack basic knowledge of financial planning, according to a Standard & Poor survey conducted in 2014.

financial planning - literacy is poor in India

Fig-1. Only 24% Indians are financially literate.  Source: S&P Global Financial Literacy Survey

This is dangerous situation, as lacking a financial plan can scuttle your efforts to save for retirement, help pay for your children’s college education, or even buy a home.

5 reasons why financial planning is a must in India (2)

1. Without a plan, it’s harder to set or meet financial goals

How much money do you need to save for a healthy and happy retirement? Without a financial plan, you probably have no idea. And how do you accumulate these savings? Again, if you don’t follow a financial plan, the odds are likely that you won’t meet your retirement goals.

According to the Financial Engines study, people with financial plans save about 10 percent of their salaries toward retirement, while those without save only 6 percent.

Without a financial plan, you are likely to under-achieve your retirement requirements as you do not know the corpus size required and contribution is largely determined by the surplus. This can make a big difference.

Read: How to estimate your retirement corpus using a simple calculator

2. A financial plan can help you rein in your spending

Having a financial plans tells you exactly how much you should save in order to meet your goals. This allows you to re-align your spending pattern and create a balance between expenses and investments.

A basic pillar of creating a financial plan involves tracking where your money goes each month. It’s all about creating a household budget that lists the average rupees you spend on everything from utilities and rent, to transportation, groceries, dining out, and entertainment. Once you have these figures, you can prioritise your expenses to adjust any shortfalls required to meet your financial goals.

3. It will help you reach big financial goals

A financial plan will spell out exactly how much money you need to save each month to meet your financial goals — everything from saving enough for a down payment on a home, to buying your first car, to saving enough money to help your children graduate from college without mountains of student loan debt.

financial planning india - milestones by age

Fig-2. Top financial goals by age. Source: Ameriprise

Read: How to create a goal based financial plan

4. It will help you protect your loved ones

75% of Indians do not have any form of Life Insurance, and those to have are assured only 8% of the protection needed in case of a financial shock following death of the primary earner.

If you died unexpectedly, what financial ills would fall on your children or partner? If you invest in life insurance, you can help protect these loved ones in your absence. Without financial plan, you are almost certain to have inadequate covers, and wrong insurance products, forced on you by unsuspecting agents, that earned them hefty commissions. Quite often these agents are either your friends, neighbours, or even worse, relatives – so you didn’t have a choice.

Read: Why you should say NO to ULIP & Endowment Policies

5. You’ll be better prepared for a financial emergency

What if you suddenly lost your job? Or suddenly have an illness in the family not adequately covered by insurance. It is essential to build an emergency fund to deal with such exigencies.

According to research 60% of Indians them have less than ₹5,000 in their savings account or emergency fund. Only 2% of Indian males have more than ₹5,00,000 in their savings account while for females this percentage is 5%.*(1)

Building an emergency fund takes time, but if you have a financial plan, you’re far more likely to be better prepared.

financial planning india - emergency funds are inadequate

Fig-3. 57% Indians have less than INR 5,000 in emergency funds. Source:

The right approach to financial planning – Plan for the best, prepare for the worst (3)

Plan for the best; prepare for the worst – is the key to financial success according to a new Ameriprise survey spanning five age groups. The financial firm polled 3,019 adults ages 30 to 79 who have at least $100,000 (INR 72Lakhs) in investable assets.

The bulk of respondents — 95 percent — described themselves as confident in their financial future. Yet 8 in 10 also told that they have experienced a significant setback in the past five years that had a negative effect on their finances. (See chart below.)

financial planning india - setbacks by decade

Fig-4. Top financial setbacks by age. Source: Ameriprise.

In the survey, respondents pointed to recent personal milestones that had the biggest impact on their financial situation, from buying a home (the top influencer for 30-somethings) to retirement (notable for those in their 60s and 70s).

Working with an advisor to create a financial plan can help you take steps to work toward big goals, making saving for big ones like retirement or a home down-payment more manageable.

The power of having a plan in place is that You can see what’s on the horizon. Not stumbling on it can make a big difference.


Financial literacy in India is very low, with 76% of the population lacking basic knowledge of financial planning.

Yet misplaced confidence is preventing us from giving the discipline of financial planning and investment advisory the respect it deserves.

For a country that is expected to have one of the largest elderly population in a few decades, this can be a dangerous situation. Inadequate social security and migration towards nuclear family complicates the situation further.

It is therefore in our own interest that we seek professional assistance and ensure financial security for us and our families.

If you liked the article, please comment below and share it friends and colleagues.

Reference & Credits
  1. Spending behaviour in India – Survey
  2. Credits:
  3. Credits:


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5 common mistakes to avoid in stock market

Knowing common mistakes to avoid in stock market can save you from permanent loss of capital. The importance of capital preservation in investing, as pointed out by legends like Warren Buffett, is paramount. In this post, we present 5 mistakes to avoid in stock market. The post 5 common mistakes to avoid in stock market appeared first on...

Knowing the common mistakes to avoid in stock market can save you from permanent loss of capital.

Warren Buffet once famously said that there are 2 rules for success in stock market.

  • Rule 1 – never loose your capital.
  • Rule 2 – never forget rule no. 1.

Such losses can sometimes be inflicted by scam-stars operating in disguise of advisors, while at other, they might be self-inflicted.

In the following sections, we present 5 such mistakes to avoid in stock market, in order to preserve your capital and eventually become wealthy!

100% guaranteed returns with 3-4 day FREE trial

If you’ve been investing in stocks for a while, I bet you have received an SMS or E-mail at some point offering 100% guaranteed returns in stocks, with 3-4 day free trial.

And you know what, some of these free trials actually work!

The easy way to riches therefore, is figuring out the right ones, and then pouring our life’s savings into their schemes. Their plans might be a bit expensive, but then that’s the cost one has to pay for guaranteed 100% accuracy, right?


This is actually a massive scam and their modus operandi is as follows.

Modus operandi
  1. First they grab a list of people who trade in stocks. Such lists can be easily purchased at nominal price.
  2. Next, they send bulk SMS with their 3 days (or X days) FREE trail offer with 100% hits else money back guaranteed. Let’s say they SMS 2 Lakh individuals and 1% fall for it, which is 2000 people.
  3. Next, they divide this 2000 people into 2 groups, a thousand each – A & B. To Group A they send a BUY recommendation on stock X, while to Group B they recommend a SELL on the same stock! Of course one of the tips would work, after which they stop communicating to the group where the tip did not work.
  4. Next they take the 1000 people left, divide them again into groups of 500 and repeat the process.
  5. At the end of the 3rd day they will be left with a group of 250 people from the 2000 initially subscribed, who have received 3 consecutive successful tips.
  6. Assume subscription fees of Rs 50,000 (yes, 50K! and they can be even more costly), the person operating this scam has made a cool 1.25 crores in 3 days with very little effort.

Needless to say, the quality of actual stock tips received during the subscription period is anybody’s guess! But that does not count; these are carefully crafted scams and you should stay away from it.


Stock tips, XYZ is going to double, buy in huge quantities

This is another popular SMS scam that you must have received as well. Typically the SMS goes like – XYZ stock is going up and expected to offer huge gains in X-days / weeks. You must buy immediately in huge quantities to reap a windfall.

Tell me, if a stock is really going to offer huge gains, why would someone send SMSs to you, instead of buying it themselves?

These are sent by operators trying to offload stocks they hold (or sometimes their client’s hold) at a high price by creating artificial demand. Never pay attention to these tips.

Day trading

Day trading is a sucker’s game that always benefits the brokers, but rarely the traders.

Show me one investor who has created sustainable wealth by day-trading alone. Search the Internet for day trading success rates and you will know.

One such study shows more than 80% of day traders lost money in a typical 6 month period, with only 1% succeeding in making predictable profits net of fees.

Why do people still practice it? Because the brokers always benefit from it and they encourage their clients. Also, speculation has excited humans for ages. Don’t do it.


Again, your broker might be encouraging you to use leverage, because they earn hefty interest on it, but for the novice investor it is like suicide. Brokers will always explain the constructive power of leverage, carefully leaving out its potential destructive impact.

Let’s take an example to elaborate.

Suppose, you execute two trades on 75% margin. Total capital committed at the beginning of the trades was Rs 100, out of which Rs 25 was your own capital and Rs 75 was borrowed from the broker. Assume, that you make 50% gain on the first trade and 50% loss on the second. What would your capital be at the end of two trades? Let’s analyse.

You made Rs 50 profit on the first trade using a capital of Rs 25, which is a fantastic a 200% gain! Your portfolio at end of first trade will be Rs. 150. Unfortunately, you lost 50% of Rs 150 on your second trade, so your portfolio at the end of the second the trades will be Rs 75. But you borrowed Rs 75 from your broker, implying, you are bankrupt!

Your portfolio value is actually not zero, but negative, as you have to pay for the transaction costs and interest to your broker. This is how novice traders sometimes go bankrupt in stock market, particularly towards the end of a roaring bull run.

Leverage to the uninitiated can be suicidal.


Futures and Options is another segment which should be avoided by most small investors at all cost.

This is partly because of its leveraged nature, the pitfalls of which we already discussed, and partly because of its inherent complexities that takes years to figure out.

For example the nature of transaction charges may be different when you are squaring off an option position before expiry as opposed to letting it expire, and not knowing that may have devastating consequences.

Case in point, this day trader thought he had made 6L in 5 minutes dabbling in FNO, only to realise that his net earnings after taxes (STT) was a loss of 24L.

No wonder Buffett calls derivatives Weapons of Mass Destruction.


Short-cuts to riches can only take you to one place – bankruptcy.

In this article, we discussed 5 such mistakes to avoid in stock market, in order to become successful in the long run, and protect your capital.

As Munger famously said about investing, you don’t have to be brilliant, only little bit wiser than the other guys, on average, for a long time.

If you enjoyed reading this piece, comment below, and share it with your friends and colleagues. Happy investing!

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